February 24, 2024
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OIL & GAS RENEWABLE ENERGY

Nigeria’s Oil and Gas Sector Generated Over $700 Billion in 22 Years

Dr Ogbonnaya Orji, the Executive Secretary of the Nigerian Extractives Industries Transparency Initiative (NEITI) says the country’s oil and gas sector generated $764.52 billion from 1999 to 2021.

This is contained in his address at the Nigeria Energy Forum, noting that Nigeria’s existing oil reserves amount to 37.050 billion barrels, which is about 2.1% of the world’s total reserves.

He disclosed that the revenue generated in the oil and gas sector in the last 22 years amounts to $764.52 billion.

Orji further revealed that the West African oil-rich country also boasts an impressive gas reserve of over 209 trillion cubic feet, accounting for 2.6% of global reserves.

The Executive Secretary, however, noted that the country faces a substantial energy gap, insecurity in the energy sector, and struggles with inadequate deployment and utilization of available energy resources.

He emphasized the need for policies targeting issues such as oil theft, sabotage, and pipeline vandalization.

According to Orji, tackling these issues remains crucial not just for the country’s energy security but also for environmental preservation, particularly in reducing methane emissions, which contribute significantly to climate change.

 

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