NUPRC has announced a possible gas exploration and production partnership with Argentina. The announcement was made via the Commission’s official X (formerly Twitter) handle on Wednesday, November 22.
In the statement, it was said that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), will partner with Argentina on gas exploration and production after the latter expressed interest in doing business with the country.
According to the statement, the NUPRC has achieved another milestone by attracting increased investments in Nigeria’s Oil and Gas Sector.
It stated further that the Argentinian Ambassador to Nigeria, Mr. Alejandro Herrero, expressed his country’s keen interest in participating in gas exploration and production within Nigeria.
The Ambassador made this known during his visit to the NUPRC, when he conveyed Argentina’s eagerness to explore partnerships and investments in Nigeria’s gas fields. In response, the Commission Chief Executive, Engr. Gbenga Komolafe emphasized the Commission’s commitment to fortifying Nigeria’s Oil and Gas Sector.
He also informed the Argentinian Ambassador about the Commission’s robust regulations and policies.
These measures are designed to facilitate smoother business operations in alignment with global standards.
Komolafe also said that Nigeria’s petroleum fiscal systems now favour production-sharing contracts (PSC) as a fresh model for agreements concerning oil and gas resource exploration and production.
Additionally, he mentioned the Commission’s imminent plan to initiate the auction of uncommitted gas fields in Nigeria within the next few weeks.
It is important to note that Nigeria’s Minister for Petroleum Resources (Gas), Ekperikpe Ekpo has been engaging with several countries in a bid to further the country’s decade of gas ambition.
As part of the “Decade of Gas” initiative, Nigeria aims to significantly increase its gas production to meet various domestic needs like clean cooking, fuel for vehicles, industrial purposes, and electricity. Moreover, there’s a focus on exporting gas to Europe, where there’s anticipated high demand.
Ekpo envisions that by 2030, Nigeria should achieve a daily gas production of 5.5 billion cubic feet (equivalent to 57 billion cubic meters annually).
His vision is centred on a comprehensive plan designed to tap into Nigeria’s untapped gas reserves a significant but currently underutilised resource that has the potential to transform the nation.
Ekpo’s strategy revolves around a crucial aspect: establishing a framework for utilising gas that goes beyond solely profit-driven motives.
This framework is driven by a commitment to environmental sustainability, aiming not just for increased revenue but also for ensuring broader access to energy for Nigeria’s population. Ultimately, it’s about harnessing the country’s gas potential for both economic growth and better energy access for its people.