By Ben Eguzozie.
Data from OPEC, the global oil cartel, validated by the International Energy Agency (IEA) and the World Bank say Nigeria has put up “best performance” in gas flaring between 2012 and 2022, reducing flaring by 45 per cent during the period.
Also, Nigeria, Africa’s leading oil producer, reduced gas flaring intensity to 14 percent during the same period.
Among top 10 countries, the data said further, only Nigeria, USA and KSA [Kingdom of Saudi Arabia] have reduced gas flaring intensity.
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Venezuela, Mexico, Iran, and Algeria, with aggregate oil production of 50 per
cent, have gas flaring volume of +30%, and flaring intensity of +150%, a report by Claudio Steuer, country manager of IHRDC, and director SyEnergy, said.
The report said Nigeria flared 25 billion cubic metres (bcm) of gas in 2000 and reduced 71 percent by 2020 to 7.2 bcm while producing -2 million bpd during this period. According to the data by the OPEC, IEA and World Bank, Nigeria’s Liquefied Natural Gas (LNG) scheme effectively converted a wasted resource into $130 billion in 20 years. “A powerful example, no other country has replicated,” the global institutions said.
Currently, some $6.5 billion revenue annually is produced by Nigeria via the LNG model. This will climb to $9 million when the country’s Train 7 LNG Limited becomes operational about 2024–2025.
Nigeria is said to be a gasawash nation, possessing yet untapped reserves. According to a PricewaterhouseCoopers (PwC) report in 2020 titled “Evaluating Nigeria’s Gas Value Chain”, the country has the world’s 9th largest gas reserves, with about 209.5 trillion cubic feet (tcf) of proven gas reserves.
These reserves of gas are believed to be worth about $803.4 trillion, according to the Nigerian federal government estimates. Added to these are oil reserves of 37 billion barrels.
Also, other reports say Nigeria’s oil and condensate reserves as of January this year (2023) stand at 31.060 billion barrels for oil, and 5.906 billion barrels for condensate, making a total of 36.966 billion barrels for oil and condensate while the associated gas reserves are 102.32 trillion cubic feet, non-associated gas reserves is 106.51 trillion.