25 February 2013

Nigeria: Oil and Gas Remain Relevant for Next 30 Years - NNPC GMD

The oil and gas sector will still remain on the agenda of the global energy mix for the next thirty years, the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Engineer Andrew Yakubu, has said.

Speaking at the Nigerian Oil and Gas Conference, 2013, last week, the NNPC boss said despite fears over the changing direction of the global energy mix as a result of the growing discovery of the shale gas and oil in the United States and other top world energy users, oil and gas will remain relevant.

"Nigeria as a tenth oil producer will continue to play key role in the global scene, although there is threat from the shale gas, the oil and gas will continue to remain relevant in the energy mix of the world in the next 30 years," Yakubu said at the presentation.

He said government will continue to provide suitable environment for investors to grow reserves and increase production.

According to him, Nigeria has 37.2 billion barrels of oil reserves as at 2011 and it contributes about 2.25 percent of oil reserve in the world with also 180.5 tcscf of gas.

According to him there is no doubt that Shale gas will have a serious impact on oil and gas in the very near future.

Meanwhile, Nigeria is set to become the regional hub of petrochemical and fertilizer by 2017.

The Group Executive Director of Gas and Power, NNPC, Dr. David Ige, disclosed this on Thursday in Abuja while receiving the prestigious Man of the Year Award from the Oil and Gas Year book that chronicles the Who's Who of the Global Energy Industry.

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