The Managing Director Total Exploration and Production Nigeria Ltd, Mrs Elisabeth Proust has called for effectual stakeholder teamwork to exploit huge gas deposit in Nigeria.
Proust observed that the country has astounding gas reserve of about 46 trillion standard cubic feet (TCF) but that the reported 178 tcf of discovered gas resources is currently under developed.
The managing director who spoke at the ongoing Society of Petroleum Engineers (SPE) conference in Lagos through Mr Ahmadu Kida, Deputy General Manager said that it has become imperative for a joint effort of all stakeholders to unlock the remaining 133tcf of gas so as to help advance the power sector and boost the economy.
According to her, today, more than 1,400 megawatts of Nigeria’s total power generation is fuelled by diesel. Even as three times the current regulated domestic gas prices gas price power generation will be only a third of that of diesel.
With the right enabling environment, Nigeria will benefit domestically from the multiplier effect of the natural gas in other to diversify the economy create jobs and further boost the economy.
She said that Nigeria’s gas production is hampered by many challenges which include inadequate infrastructure and pipeline vandalism.
Proust however, said that Nigeria gas development would develop if the government would settle all outstanding debts.
She said that there should be deregulation of gas price and sufficient infrastructure, just as she called for adequate funding and provision of conductive environment for people to operate.
Mr Austin Avuru, Managing Director Seplat Petroleum Development Company on his part stressed the need for the nation to optimally harness its huge gas resources to meet the national aspirations.
According to him, Nigeria needed to start looking for more gas, dwell on full gas utilisation and undertake reserve audits.
Avuru said that for the country to generate 32gigawatts electricity, it would require 7.3billion Standard Cubic Feet (BSCF) of gas.
He said that it was time for the country to start looking for more gas for domestic and commercial values.
In his welcome address, Mr Emeka Ene, the Chairman of SPE Nigeria Council said that oil and gas played important role in the economy of the country and assured that all contributions of stakeholders would be submitted to federal government for assessment.