The Federal Ministry of Petroleum Resources (FMPR) in conjunction with Department of Petroleum Resources (DPR) will formally inaugurate the National Gas Transportation Network Code on Feb. 10.
Mr Paul Osu, Head, Public Affairs, DPR, in a statement issued on Wednesday in Lagos said the inauguration would take place at the Third edition of Nigeria International Petroleum Summit taking place at the International Conference Centre (ICC), Abuja.
Osu said the Nigerian Gas Transportation Network Code was critical to government’s objective in firming up the country’s domestic gas obligation as well as promoting export.
“The network code which will ensure that the wrong quality gas does not go into the pipeline in addition to guaranteeing gas pipeline integrity, open access to pipeline and common understanding on metering.
“The review of the Network Code licensing framework and development of all its ancillary agreements have been firmed”, he said.
According to him, the code will also provide a uniform platform in terms of guidelines for agreements between buyers and sellers which will ensure transparency and eliminate existing bottlenecks.
He said it was a major policy thrust of government to unlocking the potential of gas as a resource and revenue earner for Nigeria which President Muhammadu Buhari and the Minister of State, Petroleum, Chief Timipre Sylva are very passionate about it.
Osu said according to the DPR in its latest report, Nigeria’s natural gas reserves has been on the increase from 2013 and is projected to continue to grow at a conservative rate of about 1.0 per cent.
He said: “The reserves volume of the operated deep-water acreages in Nigeria is about 21 per cent of the country’s total reserves of liquid hydrocarbons (7.746 BillionBbls/37.002BillionBbls).
“Yet the acreages accounted for about 36.08 per cent of the nation’s total production in 2018. (NAN)