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Nigeria’s crude oil reserve hits 36.89bn barrels, gas reserve 203.16trn cubic feet – NNPC GMD

Nigeria’s crude oil reserve has hit 36.89 billion barrels while its natural gas reserve is 203.16 trillion cubic feet, placing the country among the top 10 countries with largest gas reserves in the world, according to the Nigerian National Petroleum Corporation (NNPC).

The Group Managing Director, Malam Mele Kyari, disclosed at a Washington-based Atlantic Council webinar monitored on Friday.

He said Nigeria still remained an attractive destination for foreign investors in the oil and gas sector, hinging the successes achieved in the sector on policies and projects so far inaugurated.

Describing U.S.experts as strategic partners, Kyari said developing and harnessing the oil and gas resources required huge financial and technical partners from foreign countries, particularly from the U.S.

“We have seen that interest. This country is the place to come and it is very obvious that the facilities on ground support it.

“We know up till 2050 that oil and gas will still be very relevant. We are a growing economy, we are a growing democracy and we know that we have the population. So, there is a market here.

“People are thinking that oil and gas will become irrelevant in the near future, but we do not think that will happen.

“We understand that there is a challenge in the finance market today and people are looking at the best place to come,’’ Kyari said in response to questions.

He listed some of the ongoing projects as the upgrading of the Warri, Port Harcourt and Kaduna Refineries to expand refining capacity from 450, 000 barrels per day to 650, 000bpd.

Others  are the Nigerian Liquefied Natural Gas (NLNG) Train 7 Project and the 614 kilometre Ajaokuta-Kaduna-Kano (AKK) gas pipeline project.

“These projects, when completed, will create massive jobs and business opportunities for Nigerians and improve the nation’s economy.’’

On the Petroleum Industry Governance Bill (PIGB) still before the National Assembly, Kyari said the bill when passed would be another game changer as it would further open up the industry for local and foreign investments.

He explained that the bill scheduled to have been passed in July might be delayed for a few more months because of COVID-19.

Kyari said: “That legislation will create an environment for competition; it will create a competitive fiscal environment. It is also going to make sure that partners have a visibility around them. Those uncertainties that have stopped investors coming into our country will go away.

“It is possible and very realistic that we can put this Bill in place. We are working with the Minister of State for Petroleum and are engaging all stakeholders to get this done. We are tired of waiting for over 20 years, and we are realistic that this will be achieved before the end of the year,” he said.

On whether the removal of petrol subsidy required legislation, Kyari said it was done for the industry and Nigeria to move forward as the legislation was unnecessary.