Nigeria’s Minister of State for Petroleum Resources, Dr Ibe Kachikwu has declared that Nigeria’s oil reserve has been estimated to dry up in the next 25 years to 30 years at most.
Tribune reports that the minister also revealed that the country’s gas reserves is also estimated to last for over 60 years.
To this end, Kachikwu said the government must ensure a dramatic movement into gas production.
Kachikwu made this known on Wednesday while representing President Muhammadu Buhari at the 5th triennial delegates conference of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.
He also cleared the air on the argument surrounding the sale of the nation’s refineries, declaring that there is no plan or attempt to sell or concession the refineries as being speculated “by those who should know better.”
He said: “As it concerns Nigeria, we must work inclusively hard to deal with some of the difficulties that we will continue to see in our production platforms. Whether it is the militants which is a key component or the slow speed of approvals or whether the fact that our policies are not even as fast as they should to catch up with changing Times.
“Those of us who have the opportunity to seat in ministerial zones where we have to influence policies have got to work extremely hard to help drive the sea of change that is imperative if the sector is to survive.
“Infrastructural deficit is a key component. We lack infrastructure in the sector, whether it is down stream or up stream or oil and gas. The absence of infrastructure has made it impossible to have a holistic private sector participation. We have got to find policies that will encourage private sector participants to play a key role.
“Coupled with that is the fact that countries are moving away from oil. Our oil estimate as per reserve is at best about 25 to 30 years, while gas estimate is over 60 years. Clear enough, Nigeria is more of a gas country than an oil country. But what are we doing to ensure our dramatic movement into the gas production.”
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