The Department of Petroleum Resources (DPR) has said that investors have signified interest in Nigeria’s gas industry and are willing to invest about $500 million.
Director of the department, Sariki Auwalu, who disclosed this while reviewing implementation of the Nigerian gas transportation network code (NGTNC), which was launched last year, said the investors’ target, is to invest in the domestic gas value chain.
Auwalu said that strict implementation of the NGTNC, has helped to grow Nigeria’s gas market coverage with pricing regulations now in place.
During the period under review, the DPR licenced twelve shippers while three applications are under processing.
In addition, he said the agency has licensed one transporter and three agent licencees which have so far increased shipping industry capacity.
Also, the code has helped to upgrade gas transmission and distribution which is now conducted in global best practice.
He said today, Nigeria produces about 8 billion standard cubic feet of gas daily, exporting 3.5 billion standard cubic feet of gas and domestic utilisation now standing at 2.8 billion standard cubic feet of gas daily.
The director also disclosed that flare put has come down to 8 per cent which he said is a significant milestone.
Auwalu said moving forward, the DPR will intensify collaboration with relevant partners and stakeholders in the oil and gas sector to boost delivery of gas to the domestic market.