Nigeria, others to earn steady revenue from gas till 2050
Nigeria and other countries of the world who are members of the
Gas Exporting Countries Forum (GECF) will earn steady revenue from exportation
of gas.
The Forum sees tight global liquefied natural gas (LNG) markets
until 2026 as demand rises 1.5 per cent this year and by up to 22 per cent
through 2050, the group's secretary general, Mohamed Hamel, said on Monday at a
conference in Trinidad and Tobago.
The GECF represents natural gas exporters including Qatar,
Russia and Trinidad and Tobago. Its members hold more than two-thirds of the
world's gas supplies, according to its website.
the 12th largest producer of petroleum in the
world, possessing the largest natural gas reserves in the African continent.
The capital-intensive oil sector provides 20% of the GDP, 95% of the foreign
exchange earnings, and about 65% of the budgetary revenue.
Currently, a lot of effort is being placed towards making use of
the abundant reserves of associated gas and reduced flaring, as many Nigerian
oil fields are saturated, and have primary gas caps.
Apart from petroleum and gas, Nigeria also has a wide array of
natural resources, which include coal, bauxite, gold, tin, iron ore, limestone,
niobium, lead, and zinc. Nigerian economy has well-developed financial, legal,
communications, and transport sectors, with the substantial Nigerian Stock
Exchange, which is the second-largest in Africa.
In its annual report, the GECF last year warned about record
high and volatile gas spot prices in Europe and Asia, and said energy security
concerns were taking precedence over climate change mitigation goals, with
policymakers focusing on meeting the energy needs of their people.
At the conference on Monday, BP's senior vice president for
gas growth, Oksana Dembitska, warned about overly high LNG prices and said they
have caused demand destruction, especially in the aftermath of Russia's
invasion of Ukraine, which led to a seven-fold increase in prices.
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