Fed Govt woos Spain to invest in Nigeria 200TCF gas, security

• Published date: 13 January 2023
• Publication title: Nigeria - The Nation

Minister of State for Petroleum Resources, Chief Timipre Sylva yesterday wooed a delegation from Spain to invest in Nigeria's proven 200 Trillion Cubic Feet (TCF) of gas and provision of security support for the gas sector.

Speaking in Abuja at the bilateral meeting with Spain Foreign Affairs Minister, Jose Manuel Albares, he noted that Spain is one of the countries that Nigeria is looking up to for the exploration and development of its gas up to 600TCT.

Sylva said: 'I told the minister that we have today proven gas reserve up to 200Trillion Cubic Feet of gas. And we also believe that with focused exploration for gas, we can increase this reserve up to 600TCF.'

According to him, while the Federal

Government requires investors for the gas, Spain is also in search of it.

He described the bilateral transaction as the one that could be of mutual benefit to both countries.

'How do we focus on the exploration for additional gas reserve, we need investors. How to develop this gas, also you need this gas.

'And Spain is also the one we are looking towards to bring in the investment into this sector.

For me it is a win-win for both countries because Europe also requires the gas,' he said.

On security, Sylva added that Spain is in a position to support Nigeria in the area of security and technology

He admitted that security is a major challenge in the gas sector.

'We have also spoken myself and the minister from Spain on the area we will need support from them in the area of security as well.

'We have a big problem in the oil and gas sector today.

And of course, Spain is in a position to support us in this area of security and of course in the area of investment, and in the area of technology,' said...