By Sunday Etuka, Abuja
With the recent increase in the nation’s gas reserves, and the plan to leverage its abundance to end poverty in the country, the Federal Government has restated its commitment to achieving zero routine gas flaring within the decade.
This, it said could be done through the Nigerian Gas Flare Commercialisation Programme (NGFCP).
Commission Chief Executive,
Nigerian Upstream Regulatory Commission (NUPRC), Engr. Gbenga Komolafe restated the government’s commitment at the NGFCP Investors’ Forum on Wednesday in Abuja.
Engr. Komolafe said, the Commercialisation Programme was launched as a strategic initiative by the Nigerian government with the primary goal of eliminating gas flaring through economically viable solutions, transforming a wasteful environmental challenge into a substantial economic opportunity.
He said, through the programme, flare gas sites are awarded to competent third-party companies who are to harness this resource for value derivation.
“The Commission is therefore committed to the successful execution of the NGFCP to actualise the attainment of Nigeria’s pledge to end routine gas flaring within this decade and contribute to the reduction of global emissions”, he said.
The NUPRC boss said, the theme for the Forum, “One Goal – One Team” was chosen to represent the nation’s unified commitment to decarbonization and achieving net zero emissions.
He said, “As we gather here, we are aligned not just in our investment goals but in a powerful collaboration aimed at turning Nigeria’s COPs 26, 27 and 28 commitments into actionable, sustainable outcomes.
“Each participant and stakeholder present are an essential member of a team that seeks to transcend local efforts and impact the global dialogue on climate change.
“Together, we are driven by the imperative to transform wasted energy into productive solutions, positioning Nigeria as a leader in sustainable practices.
“Let us leverage our collective strengths, foster strategic synergies, and advance with a unified vision towards a decarbonized, net zero future, in line with the objectives set at the UN Climate Change Conference”, he said.
Engr. Komolafe further stated that investing in flare-out projects under the Nigerian Gas Flare Commercialisation Programme (NGFCP) represents a comprehensive triumph that transcends typical business outcomes, delivering substantial environmental, social, and economic benefits.
These projects, according to him, not only align with international environmental standards by significantly reducing greenhouse gas emissions but also reinforce global commitments to sustainability and climate resilience.
“Socially, they contribute profoundly by creating high-quality local jobs and enhancing community health through the reduction of pollutants emitted by gas flares.
“Economically, these initiatives transform a previously untapped resource into a powerhouse of opportunity, fostering innovation in energy utilization and generating robust revenue streams that bolster the broader economy.
“This holistic approach to gas flare reduction underlines the strategic intersection of ecological stewardship and economic development, setting a benchmark for responsible energy management on a global scale”, he added.
He assured that requisite due diligence has been carried out on all Award holders and remarkable progress has been made to ensuring that proposed projects are bound to achieve measurable success thus demonstrating tangible benefits.
“These achievements not only validate the practicality and financial viability of our efforts but also highlight the expansive potential for innovation and development within this sector”, he added.
Komolafe said, the country is in search of partners who are more than just investors seeking financial returns.
“We are looking for visionary collaborators—financial backers, technology innovators, and strategic minds eager to contribute to a project that promises profound environmental and social impact with associated economic benefits”, he said.
The CCE said, the Commission, shall continue to provide a transparent, predictable, and enabling regulatory environment for operators in line with its technical and commercial statutory mandates with a view to optimizing the development and exploitation of the nation’s hydrocarbon resources.
“We will offer guidance and steer when required in implementing Government policies for the upstream sector of the oil and gas industry in Nigeria.
“Investors can therefore be assured that the NGFCP 2022 will be conducted satisfactorily in line with statutory provisions.
“Our doors and ears are always open, and we encourage you to utilise the opportunity we provide as business enablers and industry regulator”, he said.
