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Nigeria needs $30b for gas production by 2015

27 May 2014, 18:02

Abuja-  $30 billion is required for the development of infrastructure to achieve daily gas production target by 2015.

The Chairman, Senate Committee on Gas Resources, Sen. Nkechi Nwaogu, stated this in Abuja at the opening of a National Conference on Gas Resources organised by the Senate Committee on Gas Resources.

The 3-day conference has the theme: "Deepening Domestic Utilization of Natural Gas and Routine Flare Elimination."

She noted that the low utilisation of natural gas in Nigeria was due to the insufficient production and distribution infrastructure, which resulted into flaring of about 1.4 billion cubic feet of gas daily.

She said the legislature and the executive arms of government were working together to eliminate all obstacles in order to attract massive investments into natural gas sector.

"A significant investment of over $30 billion in infrastructure is needed to achieve Nigeria's target of producing 3.4 billion cubic feet of gas daily by 2015, "she said.

In an address, the Senate President, Sen. David Mark urged all stakeholders in the oil and gas sector to ensure that Nigeria's gas resources are used for sustainable development of the people.

Mark said that stakeholders in the exploration of the nation's abundant gas resources should focus on creating opportunities that would improve the lives of the people and the various communities.

He noted that the effective exploration of the gas resources would not only engender the massive creation of new job but would also serve as a launch pad for the revival of nation's industrial sector.

He, however, cautioned that the prospects in the sector should extend beyond the exploration of hydrocarbons and the accumulation of wealth for only a select few.

He called for exploration of other alternative sources of of energy such as wind, solar, and bio- fuel.

Also speaking, the Minister of Petroleum Resources,  Diezani Alison-Madueke, said Nigeria was at a turning point in the history of gas exploration which would yield commendable results soon.

She said the Ministry had continued to spearhead various interventions to stimulate development of infrastructure to ensure gas utilisation for economic growth.
-      NAN

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