Gasco Marine reiterates commitment to growing gas supply in Nigeria
Ahead of the launch of its N2billion compressed natural gas (CNG) model station with total installed capacity of about 216,000 scm/daily in Abeokuta, a leading integrated indigenous gas company with focus on production, transportation, storage, processing and sales, Gasco Marine Limited, has reiterated its commitment to growing gas supply in Nigeria.
The Chief Executive Officer, Gasco Marine, Bukola Badejo-Okusanya, who disclosed this in chat with The Guardian, said in recent times’, there has been increased attention to the natural gas sector.
This flows from the government’s aspirations, which include creating new industries out of the old oil industry; capturing economic value, generating more revenue from gas as from oil, as well as developing the domestic gas market, and ending gas flaring within the shortest possible time.
With Nigeria as the seventh largest producer of gas in the world, and proven reserves of at least 202 trillion cubic feet, Badejo-Okusanya, said the federal government and in indeed the Nigerian National Petroleum Corporation (NNPC), believe a lot of investment opportunities abound in the natural gas sector.
He said, “We are committed to taking gas everywhere there is a demand for it and promoting the use of natural gas by energising the mid and downstream value chain, including distribution and compression of natural gas.”
According to him, the global oil price slump is 2016, was paradoxically an opportunity for the gas sector in Nigeria, adding that with only a small fraction of oil projects securing financing, there was increased interest from investors looking at the gas sector in terms of opportunities in power generation.
“Besides the Nigerian Government, an increased investment in the natural gas sector from new plants to pipelines, have resulted in millions in additional public revenue. Some progress have also been recorded towards the realisation of the government’s objectives, with only about 40 per cent of gas currently produced being flared, a drastic drop from the 70 per cent proportion flared previously.
“The hitherto flared gas is being channelled into gas-powered projects for rapid utilisation and monetisation with a view to maximising value addition to the nation’s natural gas resource,” he added.
Commenting on the lingering uncertainties associated with the sector and the petroleum industry generally, and the role that can be played by indigenous private sector,
Badejo-Okusanya said a number of visionary actors have taken the plunge to promote efficiency in the gas process, and drive investment into the sector through varied incentives.
He noted that the demand for Compressed Natural Gas (CNG) is on the rise, and private sector suppliers (producers and distributors) are investing heavily in pipeline and plant infrastructure.
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