Gas Has More Importance Than Oil To Nigerian Economy, IBENECHE SAYS

A former Managing Director of Nigeria Liquefied Natural Gas, NLNG , Chima Ibeneche has reveal that the potential for major growth and direct impact on the economy is far greater for gas than for oil.

This was revealed by at a recent meeting of the Nigerian Gas Association (NGA) in Lagos, Ibeneche  says that gas is certainly complementary to oil in driving Nigeria’s economy.

“All natural gas is stranded in nature and normally requires investments to turn it into a useful resource by linking the gas in the reservoir to a consumer in a viable market. The requisite investments usually include policy changes that help create economic justification for gas exploitation; exploration investments to identify and quantify the gas reservoirs; gas field development investments for construction of production wells and for gas conditioning; distribution investments required to transport the gas from the well head, or gas gathering station to the consumer,” he explained.

Ibeneche says  that the reality is that the US which used to be a leading importer of Nigeria’s oil is now approaching self-sufficiency, meaning that Nigeria has a decrease in the market demand for its sweet light crude.

Also speaking, the President of NGA and Chief Executive Officer of Oando Gas and Power, Bolaji Osusanya stated that since 1999, the NGA had created and sustained necessary awareness about its programmes and activities within the local and global oil and gas community.

“We have also garnered the government’s support for businesses with respect to creating a more conducive business environment, as well as fostering the enactment of laws and policies that have enabled gas to be at par with oil as a natural resource geared towards value creation for the Nigerian economy.