Nigeria and Spain have expressed commitment to deepen bilateral relations and partnership in investments and development of the Nigerian gas resources for the global energy market.Nigeria’s Minister of State for Petroleum Resources, Chief Timipre Sylva, stated on Thursday in Abuja when he received Spanish Foreign Minister, Jose Albarese, in the company of other top officials and investors from Spain that Spain has been a partner and customer of the Nigerian Liquefied Natural Gas (NLNG) company from inception.
While stating the importance of the relationship between the two countries, the minister added that Nigeria requires investments in the oil and gas sector, being the core of its economy.
“As a country, we need a lot of investments, we need Foreign Direct Investment (FDI) and Spain is one of the countries that we believe can give us a lot of that investment to help in development,” he said.
According to the minister, Nigeria currently has proven gas reserves up to over 200 trillion cubic feet of gas, and with focus on the exploration for additional gas, Nigeria can increase these reserves to up to 600 TCF.
He said that Europe also required gas currently, hence Nigerian energy transition programme should be more mindful of the development of gas as well, because there was the clamour from some sources to move so quickly to renewables.
“And then of course, Spain will also look up to us for further supply of gas. They are also interested in the pipeline that we are developing to Morocco. I believe that is going to settle the issue of vessel flight from Nigeria to Europe.
The Spanish Foreign Minister, who had earlier expressed Spain’s interest to facilitate investment opportunities in oil and gas sector of the Nigerian economy, added that Nigeria was its first supplier of oil and gas.
The Spanish minister noted the revolution and opportunities in the Nigerian oil and gas sector and assured his hosts that the cooperation from his country, especially from Spanish investors, would yield dividends.
“Nigeria has been a strategic partner to Spain and has proven once again as a trusted partner in the complex setting of global energy market,” he said.
