The Federal Government has completed preparations to investigate alternate financing options for the development of the country’s oil and gas resources according to the Nigerian Upstream and Downstream Regulatory Commission (NUPRC).
Mr Gbenga Komolafe, the NUPRC Commission Chief Executive, said this on Monday at the opening ceremony of the Petroleum Technology Association of Nigeria (PETAN) pavilion and exhibition stand at the current Offshore Technology Conference (OTC) in Houston, Texas, United States.
According to media sources, the subject of the five-day conference is “Energy Transition and AfCFTA: Key Reforms for Sustainable Development of the African Oil and Gas Industry.”
According to Komolafe, the necessity to develop the country’s hydrocarbon resources necessitated massive expenditure, thus the commission’s determination to establish new finance models for the sector.
According to him, Nigeria will not be left out of the energy discourse since the nation is a site where needs and possibilities intersect.
“Africa, and by extension Nigeria, is well positioned because it has everything it needs to bridge the energy gap as a result of the energy transition.”
“Nigeria, with its abundant oil and gas reserves and other sources of energy mix, is well positioned to become a superpower if all of these hydrocarbon resources are well coordinated,” he added.
According to Komolafe, the signing into law of the Petroleum business Act (PIA) generated a watershed change in the petroleum business, including an appealing fiscal and regulatory environment.
Mr Gabriel Aduda, Permanent Secretary, Ministry of Petroleum, further said that the PETAN pavilion at the OTC demonstrated Nigeria’s diversification in the oil and gas business.
“We are looking at African countries collaborating to develop the oil and gas sector,” Aduda stated.
“This is especially significant because Nigeria is fully aware of the need to carry the entire continent alone.”
“And we are looking at this entity not just as Nigeria, but as the entire African Petroleum Producers Organisation (APPO).”
“So we’re looking beyond ourselves.” “We’re looking at the APPO,” he said.
He said that around eight African nations were participating in the current exhibition and that other African countries will attend the meeting.
According to him, this is critical since the importance of local content cannot be overstated.
“That is why we are so pleased with what PETAN is doing,” he continued, “because PETAN is providing the capacity for local industry players to thrive.”
Mr Nicholas Odinuwu, Chairman of PETAN, said in his comments that the OTC continues to explore establishing a sustainable oil and gas business throughout the African continent in light of the energy transformation, with the African Continental Free Trade Agreement (AfCFTA) serving as a valuable instrument.
“With our collective efforts, we are charting a new pathway for our industry and the energy future of Africa’s nearly two billion people,” Odinuwu added.
“Nigeria has taken the lead by launching an energy transition plan in 2020 that outlines the technologies and support required to achieve universal energy access and net-zero emissions by 2050.”
“The fact is that Africa needs sustainable energy sources to meet the growing needs of all sectors of its economy, and the energy transition is a critical enabler of long-term development.”
According to media sources, 12 Nigerian businesses are taking part in the PETAN oil and gas expo at the present OTC.
