•Country moves to increase gas production to 12.2 billion scf/dThe Minister of State for Petroleum Resources, Chief Timipre Sylva has urged banks and investment houses in Europe to reduce their current discriminative investment decisions against oil and gas development projects and make funding available to Nigeria to enable more gas production for the continent.
He insisted that EU must provide the appropriate policy framework that enables investments for oil and gas from European investors and financial institutions. Sylva said, “Today, we are seeing that gas is weaponized and every country requires some alternative supply. Nigeria is positioning herself to become an alternative supplier to Europe. We are already working with Algeria to build the Trans-Saharan gas pipeline that will take our gas to Europe.
“We can see now that gas will not be wished away just now and gas will stay for a longer period and it’s in our collective interest for us to provide the funding for gas.” With the Petroleum Industry Act now in place, Sylva said there would be more exploration for gas and that Nigeria will be able to increase her proven gas reserves to over 600tcf and become one of the biggest players in gas soon.
With Russia's invasion of Ukraine, & its energy shocks, the West must rethink climate change. It should now focus on energy efficiency in applications instead of only seeking fewer carbon prints of energy production.