Nigeria’s proven gas reserves will take over 67 years to exhaust, Meristem analyst said in a recent report. They noted that as at the end of 2018, Nigeria’s total proven gas reserves were 202trillion cubic feet (TCF), 37.26 per cent of the total African deposits, saying with these reserves, Nigeria is second to none in Africa and 9th in the world. They disclosed that the potential is even more, with 600TCF in unproven reserves.
In the one year period between June 2018 and June 2019, gas production printed at 3.04TCF. This amounts to a reserve: production ratio of 66.5 – implying consistent production for at least 66.5 more years. However with growing Liquefied Petroleum Gas (LPG) adoption and with the Nigeria Liquefied Natural Gas (NLNG) set to finally increase production by an additional 8MTPA (from 21.6MTPA currently), there is a need to intensify the find for new gas reserves.
In August, there was some breakthrough for efforts, as the NNPC/NAOC/Oando JV announced a significant gas and condensate find in the deeper sequences of the Obiafu-Obrikom fields, in OML61, onshore Niger Delta. This discovery amounts to 1TCF of gas and 60 million barrels of associated condensate, and brings Nigeria’s total proven gas reserves to c. 203TCF.