Minister pledges to support EU long-term gas supply security scheme

NIGERIA may be sitting on huge gas reserve of about 600 trillion cubic feet that is yet to discovered, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has said.

   She however, expressed commitment to support the long-term gas supply security agenda of the European Union countries, as part of measures to expand the nation’s gas market across veritable frontiers.

    Alison-Madueke, who is also the Alternate President of the Organisation of Petroleum Exporting Countries (OPEC) Conference, made this commitment after discussions with the EU Energy Commissioner, Günther Oettinger, on the margins of the 11th EU-OPEC Energy Dialogue Ministerial Meeting in Brussels, Belgium, even as he said the country is prime to explore its gas potentials to the fullest. .

   The discussions focused on the role Nigeria can play in supporting the EU’s energy sector priorities, and particularly the long-term security and diversification of gas supplies. 

   Alison-Madueke highlighted that gas production has increased to over  eight billion cubic feet per day and Nigeria is the eighth largest gas producer in the world, and sixth largest gas supplier to Europe.

 A statement by the Group General Manager Group Public Affairs, Nigerian National Petroleum Corporation (NNPC), Ohi Alegbe, quoted the minister as emphasising that Nigeria has over 180 trillion cubic feet (tcf) of discovered reserves and up to 600 tcf of undiscovered gas reserves, noting that significant investment is planned to support expansion of the sector in the coming years. 

   “While increasing domestic power generation is a priority for the government, export capacity will also rapidly grow, particularly as new LNG projects are completed,” she noted.  

   Oettinger said that he recognised the long-term potential of Nigeria’s energy sector and would welcome further discussions to explore ways for greater collaboration between the EU and Nigeria.

   Alison-Madueke had given a keynote address at the ministerial meeting, in her role as Alternate President of the OPEC Conference, during which she highlighted the strength of the trade and energy relations between OPEC and the EU countries. 

   She noted that OPEC countries supply the EU with over 30 per cent of  its yearly oil consumption and nearly 20 per cent of yearly gas demand.

     She stressed the role of OPEC in ensuring stability, transparency and predictability in the international oil markets, essential as the global economies recover and strengthen. 

 According to her, OPEC member countries will continue to play an essential role and it is anticipated that they will provide as much as 11 million barrels per day (mbpd) out of the anticipated 18 mbpd of additional oil required to meet the expected worldwide demand growth by 2035.

    In order to maintain growth and investment, the minister emphasised the importance of maintaining reforms in emerging economies. 

    She noted that one such reform in Nigeria is the Petroleum Industry Bill, currently before National Assembly, which will change the face of the country’s petroleum operations and ensure they remain in line with international standards and best practices.

(GUARDIAN)