About seven years after the Muhammadu Buhari led administration commenced Nigerian Gas Flare Commercialisation Programme , the Nigerian Upstream Petroleum Regulatory Commission , yesterday moved to award 48 licenses to investors.
Coming at a time of energy crisis and transition and on the backdrop of government’s decade of gas policy, the development seeks to tame decades of gas flaring in the oil producing region and enable the federation to generate billions of dollar in investment and signature bonuses, chairman of NUPRC, Gbenga Komolafe said.
“This is a very defining moment in the history of Nigeria’s oil and gas industry and being a part of this journey is by no means a trivial task. This is especially so because the NGFCP checks the box on many fronts. While Nigeria currently has over 208 trillion standard cubic feet of gas, harnessing the resources for national development has been a mirage. The current reserve remains a product of accidental find while flaring persists.
After approval by the Federal Executive Council , the gas commercialization programme was launched by the ministry of petroleum resources on December 13, 2016, but remained elusive for over seven years.