Market News
‘Nigeria Attractive With 36bn Barrels Crude Oil Reserve, 200tcf Gas’ - DAILY TRUST
By Simon Echewofun Sunday
Nigeria remains an attractive market for hydrocarbon exploration and production with over 36 billion barrels of crude oil reserves and 200 trillion cubic feet (tcf) of natural gas, the African Energy Chamber (AEC) has said.
The chamber stated this in a statement announcing the endorsement of this year’s African Energy Week (AEW) by Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva.
It also said Sylva confirmed the participation of the ministry, including a delegation to lead discussions, promote Nigerian investments and initiate continent-wide energy development.
AEC said the prospect for Nigeria had risen with the Petroleum Industry Act 2021 which aimed to drive African gas monetisation and other oil exploration strategies, noting that they had established the country as a top African producer and globally competitive energy market.
It cited some milestones in Nigeria’s oil industry like the Dangote Refinery, the marginal field bid licensing round where 600 companies applied to bid for the 57 marginal oil fields.
It noted that: “This has further cemented the country’s position as the largest oil producer in Sub-Saharan Africa.”
The AEW 2022 will be held in Cape Town, South Africa in October.
In his comment, the Executive Chairman of the AEC, NJ Ayuk, said: “Official endorsement from Nigeria’s Ministry of Petroleum is huge for both the AEC and AEW 2022. This is a testament to the work we continue to do for the oil and gas sector in Nigeria and Africa.”
