Oil & Gas
By Benprince Ezeh
TONY Attah, managing director of Nigerian Liquefied Natural Gas, NLNG, has said that gas is set to be the fastest-growing transition fuel of the future as global natural gas consumption is projected to increase by more than 40% by 2050.
Attah stated this while giving his goodwill message at the Nigeria International Petroleum Summit, NIPS, pre-summit conference, entitled: “The Decade of Gas” in furtherance of the federal government initiative that declared January 1, 2021 to December 31, 2030 as “The Decade of Gas Development for Nigeria”.
At the event, which was held on Monday, March 29, in Abuja, Attah said: “Our world is changing; we are set to add 2 billion more people by 2040 to become 9 billion people on earth. On the back of this and anticipated growth in human prosperity, energy demand is expected to grow by 30%.
“Essentially the world needs more energy; but needs it cleaner and cheaper to manage climate change and the 20C challenge through Decarbonisation. Energy transition has begun, resulting in massive change in the Global Energy mix.”
According to him, while renewable sources are gaining prominence to replace coal and other forms of fossil fuels, gas is set to be the fastest growing transition fuel of the future, adding that “Global Natural gas consumption is projected to increase by more than 40% by 2050.”
“This is a great opportunity for Nigeria, Nigeria is blessed with plenty gas reserves – 200tcf of proven reserve and an additional 600tcf scope to be proven by SEC rules.
“Proving the 600tcf will move us to No 4 in the world from the current 9th position which I believe should be a key objective for this decade of gas agenda. Essentially, Nigeria is a GAS NATION as we have more gas than oil on a BoE basis.
“Nigeria currently plays a significant role in the global energy sector, holding the position of the largest oil and gas producer in Africa and the sixth supplier of global LNG through the operations of Nigeria LNG Limited. Our Train 7 project alone will attract about $10billion into the country with significant revenue generation for government and our shareholders but also over 12000 jobs opportunity for Nigerians.”
He said: “This is a decade of gas, another decade of sustained operations in Nigeria LNG, a decade of Train 7, and perhaps Trains 8, 9 and 10; a decade of elimination of gas flaring, a decade of more domestic LPG in households in Nigeria and overall, a decade of fully Gas-Powered Economy!
“As I stated at the beginning, this will require solid collaborative effort, and the active participation of all stakeholders including the National Assembly currently working on the Petroleum Industry Bill (PIB). The PIB holds the ace to be one of the biggest opportunities for our gas future as a nation and we should not miss this window.
He reiterated that “Gas is Power and Energy, Gas is Transport – as in Auto Gas, Gas is Petrochemicals – feed stock, Gas is Manufacturing and Industries, Gas is Food from fertilisers,” adding that gas is everything for Nigeria.
“We must use what we have to get what we want. Saudi Arabia and Dubai used Oil to move their economies to becoming one of the best in the world. Qatar has used GAS to transform from a fishing economy to becoming a global gas giant… Nigeria has both oil and gas…
“However, Nigeria has thus far ridden on the back of oil for over 50 years, but the time has come for Nigeria to fly on the wings of gas, at Nigeria LNG, we believe it is time for gas,” he stressed.
This pre-summit conference with the theme: “Towards a gas-powered Economy by 2030” was graced by dignitaries such as President Muhammadu Buhari, Timipre Sylva, minister of State for petroleum resources, Mele Kyari, group managing director of the Nigerian National Petroleum Corporation, NNPC, and other captains of industry.
– Mar. 29, 2021 @19:19 GMT |
Tags: Global natural gas consumption to increase by more than 40% by 2050 - NLNG
