GASTECH Nigeria can boost gas output to more than 5 bcf a day by 2030 -Minister
September 5, 2023
Nigeria has sufficient natural gas reserves and can increase its production to more than 5 billion cubic feet per day by 2030, Ekperikpe Ekpo, Nigeria’s minister of state for gas, told the Gastech conference on Tuesday in Singapore.
Nigeria’s gas output declined by nearly 11% from the previous year to 40.4 bcm in 2022, down from over 49 bcm a year in 2019 and 2020, according to industry body the Energy Institute.
The decline in output resulted in lower exports of liquefied natural gas (LNG), which dropped by 16% to 19.6 bcm last year, the institute’s data shows, giving Nigeria less than a 4% share in global LNG exports.
Nigeria relies on fossil fuel exports for 90% of its foreign exchange and roughly half its budget.
REUTERS