60% commercialisation of 7.4bscfd gas output welcome development —Expert

An economist, Dr. Chijioke Ekechukwu, has lauded commercialisation of 60 percent of the 7.4 billion standard cubic feet daily (bscfd) production of Nigeria’s current gas as a welcome development.

Ekechukwu, the Managing Director/Chief Executive Officer, Dignity Finance and Investment Ltd. made this known on Sunday in an interview with the newsmen.

Supreme News reports that the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) had on Nov. 12 achieved 1.8 million barrels per day (mbpd) crude production, following continuous dislodgement of pipeline vandals and crude oil thieves.

The national oil company also exceeded 7.4 bscfd of gas production on Nov. 11, in line with the 2024 target with more than 60 per cent commercialised.

Reacting to this development, the expert said it would increase the Gross Domestic Product (GDP) and income per capita.

According to him, the more revenue Nigeria generates therefrom, the better for its economic growth.

He underscored the need to be more deliberate in Nigeria’s gas output, as it remains the transition fuel and a veritable source of revenue for the country.

“We are happy that the traction in the gas sector has achieved 7.4 bscfd as of Nov. 11, 2024. We need to continue on this growth pattern to be on a good pedestal,” he said.

He, however, urged the Federal Government to give a deadline to end the flaring of gas in the country towards actualisation of quantum growth in the sector.

Ekechukwu emphasised the need to remain deliberate in growing Nigeria’s output by tackling all factors that constitute a bane in the growth plan.

“Gas flaring must stop, and there needs to be a deadline to end flaring of gas.

“The government needs to give itself a deliberate target towards actualisation of quantum growth in the gas sector,” he said.

Ekechukwu, while expressing satisfaction over the reported growth trajectory of the country’s crude oil output up to 1.8mbpd, advised the NNPC Ltd. to continue on the track to make the 2025 production projection a reality.

Oil production level which was at 1.4mbpd as at June 25 when the NNPC Ltd. inaugurated its production war room, crossed 1.7mbpd on Aug. 11, and exceeded 1.8mbpd on Nov. 12, while at June 25, gas production stood at 6.1bscfd.