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Nigeria's oil, gas reserves represents over 30% of Africa’s capacity

Nigeria’s oil and gas reserves, estimated at base of 36.97 billion barrels of oil (BBO) and 208.83 trillion cubic feet (TCF) of gas accounts for 30 percent and 34 percent respectively out of the 125 billion barrels of oil and 620 TCF of natural gas reserves as well as other natural resource potentials in the African oil and gas reserves.

This figure not only positions the country as a gas rich nation, but also places her as the leader on the African continent in reserves. But notwithstanding this, maximising the position to an advantage has not been optimal, thus depriving the country of getting full value in terms of revenue from the commodities.

Hope of a turnaround in fortune for the sector however came to light yesterday as the The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it is taking strategic measures to address some challenges confronting the country’s petroleum industry in order to boost production and meet the potentials of the country’s production capacity.

The NUPRC’s Chief Executive, Gbenga Komolafe, an engineer, while presenting a keynote address in Lagos at the 8th Annual Petroleum Technology Association of Nigeria (PETAN) annual Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) with the theme: "The Next Steps: Accelerating African Content,” said that although the actual national production currently averaged 1.33 million barrels of oil per day and 256,000 barrels of condensate per day, the national technical production potential currently stood at 2.26 mbpd and the current OPEC quota of 1.5 mbpd, yet, there are greater prospects for the industry once the challenges are surmounted.

He listed the steps being taken to overcome the hiccups to include improved transparency in hydrocarbon measurement and accounting; collaborative work programme administration with the Exploration and Production (E & P) companies and acceleration of field developments (FDPs) through timely approvals and ensuring speedy execution.

Others, he listed to include production optimisation by ensuring wells are tested periodically and produced at optimal rates; identifying candidate wells for workover and interventions and adoption of enhanced oil recovery processes and technologies, among others.

Africa, he said, is richly endowed with resources, but there is an urgent need for stakeholders in the sector to re-examine their strategies and respond through deliberate policies and programmes that suit the regional circumstances given the evolving global energy landscape.

Aside from hydrocarbon resources, Nigeria, the CCE maintained, is blessed with potentials for green and blue hydrogen, solar, wind, biomass and critical minerals for development of clean energy technologies as well as growing population predominated by young people. For instance, Nigeria, with a coastline along the Gulf of Guinea, market size of more than 200 million people projected to reach between 390 million and 440 million people in 2050, represents hope for Africa.

“Interestingly, about 70 percent of the Nigerian population are under 30, and 42 percent are under the age of 15, representing a huge economic asset. Indeed, Nigeria’s potentials are derived from its human, natural and material resources which must be mobilised to propel her on a path of economic growth and development and for her sustainable energy future,” he said.

The NUPRC boss therefore urged the African Petroleum Regulatory Agencies to come together to discuss their common challenges with a view to achieving common objectives.

He said that there was need to establish the African Petroleum Regulatory Forum (AFRIPERF) to work collaboratively in shaping the regulatory landscape of the continent as well as have a unified voice for stronger and more influential representation on the global stage.

The Chairman, PETAN, Nicholas Odinuwe noted that the theme signified collective determination to propel African content to new heights, break barriers, and creating opportunities for the talented content creators.

“We firmly believe that the time has come for Africa to take center stage, to showcase its rich cultural heritage, and to tell its stories to the world,” he added.