UAE Archives - Lagos Business News

COP28: Nigeria Attracts $5bn Funding to Boost Climate Action Efforts, says FG

The Federal Government has disclosed that its participation in the COP28 Climate Summit in Dubai,...

Nigeria Ranks 8th Among Global Countries With Biggest Gas Reserves

Nigeria has been listed among ten global countries with biggest gas reserves. Nigeria, according to a report, came after the United Arab Emirates, UAE, with natural gas reserves of 5.85 trillion cubic meters. This makes it the country with the largest proven natural gas reserves in Africa, but utilizing these reserves has lagged behind the utilization of its oil reserves. Natural gas has been hailed as the bridge between a fossil fuel past and a low-carbon future. It has also been demonized as a Trojan horse for the fossil fuel industry to continue to be relevant in that low-carbon future envisioned by the architects of the transition. Over the past year, events in Europe made it quite clear that envisioning a future may be a noble thing but energy needs are immediate, and gas is perfect for meeting them with a lower emission footprint than fellow fossil fuels oil and coal. It is a bit unfortunate for Western gas consumers, then, that the countries with the biggest gas reserves in the world happen to be Russia and Iran. Fortunately, the United States is also on the list of the top 5 biggest gas reserve holders, as are several Middle Eastern countries. Russia is reported as worlds number one and has natural gas reserves of as much as 38 trillion cubic meters, according to the 2020 edition of BP’s Statistical Review of World Energy. Production last year totaled 573 billion cubic meters, down by 13.4% on the year. Historically, Europe and Turkey were Russia’s biggest gas buyers, but after last year’s events, Turkey has remained the only big consumer of Russian gas with any footprint in Europe. Today, China is the main destination for Russian pipeline gas. Russia also exports Liquified Natural Gas, LNG, and, in an ironic twist, European imports of Russian LNG rose strongly last year. The world’s second largest natural gas reserves is Iran with 32 trillion cubic meters, and is home to 16 per cent of the global total. A lot of Iran’s gas reserves are concentrated in the South Pars offshore field in the Persian Gulf, which it shares with Qatar. Total production for 2020 reached 234 billion cubic meters or a daily average of 645 million cubic meters. Development of the country’s massive gas reserves has been challenging because of the pullout of Western supermajors such as TotalEnergies in the wake of the reinstated U.S. sanctions against Tehran. Iran’s neighbour Qatar, which calls its part of the massive Persian Gulf field the North Field, is a notch below Iran in terms of gas reserves, with 24.7 trillion cubic meters. Until recently, the largest LNG exporter in the world, Qatar, was expanding its production capacity, aiming for 126 million tons annually from the current 77 million tons. Qatar was a first choice for European gas buyers in the wake of the anti-Russian sanctions that saw gas flows decimated, but it turned out sealing a deal would be tougher than expected: Qatar turned out to like long-term purchase commitments, and Europe has an aversion to those. Little known outside Central Asia but one of the biggest states there, Turkmenistan is home to the world’s fourth-largest natural gas reserves, with a total of some 19.5 trillion cubic meters according to BP’s statistical review....