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$12tn needed in global gas investments till 2045—OPEC

The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mr Mohammad Sanusi Barkindo, has hinted that projections show that from now till 2045, global investments of more than $12 trillion will be needed in the upstream, midstream and downstream in the gas sector.

Speaking in Abuja he virtually launched “The Decade of Gas in Nigeria” initiative Buhari noted that the rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit gas resources for the good of the country. He noted that all the opportunities provided by gas will be fully explored.

Earlier in his address, President Muhammadu Buhari told participants at the Pre-Summit that while his administration has prioritised gas development and recorded remarkable progress, it is well known that Nigeria is a gas nation with a little oil, although the country has focused on oil over the years.

President Buhari however, used the occasion to assure that his administration will leverage Nigeria’s robust gas resources, currently estimated at 600 trillion standard cubic feet, to urgently industrialise and diversify the economy away from petroleum, gradually being discarded for cleaner energy sources from gas.