The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it projects an increase in natural gas production from 8.0 billion cubic feet per day (bcfd) in 2020 to 12.2 bcfd in 2030 through its gas development efforts.
The NUPRC Chief Executive Officer (CEO), Engr Gbenga Komolafe, says the commission carries out its development efforts by driving investment for cleaner hydrocarbon development through gas development, optimized gas production, domestic gas utilization, flare elimination and monetization in line with Sections 6(h), 108 and 110 of the Petroleum industry Act (PIA), 2021.
“Indeed, the Commission is aggressively deepening gas development to ensure that gas plays a cardinal role to lift us from the challenges that confront us [to] drive industrial development in Nigeria as envisioned in the Decade of Gas programme,” Komolafe says.
Komolafe says the major projects such as NLNG Train 7 & Train 8, Nigeria/ Morocco pipeline and the Ajaokuta-Kaduna-Kano (AKK) Natural Gas Pipeline Project drive NUPRC’s efforts to solve the energy trilemma at the 2023 Nigeria Annual International Conference and Exhibition (NAICE), on Monday.
The 2023 NAICE conference runs with the theme: Balancing Energy Accessibility, Affordability, And Sustainability in Upstream Oil & Gas: Strategic Options for Africa.
In addition to its major projects, the NUPRC CEO says that with the PIA, the commission is accelerating other key imperatives, including hydrocarbon value optimisation, green field development, peaceful and harmonious co-existence between operators and host communities, cost monitoring and benchmarking and decarbonisation, to guarantee energy security and sustainability.
Komolafe says that in the weeks ahead, the NUPRC will organise its Maiden Nigerian Upstream International Investment and Financial Roadshow (NUIIFR) borne out of the “incessant calls for defunding of fossil projects in favour of green projects.”
The NUIIFR will “provide an opportunity for new asset awardees and upstream industry players to network, exchange ideas and chart strategic pathways for innovative financing structures that will enable investment,” Komolafe states.
Komolafe adds that the NUPRC recently created an Energy Transition and Carbon Monetisation Department to enforce the regulatory framework for the decarbonisation of upstream operations.
Komolafe says addressing the fundamentals of energy access in Africa that the continent and Nigeria can realise its immense potential for global energy security.
He notes that the energy supply in Africa is dominated by fossil fuels; where Oil accounts for 50 per cent of the continent’s supply, followed by coal, natural gas, and hydroelectricity.
Meanwhile, “renewable energy accounts for only 5 per cent of Africa’s energy supply, despite the continent’s vast potential for wind, solar, and hydro-based power generation,” Komolafe adds.
However, Komolafe notes that Africa has a “vast array of natural and human resources [that] have immense potential to close the energy gap, stimulate economic growth, development, and prosperity.”
“Realizing this potential, however, requires the implementation of sound policies, investments, and effective governance to promote sustainable development,” he adds.
For Nigeria, Komolafe says that NUPRC envisages the petroleum industry utilising all of the country’s endowed natural hydrocarbon resources for shared prosperity, energy accessibility, affordability, sustainability, and security, as well as energy independence and energy sovereignty, which are the cardinal pillars of the Nigeria Energy Transition Plan.
“While committing to Net Zero emissions by 2060, Nigeria will continue to leverage its oil and gas resources to deliver energy to its people and power economic development for shared prosperity,” the NUPRC CEO adds.
source:https://championnews.com.ng/