New Telegraph

November 28, 2023

Why Nigeria must monetise its gas resources – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said it was critical for the country to monetise its gas resources, as such a step would help guarantee energy security, especially in the global energy transition period.

The Commission’s Chief Executive, Engr Gbenga Komolafe, who spoke while inaugurating  a 12-member Flare Gas Commercialisation Programme Team in line with the Federal Government’s initiative to end gas flaring by 2025 in Abuja at the weekend, said as a nation, Nigeria must ensure it harnesses all available gas resources for value creation.

Komolafe further announced that NUPRC was recommencing the process of issuing flare sites to technically competent companies, following a competitive bid process.

He said: “This process has become crucial in view of the policy direction of the Federal Government to ensure all gas resources are developed for National development. The Commission is currently carrying out a study in conjunction with external technical resources to identify suitable flare sites for the auction process.

“It was for the purpose that the committee of staff of the Commission was inaugurated to drive the process and coordinate implementation of the programme.”

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