The Federal Government plans to expand Nigeria’s Liquefied Natural Gas production capacity by 20 million tonnes per annum, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said.
This will increase the nation’s capacity in LNG production to 46 MTPA because it currently produces 26 MTPA.
Alison-Madueke disclosed this at an award ceremony in Howard University, United States on Friday, according to a statement made available to our correspondent on Sunday by the Group General Manager, Corporate Services, Nigerian National Petroleum Corporation, Dr. Levi Ajuonuma.
The minister said the additional 20 MTPA would come through the Brass LNG, whose final investment decision was fast approaching.
She said the nation planned to build a gas-based domestic industry, through gas-to-power, petrochemicals and fertiliser plants.
The minister also disclosed that the nation would increase its production capacity for crude oil to four million barrels per day by 2020. Nigeria currently produces about 2.5 million bpd.
“The Nigeria deepwater and shallow offshore have shown to be highly prolific. With expansion of capacity by almost one million barrels per day over the next few years, Nigeria can significantly contribute to global supply additions and diversification, thereby alleviating the challenge of supply concentration around the Middle East,” she was quoted as saying.
The minister argued that the country’s oil and gas reserves, estimated at 37 billion barrels and 187 trillion cubic feet, respectively, and its leading role in the regional and continental spheres, placed it in position to provide a low hanging mechanism to address global security challenges.
Alison-Madueke noted that with energy in the heart of every economic, environmental and development issue, it had inextricably become linked to global security and the economy, adding that the current volatility and exceptionally high energy and commodity prices had exacerbated the current global financial crunch and economic meltdown.