Despite the global clamour for decarbonization and energy transition, oil and gas remain relevant in the global energy mix, an official said.
said it has thrown its doors open to potential investors who wish to collaborate in building partnerships and unlocking the full potential of Nigeria’s upstream petroleum sector.Mr Komolafe said the commission is leveraging the Petroleum Industry Act , 2021 which has enhanced the business landscape in Nigeria’s petroleum industry to provide a more transparent, efficient and investment-friendly regulatory framework.
“In line with the provisions of the PIA, the commission has developed priority regulations to reinforce the meaning to the intent of the Act, hence creating a predictable regulatory environment for would-be investors. As of January 2023, he said Nigeria boasts of 36.966 billion barrels of oil and condensate reserves and 208.83 trillion cubic feet of natural gas reserves, opening a large opportunity for investments in the upstream oil and gas sector.
He explained that the adoption of natural gas as a transition fuel is a boost for Nigeria which has over 208 trillion cubic feet of gas reserves that can be harnessed to help the country’s transition to Net Zero by 2060 while driving economic growth and development, thereby simultaneously tackling energy poverty and meeting the climate ambition.
“Each of these areas shows that gas would truly be the catalyst and fuel for industrialisation as well as provide unique entry points for willing investors and opportunities to build capacity locally.”The commission as the upstream petroleum industry regulator has embarked on the development of a regulatory framework for the carbon-pricing system, to make businesses pay for their emissions and incentivize emission reductions through carbon credits,” he said.
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