THE Department of Petroleum Resources (DPR) has received $500 million worth of investment proposals for gas development since the implementation of Nigerian Gas Transportation Network Code commenced a year ago.
The Director of DPR, Mr Sarki Auwalu, disclosed this on Tuesday during an event to mark the one year anniversary of implementing the network code in Nigeria.
The NGTCN which was inaugurated in August, 2020, is a set of rules and regulations guiding the implementation of access to gas transportation in a fair and nondiscriminatory manner across the country.
Auwalu noted that the network code implementation programme had boosted investor’s confidence in the Nigerian gas market.
He stated that the areas of gas investment that DPR received proposals on included power generation, ammonia for fertilizer, methanol plant and domestic liquefied natural gas (LNG).
Others, according to him, are virtual pipeline systems, new gas hubs and the establishment of a Nigerian Gas Trading Exchange.
He equally noted that NGTNC had also improved domestic gas market linkage between downstream demand points and upstream gas supply opportunities.
Auwalu said the network code which had helped improve transparency and predictability in gas trading, also brought about increased activities of investors and stakeholders in the sector such as gas shippers, suppliers, agents on the network and equally promoted access and availability of gas across the country.
These, according the DPR director, will create more job opportunities for Nigerians in the gas value chain especially in the period of ongoing energy transition in which gas is considered a cleaner form of energy.