Oil & Gas
THE Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says gas remains crucial as a transition fuel in addressing Nigeria’s energy challenges.
Its Chief Executive Officer(CEO), Mr Gbenga Komolafe, said this at the National Association of Energy Correspondents’ annual conference on Thursday in Lagos.
He also said that energy security is a cornerstone of national development.
Komolafe, represented by Mr Paul Osu, Director of Lagos Operations, NUPRC, called for enhanced collaboration to harness the coutry’s vast energy potential.
Komolafe maintained that the country’s significant advantages include a large population and abundant gas resources.
He defined energy security as ensuring affordable, reliable energy access for all, while maintaining a balanced energy mix.
The 2024 conference has the theme, “Gas as Energy Transition Fuel: Navigating Nigeria’s Trilemma of Finance, Energy Security and International Politics”.
The conference provided a platform to discuss the Decade of Gas Initiative, aims to position natural gas as a driver of economic growth and environmental sustainability, aligning with global climate goals and Nigeria’s energy security needs.
Komolafe projected a 16.6 per cent compound annual growth rate in gas demand from 2020 to 2030 but warned of a potential 3.1 billion cubic feet per day (bcf/d) shortfall by 2030 if current trends continue.
He noted that natural gas production was expected to increase from 8.0 bcf/d in 2020 to 12.2 bcf/d by 2030, driven by projects like the Nigeria/Morocco pipeline and the Ajaokuta-Kaduna-Kano Natural Gas Pipeline.
The Petroleum Industry Act (PIA) and recent executive orders were highlighted as key drivers in improving sector efficiency and competitiveness.
Komolafe called for media support in promoting these developments, emphasising transparency and collaboration as essential for realising the nation’s energy transition goals.
He urged attendees to view the conference as a call to action for unlocking opportunities in Nigeria’s energy landscape, reinforcing the nation’s potential as a global energy transition leader.
He noted that the conference discussions were expected to shape Nigeria’s energy policies and strategies in the coming years.(NAN)
A.I
Oct. 3, 2024
Tags: Mr Gbenga Komolafe Mr Paul Osu NUPRC
