Nigeria Earmarks $3bn on Gas Flare Commercialisation
It is projected to attain substantial benefits including the provision of clean energy to six million households through Liquefied Petroleum Gas (LPG) and the elimination of 20 million tons of carbon dioxide emissions annually.
Additionally, the Chief-Executive of NUPRC, Engr-Gbenga-Komolafe who made the announcement said the investment is envisaged to unlock 600,000 metric tons of LPG per year and the generation of 2.5 gigawatts of power from new and existing Independent Power Producers (IPPs).
Providing deeper insights into the bid round, Komolafe detailed the offerings to include six acreages on the continental shelf, four deep offshore blocks, and two onshore blocks in the Niger Delta region.
He assured stakeholders of a fair and competitive bidding process, underpinned by stringent regulations aimed at ensuring regulatory certainty, dismantling entry barriers, and fostering global competitiveness.
Emphasizing the criteria for block acquisition, Komolafe outlined the importance of technical competence, financial capacity, and viability. He also shared the Commission’s financial performance, noting a commendable 15 per cent increase in revenues to N4.344 trillion in 2023.
Dr. Orji Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), noted the importance of the NEITI House Quarterly Dialogue in facilitating constructive engagements among policymakers from Nigeria’s extractive industries.