Lagos - George Osahon, Director, Department of Petroleum Resources (DPR), on Thursday said that the Federal Government's Gas Master Plan would yield about 25 billion dollars worth of investments.
Osahon said this at a seminar organised by the Nigerian-South African Chamber of Commerce in Lagos.
Speaking on the theme: "FGN Gas Master Plan: Opportunities for Potential Investor," he said that those investments would transform the economy.
Oshaon said that the plan was aimed at strengthening the gas market towards meeting government’s aspirations for achieving the goals of Vision 202020.
"The Nigerian Gas Master Plan (GMP) is a government initiative to grow the nation’s economy by providing the required infrastructure that will enable Nigeria consolidate on the multiplier effect of gas on the economy.
"The policy is designed to assure gas availability for the growing gas demands driven by rising gas prices, power sector reforms and investor confidence in Nigeria ", he said.
According to him, the progress being recorded in the gas sector through the implementation of the Gas Master Plan had opened up vast opportunities for investors various areas.
"Opportunities for investment are available in pipeline construction system, gas gathering and processing.
"Nigeria has the world’s 7th largest reserves of gas with a further potential for a further 600 Tcf in undiscovered reserve.
"Nigeria, being Africa's top and world’s 9th gas producer boasts of gas production average of 7.5 to 8 Bscf /day.
"Only about 87 per cent of this production is currently being utilised.
"The gas sector holds a huge potential for record growths with prospect for 20 Bscf/d production by the end of 2015," he said.
Osahon also said that the continued growth in gas production and utilisation with a corresponding decline in flare volumes attested to industry’s response to the Gas Master Plan.
He said that the Federal Government had set up three gas pipelines transmission stations and regional hubs to help in gas gathering and transmission to end users.
"These stations are the 1200km South-North line, the 700 km Western system with 200 km offshore extension and the 200 km inter- connector system.
"Strategic regional gas gathering hubs in line with government’s gas infrastructure blue print is being put in place to network the country’s gas grid.
"These regional hubs shall comprise of the West Delta (Warri/Forcados area), North Port Harcourt (Obiafu) and Akwa Ibom/Calabar ", he said.