We will ensure operators present their ‘green story’ in field development plan — NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says it will ensure that operators present their “Green Story’’ in Field Development Plan (FDP) as Nigeria move to attain net zero carbon by 2060.

Mr. Gbenga Komolafe, the Chief Executive, NUPRC, made this known while speaking at the 5th Nigeria International Energy Summit (NIES) on Monday in Abuja.

The summit had as its theme: “Revitalising the Industry: Future Fuels and Energy Transition.’’

According to Komolafe, the energy transition regime has posed a challenge and opportunity for Nigeria to reposition its energy focus and regulatory policies toward development of clean and renewable energy.

According to him, investors in the upstream are being tasked to provide their green story as a basis for attracting required funds for field development.

He noted that Nigeria was the largest economy in Africa, 25th largest in the world by nominal Gross Domestic Product (GDP) and an emerging global power.

Komolafe said it was rated by the World Bank as an emerging market, a maritime nation with 206tcf gas reserves and crude oil and condensate reserve of 37 billion barrels,

He said Nigeria had huge potential to monetise and derive optimum value from its oil and gas assets in response to the challenges posed by the energy transition regime.

Komolafe said the nation, however, could not exist in isolation of the global trend in energy transition.

“The NUPRC, as part of implementation of its statutory regulatory mandate ensures that operators present their ‘green story’ in FID in a manner that incorporates carbon capture and gas commercialisation,’’ he said.

Komolafe explained that fossil fuels were expected to continue to meet much of the world’s energy demand in spite the growth in renewable energy and nuclear power.

He said that in order to meet increasing demand for petroleum energy, countries would need to carry out increased exploration, adopt advanced technology to maximise production yields and increase oil and gas reserves.

Also speaking, Dr. Nasir Sani-Gwarzo, the Permanent Secretary, Ministry of Petroleum Resources, said Nigeria was committed to reducing its greenhouse gas emissions by 20 per cent by 2030.

He said this was being driven by programmes such as Decade of Gas Initiative and promotion of gas-based industries which would lead to job creation for Nigerians.

On his part, Mr. Simbi Wabote, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), said international oil companies were divesting their assets due to the global energy transition.

Wabote said this was, however, an opportunity for indigenous companies to take charge of the industry as it was in line with the NCDMB’s mandate.