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 Sylva.
He also revealed that the his guest made some inquest about the Nigeria-Morocco Gas Pipeline project, noting Spain is eyeing Nigeria for its gas supply.
The Nigerian minister insisted that the bilateral meeting will deepen the relationship between the two countries in all aspects.
He said: “We are going to be looking up to Spain and of course, Spain looks up to us for further supply of gas to Spain.
“They also asked questions of the gas that we are developing to Morocco and I believe this is also going to settle this supply of Nigeria to Europe if we are able to complete this pipeline.
“In every every angle, the relationship between Spain and Nigeria needs to be deepened and I believe this meeting here is going to help in no small measure to deepen this relationship.”
Meanwhile, Albares said Nigeria is Spain’s number supplier of oil and gas, stressing that it is also Nigeria’s second global trading partner.
According to him, Sylva informed him about the evolution and the opportunities of the Nigeria’s gas sector.
He expressed hope that the meeting would yield substantial result, describing Nigeria as a strategic partner of Spain over the years.
The Spanish minister said He (Sylva) has proven today once again that he is our friend and a trusted partner in this complex setting in the energy market around the world and now we have worked out complete aspect to develop this bilateral relationship for energy today here in Abuja.”