The Nigerian Upstream and Downstream Regulatory Commission (NUPRC) says the federal government has concluded plans to explore alternative financing models for the development of the country's oil and gas resources.
Mr. Gbenga Komolafe, Managing Director of NUPRC, said this at the opening ceremony of the Petroleum Technology Association of Nigeria (PETAN) pavilion and exhibition stand at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, USA.
La conférence de cinq jours a pour thème : « Transition énergétique et ZLEC ; réformes clés pour le développement durable de l’industrie pétrolière et gazière africaine ».
Komolafe said the need to develop the country's hydrocarbon resources required huge funding, hence the commission's decision to develop an alternative funding model for the industry.
According to him, Nigeria will not be left out of the energy discussion because the country is a place where needs meet opportunities.
"Africa and by extension Nigeria is well positioned because it has everything to fill the energy gap in terms of the energy transition.
« Le Nigeria, avec d’abondantes réserves de pétrole et de gaz et d’autres sources de mix énergétique, est bien placé pour être une superpuissance si toutes ces ressources en hydrocarbures sont bien coordonnées », a-t-il déclaré.
Komolafe said the enactment of the Petroleum Industry Act (PIA) created a historic reform in the petroleum industry that included an attractive tax and regulatory regime.
In addition, the Permanent Secretary of the Ministry of Petroleum, Mr. Gabriel Aduda, said the PETAN pavilion at the OTC showcased Nigeria's diversity in the oil and gas industry.
Aduda said, "We are looking at the collaboration of African countries to develop the oil and gas sector.
"This is especially important because we in Nigeria are fully aware of the need to carry the entire continent on our own.
"And we don't see this entity as Nigeria alone, but as the entire African Petroleum Producers Organization (APPO).
"So we're looking at these beyond us. We are looking at the APPO," he said.
He said about eight African countries were part of the current exhibition, adding that other African countries would join the conference.
He says this is extremely important because the importance of local content cannot be overstated.
« C’est pourquoi nous sommes si satisfaits de ce que fait PETAN, car PETAN offre aux acteurs locaux de l’industrie la capacité de s’efforcer », a-t-il déclaré.
In his address, Mr. Nicholas Odinuwu, Chairman of PETAN, said the CTA continues to discuss building a sustainable oil and gas industry on the African continent in light of the energy transition, using the African Continental Free Trade Area (AfCFTA) as a real tool.
Odinuwu said, "Through our collective efforts, we are charting a new course for our industry and the energy future of the nearly two billion people who call Africa home.
"Nigeria has taken the lead in developing an energy transition plan, launched in 2020, which outlines the technologies and support needed to achieve universal energy access and zero net 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 key enabler for sustainable development.