Nigeria expects about $14-billion (11,4-billion euros) of investments to be made in the country’s gas sector in the next six years, the head of state-run oil firm NNPC, Funso Kupolokun, said on Tuesday.
”By 2010, we are expected to spend $14-billion in the [gas] industry, both the government and all the participants,” Kupolokun told a workshop on Nigeria’s gas policy.
Kupolokun, managing director of the Nigerian National Petroleum Corporation (NNPC), said the substantial capital requirements for the development of gas transmission infrastructure and upstream gas projects are beyond the capacity of the federal government.
Nigeria now has gas reserves of about 187-trillion cubic feet, he said. About 1 879 billion cubic feet are produced annually, with 1 080 utilised and 799 flared.
He said that by 2010 Nigeria would be earning about $6,5-billion annually from the gas sector. – Sapa-AFP