Revenue from gas export and feedstock sales to the Nigeria Liquefied Natural Gas Limited (NLNG) hit $243.57 million in the first quarter of 2022 (Q1’22), surpassing receipts from crude oil export by 259.4 percent.
Latest data from the Nigerian National Petroleum Corporation (NNPC) Limited showed that receipts from crude oil export stood at $93.89 million within the three month period.
The data showed that while $175.04 million was earned in March from gas, crude oil exports fetched $88.93 million.
In February, while there was no figure for gas sales, crude oil export generated $2.73 million. The data for January showed that while gas feedstock to NLNG earned Nigeria $68.53 million, crude oil export earned just $2.23 million.
With over 207 trillion cubic feet of natural gas reserves worth over $807 trillion, Nigeria’s push to develop its abundant gas resources was boosted recently by the European Union declaration of natural gas as green energy.
Speaking on the development, the Minister of State, Petroleum Resources, Chief Timipre Sylva, said natural gas would play a crucial role in Nigeria’s energy transition plan.
Speaking at the 2022 Annual Public Lecture of The Nigerian Society of Engineers (NSE) Bwari Branch, Abuja, the Minister said, “Nigeria is one of the world’s last energy frontiers, a nation brimming with enormous opportunities. As a nation, we are following a transition pathway that combines technology, investment, business strategies, and government policy that will enable Nigeria to transition from its current energy system to a low-carbon energy system with natural gas playing a pivotal role over the next generation, roughly between now and 2060.
“Natural gas is a key resource for a just energy transition and has all the credentials to support Nigeria to meet up with her commitment with the UN Sustainable Development Goals (SDGs) 17”.
While pointing out that natural gas would play a critical and long-term role in achieving energy security and enhancing environmental outcomes for Nigerians as the global energy sector undergoes unprecedented change, he added that Nigeria was well positioned to pioneer future natural gas technology and compete in global markets that are constantly changing. Nigeria has huge natural gas reserves and a highly skilled workforce.
Chief Sylva said the Federal Government’s declaration of the Decade of Gas policy last year was aimed at using its abundant gas resources to boost economic growth and create jobs in the country.