An indigenous oil firm, Belemaoil Producing Limited, has vowed that it will end flaring of gas in its host communities by 2019.
The oil company stated that instead of flaring gas to the detriment of its host communities, it would monetise the product by packaging and making it available to the market.
Managing Director of the firm, Mr. Boma Brown, who made this remark on Monday in Port Harcourt during the introduction of the Belemaoil Model to its host communities, listed conversion of gas to power and the compression of gas for domestic market as part of the projects lined up by the company.
Brown disclosed that the firm had already set up a team that would monetise its gas and maintained that the gas from its operations would be turned into revenue.
“We are saying that in two years’ time; we will not flare gas in our host communities. We will achieve it through the execution of the projects we have earmarked to stop the flaring. By 2019, we are ending gas flaring.
“There are series of projects that we have brokered and they are already at the concept-select phase and this is purely our own business model. We have the commercial framework to make sure that the end customer picks up this gas.
“The other aspect is that we can also monetise our gas through other routes, which is compressing it and sending it into the domestic market. So, these projects are lined up to end gas flaring,” the firm’s managing director stressed.
Explaining that the gas to power project would be designed to power the company’s host communities, Brown expressed the need for a proper deregulation of the power sector in order to attract more investor to the sector.