Feb. 26, 2025
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the Nigeria Gas Flare Commercialisation Programme (NGFCP) has the potential to unlock 2.5 billion dollars investment in oil and gas sector.
The commission is also set to hold its first Nigeria Upstream Oil and Gas Decarbonisation Forum in March, to align its upstream operations with global decarbonisation goals and carbon monetisation.
Gbenga Komolafe, the Chief Executive, NUPRC, stated this during the African Upstream Forum at the ongoing 2025 Nigeria International Energy Summit (NIES), on Wednesday in Abuja.
Komolafe, who spoke in a session titled: “Imperative of Regulatory Efficacy in Optimisation of Upstream Activities,’’ said the NUPRC stood as a powerful catalyst for the growth, sustainability, and global competitiveness of the sector.
He said the gas flare commercialisation programme would also generate huge revenue and create significant number of jobs.
“As the global focus shifts toward a low- carbon future, NUPRC is embedding sustainability into seven upstream operations, mitigating environmental risks and protecting communities.
“Key actions include: Managing methane and GHG emissions; fostering energy efficiency and carbon credits, promoting investments in Carbon Capture Utilisation and Storage (CCUS) and Enforcing Environmental Social and Governance (ESG) goals,’’ he said.
He said the industry was contributing 95 per cent of foreign exchange earnings and 70 per cent to government revenue, unlocking employment opportunities, and positioning Nigeria as a formidable leader in the global energy arena.
“At the heart of NUPRC’s efforts is the growth of Nigeria’s hydrocarbon reserves and production in a cleaner manner for enhanced revenue generation.
“In the short-term, we have set new benchmarks for oil and gas production and significantly strengthening the nation’s energy security,’’ he said.
Komolafe said the commission was also committed to enriching domestic gas utilisation and expanding gas infrastructure to meet Nigeria’s growing energy demands.
The commission, he said would ensure that every Field Development Plan (FDP) included a firm commitment to fulfilling gas delivery obligations and increasing gas supply to the domestic market to meet rising local demand.
“As part of our plan to advance deep-water development, we will promote the creation of deep-water clusters, fostering synergies in facility use to unlock the vast potential of Nigeria’s deep-water resources, while reducing costs and leveraging economies of scale,’’ he said.
“This forum will provide a platform for key stakeholders to engage in meaningful discussions on decarbonisation and carbon monetisation, while allowing regulators, agencies, and companies across the globe to share their valuable insights and experiences.
“Nigeria’s success in the upstream oil and gas sector is anchored on a predictable and enabling regulatory environment.
“Through regulatory excellence, collaboration, and visionary planning, NUPRC is poised to guide Nigeria toward a future defined by energy security, economic growth, and environmental responsibility,’’ he said. (NAN)
