The Department of Petroleum Resources (DPR) in a recent report, has indicated that only (2%)two per cent of Nigeria’s natural gas is accommodated in marginal fields spread across the country, according to a report by Punch.
The highest of the gas reserves is controlled by various Joint Venture contracts between oil companies and the Federal Government, which accounts for 73 per cent of the country’s gas assets. It also showed that production sharing contracts account for 12 per cent, while indigenous deals controlled 13 per cent.
On the basis of terrain, deep water projects account for 12 per cent of Nigeria’s gas reserves; land, 30 per cent; offshore, 30 percent; and swamp, 28 per cent, according to the report. The DPR put the non-associated gas at 52 per cent of the gas reserves, while associated gas was pegged at 48 percent.
The DPR also called for the harnessing and monetisation of stranded natural gas, saying there was the need for stakeholders in the gas business to facilitate competitive fiscal terms/pricing for gas; deepen market penetration and sustain demand growth; and vigorously pursue the completion of gas gathering utilization projects.
The department also urged players in the industry to pursue alternative funding model for gas infrastructure projects; address gaps in the regulatory and commercial frameworks across the gas value chain; adopt new technologies geared towards harnessing stranded gas; and facilitate third-party access to stranded gas.
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