The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, says the Nigeria Gas Flare Commercialisation Programme, NGFCP, has the potential to unlock 2.5 billion {dollars} funding in oil and gasoline sector.
The fee can be set to carry its first Nigeria Upstream Oil and Gas Decarbonisation Forum in March, to align its upstream operations with world decarbonisation targets and carbon monetisation.
Gbenga Komolafe, the Chief Executive, NUPRC, acknowledged this through the African Upstream Forum on the ongoing 2025 Nigeria International Energy Summit, NIES, on Wednesday in Abuja.
Mr Komolafe, who spoke in a session entitled: “Imperative of Regulatory Efficacy in Optimisation of Upstream Activities,’’ mentioned the NUPRC stood as a strong catalyst for the expansion, sustainability, and world competitiveness of the sector.
He mentioned the gasoline flare commercialisation programme would additionally generate large income and create important variety of jobs.
“As the worldwide focus shifts towards a low- carbon future, NUPRC is embedding sustainability into seven upstream operations, mitigating environmental dangers and defending communities.
“Key actions embody: Managing methane and GHG emissions; fostering vitality effectivity and carbon credit, selling investments in Carbon Capture Utilisation and Storage (CCUS) and Enforcing Environmental Social and Governance (ESG) targets,’’ he mentioned.
He mentioned the business was contributing 95 per cent of overseas trade earnings and 70 per cent to authorities income, unlocking employment alternatives, and positioning Nigeria as a formidable chief within the world vitality area.
“At the guts of NUPRC’s efforts is the expansion of Nigeria’s hydrocarbon reserves and manufacturing in a cleaner method for enhanced income era.
“In the short-term, we have now set new benchmarks for oil and gasoline manufacturing and considerably strengthening the nation’s vitality safety,’’ he mentioned.
Mr Komolafe mentioned the fee was additionally dedicated to enriching home gasoline utilisation and increasing gasoline infrastructure to satisfy Nigeria’s rising vitality calls for.
The fee, he mentioned would make sure that each Field Development Plan, FDP, included a agency dedication to fulfilling gasoline supply obligations and growing gasoline provide to the home market to satisfy rising native demand.
“As a part of our plan to advance deep-water growth, we are going to promote the creation of deep-water clusters, fostering synergies in facility use to unlock the huge potential of Nigeria’s deep-water sources, whereas decreasing prices and leveraging economies of scale,’’ he mentioned.
He mentioned the fee was set to carry the maiden Nigeria Upstream Oil and Gas Decarbonisation Forum in March, 2025, including that it will current its governance and regulatory framework for decarbonisation within the Nigerian upstream sector on the discussion board.
“This discussion board will present a platform for key stakeholders to have interaction in significant discussions on decarbonisation and carbon monetisation, whereas permitting regulators, companies, and firms throughout the globe to share their precious insights and experiences.
“Nigeria’s success within the upstream oil and gasoline sector is anchored on a predictable and enabling regulatory surroundings.
“Through regulatory excellence, collaboration, and visionary planning, NUPRC is poised to information Nigeria towards a future outlined by vitality safety, financial development, and environmental accountability,’’ he mentioned. NAN