Reuters: Nigeria Should Charge More for Gas to Boost Production: Oando CEO

Nigeria needs to increase natural gas prices for power plants further to help encourage more gas exploration and production, the chief executive of Oando Gas & Power, said on Friday as the country's new president is sworn in.

Nigeria has the ninth largest proven gas reserves in the world at 187 thousand cubic feet (tcf), but exports around 35 percent of its gas production, loses 48 percent to flaring and reinjection and consumes just 15 percent domestically.

However, its domestic gas demand is expected to rise to over 10 billion cubic feet (bcf) a day by 2020 from around 2 bcf/day now and around $55 billion of investment is needed in exploration activities, new processing facilities, pipelines and transmission and distribution networks.

Read the full article HERE.