Stakeholders in Nigeria’s oil and gas sector have been challenged to adopt investment strategies that will help the country realise its target in harnessing potentials of huge gas reserves.
Minister of State Petroleum Resources Mr Timipre Sylva who gave the charge on Thursday urged them to work towards gas optimisation as the 600 trillion cubic feet, TCF of gas reserves of the country remains meaningless if not harnessed.
Sylva while speaking the Nigerian International Petroleum Summit (NIPS), said that when the decade of gas conference was launched earlier in March, the message to the global oil and gas community was that Nigeria is ready to utilize her natural gas resources to drive industrial development.
“At the heart of this administration is the vision to drive infrastructure and industrial development of the country in order to prosper her citizens and make life more meaningful to all. Natural gas ticks all the boxes as the vehicle to help government achieve the aspiration and that is why we embraced the resource to help turn around the economy.
“To demonstrate that we are indeed committed to our vision, the Decade of Gas has now become an integral part of Nigeria International Petroleum Summit (NIPS).
“Nigeria’s natural gas reserves stand at 203TCF with potential touted to be 600TCF. So what? Personally, I am tired of reeling out these statistics. They are meaningless without any action.
“From the feedback I got, stakeholders and the Nigerian people are fully in support of the Government’s Natural Gas Agenda and the quest to use the resource to tum this country around. We cannot afford to let the people down. We cannot afford any delay. And we need to hit the iron while it is red hot.
I want to believe that the roadmap and action plan to deliver on the expectations of a gas-powered economy by 2030 developed from the earlier meeting is part of the agenda for this session”, he said.