Rightful implementation of policies is key to unlock potential in the gas sector in order to improve the country’s economy, Director of Energy, Information Division of Centre for Energy Studies, Prof Omowumi Iledare, has said.
He said the country had abundant oil and gas resources, adding that there must be right policies in place, if Nigeria would maximally explore the potential in gas industry for good.
The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mallam Mele Kyari, in his assessment of the nation’s gas sector recently, said the product had one of the biggest reserves, as it boasts of 600 trillion cubit feet of unproven gas reserves and 203 cubic feet of proven gas reserves, a development, which the national oil company, is leveraging to develop the sector and further bring about the much needed growth to the economy.
Speaking at the business session of a stakeholders conference, in Lagos, recently, Iledare said that Nigeria had a good gas master plan and policies, but need to effectively implement activities in the sector, in order to help it benefits Nigerians and the country in particular.
“Nigeria has a good gas policy, but the policy needs to be well implemented, if the country would unlock its potential. The Federal Government should be more holistic and open in such a way that they would be in sync with the country’s resources “ he said.
On gas pricing, Iledare said the governance of the gas market was key to achieving a good pricing strategy for the product.
Pricing, Iledare said, was critical in determining what Nigeria produces and what it uses in an economy.
Iledare, also a former Country’s President, Association of International Energy Economists (AIEE), said that those committing funds into the sector in order to develop its market were in the right direction.
He advised the government and other key stakeholders in the value chain to give training of manpower enough consideration, stressing that technical training was very important in gas the sector.
It would be recalled that stakeholders have been advocating for more government support in the sector, especially when the financial investment decision on various trains conceived and built by the Nigerian National Liquefied Gas (NLNG), is about to take place.
The Minister of State for Petroleum, Chief Timpeye Slvia, said NLNG had taken a very good step by conceiving the ideas to build Train 7 in order to improve natural gas exports and further contribute to the growth of the economy.
According to him, Train 7 will provide job opportunities for Nigerians and help in reducing gas flaring.
NLNG, Slyvia said, had since its inception in 1999, reduced gas flaring from 65 per cent to 12 per cent, adding that the company was a blessing to the country.