Cross River to unlock 35trn cubic feet gas reserves through Pana Holdings deal

Cross River State has signed a strategic partnership with Pana Holdings to harness its estimated 35 trillion cubic feet (TCF) of untapped gas reserves and extensive solid mineral resources as part of a bold push to industrialise the state.

The agreement, signed on Monday in Calabar, is expected to position the state as a hub for energy and mining, create jobs, and attract significant private sector investment.

Speaking at the event, Pana Holdings Group Chief Executive Officer, Dr. Daere Akobo, revealed that Cross River holds one of Nigeria’s largest untapped opportunities in natural gas, alongside rich deposits of limestone, barite, gold, granite, quartz, manganese, and rare earth metals such as cerium and lanthanum.

“These resources can power industries, create thousands of jobs, and transform Cross River’s economy,” Akobo said in his presentation titled “Unlocking Cross River State’s Gas & Solid Minerals Potential.”

He outlined key steps to unlock the state’s resource potential, including data acquisition, reserve certification, phased field development, and the establishment of a Joint Venture Company (JVC) with CALA Infra for gas infrastructure and solid minerals development.

Akobo also urged the government to form a joint working group to interface with regulators, launch an international investment roadshow, and seek a presidential visit to galvanise investor confidence.

The partnership, he noted, will expand access to cleaner and affordable energy, develop infrastructure through public-private collaboration, and build local capacity for sustainable growth.

Governor Bassey Otu, who signed the agreement on behalf of the state, pledged to provide a peaceful and investor-friendly environment, describing the deal as a major step toward closing developmental gaps.

“Government alone cannot deliver development. This partnership reflects our determination to harness Cross River’s abundant resources for energy security, food security, and shared prosperity,” Otu stated.

He also commended President Bola Ahmed Tinubu for creating a conducive policy framework under the Renewed Hope Agenda, which he said marked a courageous shift from past economic policies that weakened the economy.