NLNG Lists Economic Benefits In Harnessing Gas Reserves ..Set To Scale Up Capacity To 30 MTPA

Yemisi Izuora 

The Nigerian Liquefied Natural Gas, NLNG, has said that with Nigeria’s 190 trillion cubic feet, tcf, of proven gas reserves and with scope of additional 600 tcf, the country is in better position not only to provide clean energy to its rising population but can significantly jumpstart industrialization of the pharmaceuticals, petrochemicals, Agro-based businesses through fertilizer and even Liquefied Petroleum Gas, LPG for domestic use in homes.

Mr. Anthony Attah, the company’s managing director and chief executive officer, speaking at the NLNG 2018 science and literature prize award, in Lagos, said Nigeria has the advantage of leading in the global campaign for cleaner energy to help counter the effects of climate change, rising global temperature with a 20C limit and of course assurance of a cleaner environment for the next generation. 

Attah, said the country has gas in abundance which is much cheaper than other energy sources, and that  Nigeria is now known as a gas province with little oil. 

“Today we have over 190 tcf of  proven gas reserves with scope for an additional 600 tcf which should propel us from the extant no 10 in the world to fourth position once proven.

Gas can drive development as a catalyst through power generation, industrialisation, manufacturing, and agriculture. The hope of Nigeria’s development amongst the committee of nations lies underground in the abundance of gas reserves we have and also through innovations in renewables. 

The opportunity is immense as we have seen in other countries like Qatar where they have grown from GDP per capital of below USD$2,000 to more than USD$150,000, all on the wings of gas. Essentially, gas is our future, but that future is now, as tomorrow is now today. Gas is really a very big opportunity for Nigeria and Nigerians on the back of the multiple potential attraction of more   investment value.”, he said.

Nigeria LNG, Attah informed was incorporated in 1989 to harness Nigeria’s vast natural resources, eliminate gas flaring and to monetise Nigeria’s gas with a vision of being a global player, helping to build a better Nigeria. 

The company has since its first export in 1999 generated over $100 billion in revenues, paid over $15billion in dividends to government and well over $6 billion in taxes to date.  

With the demand for cleaner energy, the CEO, said time is now for NLNG to increase its output, stating that its Train 7 project which is currently going through Front-End Engineering Design, FEED, is set to deliver final investment decision (FID) to increase capacity by 35 per cent from the current 22 million tons per annum, mtpa, to 30mtpa in the next four years. 

“We have to utilise Nigeria’s resources to lift the economy going forward having ridden on the back of oil for the last 50 years, we are set to fly on the wings of gas into the future”, he remarked.

Dwelling on the annual literature price, Attah, explained, “It is because of our understanding of how indispensable literature and science are to societal development and how the time to promote them in a global economy that is fast leaning on innovation and creativity, is NOW. 

More so, a quick check of human history and evolution of societies shows that the development of science and literature is synonymous with societal growth and success. The more science and literature are advanced, the more society grows in innovation, creativity and enlightenment which are essential pillars of civilization and human development. 

Indeed, Gas is our business but so also is Nigeria’s success. No business can exist in isolation and be sustainable. No organisation can deem itself successful if it operates in a failed society. Hence,by instituting a significant prize for science, NLNG clearly expects to bring science and scientists to public attention, save them from what is regarded as current low rating in national estimation and avail the nation of their immense benefits.  Countries like Japan, India and Singapore rose on the crest of knowledge provided by science and technology to conquer poverty and join the first world”, he said.

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