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Realnews Magazine

A General Interest Magazine in Nigeria

Thursday, March 23, 2023

Oil & Gas

NGFCP: NUPRC to hold Bidders’, Investors Conference in February

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NUPRC

By Anthony Isibor

IN furtherance of the Nigerian Gas Flare Commercialisation Programme, NGFCP, of the Federal Government, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has scheduled a Bidders’ Conference/Investors Forum to rally stakeholders and investors towards sustainable flare elimination and value creation

The conference, which is scheduled for February 2, 2023 in Abuja, will allow stakeholders and investors in the country’s upstream petroleum sector seek clarifications on the programme requirement, facilitate engagements of qualified applicants with technology providers, prospective lenders and finance institutions.

According to the statement signed on Tuesday, January 24, 2023 by Gbenga Komolafe, Commission Chief Executive, the participants expected at the event will include qualified applicants, financiers, technology providers, equipment manufacturers, service providers, funders, and other interested entities.

It noted that the scheduled conference, which is programmed as a hybrid event with a virtual option, will not only afford participants the opportunity to seek clarifications and provide valuable inputs on the programme.

The conference, which will be coming barely a month after a similar conference was held in Lagos on January 16, 2023 for interested stakeholders and investors in the proposed mini bid round for deep offshore oil fields, will also help to foster business relationships and partnerships towards the overall success of the Programme. 

According to the NUPRC, the overarching objectives of the NGFCP 2022 programme are highlighted as follows: 

·         Eliminate routine gas flaring and create additional revenue from gas sales.

·         Monetise flare gas resources, prevent pollution and create value from waste gas. 

·         Deepen in-country value addition through indigenous participation in the sector, in line with the provisions of the PIA.

·         Support the achievement of the National Determined Contributions, NDC, towards the Paris agreement (COP 26) and the Nigerian Energy Transition Plan, ETP.

·         Attract Foreign Direct Investments, FDIs, in the Oil and Gas Industry.

A.I