Abuja – The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says Nigeria’s proven natural gas reserve has risen to 209.5 Trillion Cubic Feet (TCF) as of Jan. 1, 2022.
The News Agency of Nigeria (NAN) reports that Mr Farouk Ahmed, Chief Executive, NMDPRA, said this at the 2022 Nigeria International Energy Summit (NIES) in Abuja.
The new figure represents a major increase of 2.97 TCF in proven natural gas reserves representing 1.42 percentage increase from the 206.53 TCF recorded on Jan. 1, 2021.
Ahmed, represented by Mr Ogbugo Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, said the Nigerian economy had been projected to experience a growth of 2.1 to 2.5 per cent through 2022.
He said the Gross Domestic Product (GDP) would expand between 2.9 to 3.5 per cent as projected by the World Bank and the International Monetary Fund, adding that this progress would be driven by energy.
“Thankfully, Nigeria is endowed with enormous petroleum resources currently put at 37 billion Barrels of Crude oil reserves and 209.5 TCF of Natural Gas reserves as at January 2022,” Ahmed said.
