THISDAY: Nigeria: Gas as Fall Back for Falling Oil Prices

As the Gas Exporting Countries Forum meets today in Doha, Qatar, in an effort to consolidate on a formidable bloc to build a stable gas market to cushion the effects of tumbling oil prices, it is imperative for Nigeria to key into this initiative and maximise the benefits from her abundant natural gas resources.

With proven gas reserves of 187 trillion cubic feet, which is indeed estimated at over 600 trillion cubic feet by the American Geological Survey, Nigeria is deemed to be more of gas nation than oil nation, as her crude oil reserves is about 36 billion barrels.

The country is currently seeking alternative markets for its Liquefied Natural Gas (LNG) against the backdrop of growing competition amid declining demands from hitherto reliable off-takers in the Asia pacific zone as well as the United States.

With recent surge in production of Nigeria’s gas to over 8 billion cubic feet per day, Nigeria is the eight largest producer of gas in the world and sixth largest gas supplier to Europe.
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