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  •   17 marginal oilfields currently producing in Nigeria NUPRC From left Council Chairman Society of Petroleum Engineers Prof Olalekan Olafuyi left Managing Executive Falcon Corporation Audrey Joe EzigThe Nigerian Upstream Petroleum Regulatory Commission NUPRC says 17 marginal oilfields are currently producing out of 30 fields awarded since its inception in 1999 Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the Association of Energy Correspondents of Nigeria NAEC Strategic International Conference on Thursday in Lagos The News Agency of Nigeria reports that the conference has as its theme Energy Transition Shaping the Future of Nigeria s Energy Industry an Appraisal of PIA Evolving Benefits and Challenges Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC said marginal fields award was initiated to increase participation of indigenous companies in the upstream sector and build local content capacity He said it was also targeted at creating employment opportunities and encouraging increased capital inflow to the sector and create employment opportunities Komolafe said Since its inception a total of 30 fields have been awarded 17 currently producing A breakdown of the allocation of the fields to indigenous operators is as follows two fields awarded in 1999 24 in 20032004 one each in 2006 and 2007 and two in 2010 10 years after in 2020 57 fields were put up for bidding It will be recalled that one of the major tasks inherited by the NUPRC upon its inauguration last year was the need to conclude the 2020 Marginal Field Bid Round exercise Consequently we pursued the matter frontally and are delighted to inform you that the exercise which commenced in June 2020 has been concluded with the issuance of Petroleum Prospecting License PPL to the deserving awardees The issuance of the PPL has ushered in a new dawn for our indigenous operators to hit the ground running in developing their awarded assets in line with industry best practices and to take full advantage of the increasing crude price in the international market He however noted that the passage of the Petroleum Industry Act PIA had brought an end to the era of marginal field awards Komolafe said Section 94 9 of the Act states that No new marginal field shall be declared under this Act Accordingly the minister shall now award PPL on undeveloped fields following an open fair transparent competitive and non discriminatory bidding process in line with Sections 73 and 74 of the Act he said On the implementation of the PIA the CCE said the commission had issued six priority regulations He said they are Nigeria Upstream Host Communities Development Regulations Nigeria Upstream Fees and Rents Regulations Nigeria Royalty Regulations Conversion and Renewal Regulations Komolafe said others are Domestic Gas Delivery Obligations Regulations and Licensing Round Regulations He said the commission was also in the process of issuing additional seven regulations in the phase two of the exercise in consultation with stakeholders in line with Section 216 of the PIA Also Mrs Audrey Joe Ezigbo a former President of Nigeria Gas Association NGA said Nigeria must take advantage of the ongoing Russia Ukraine crisis to attract investors to develop its abundant gas resources According to her Africa and indeed Nigeria have a high energy poverty that can be transformed to opportunities by investors Joe Ezigbo said We know Nigeria has very vast gas reserves and it is these reserves that we can channel for electricity generation through gas powered energy plants Gas also has the potential to be a very key driver of industrialisation or rapid economic advancement as we ve seen in several European countries They ve used gas to power their economies as feedstock and fuel for their industries And really we want a situation where Nigeria becomes one of those countries that is listed when we re talking about nations that have leveraged their resources to build their economies NewsSourceCredit NAN
    17 marginal oilfields currently producing in Nigeria – NUPRC
      17 marginal oilfields currently producing in Nigeria NUPRC From left Council Chairman Society of Petroleum Engineers Prof Olalekan Olafuyi left Managing Executive Falcon Corporation Audrey Joe EzigThe Nigerian Upstream Petroleum Regulatory Commission NUPRC says 17 marginal oilfields are currently producing out of 30 fields awarded since its inception in 1999 Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the Association of Energy Correspondents of Nigeria NAEC Strategic International Conference on Thursday in Lagos The News Agency of Nigeria reports that the conference has as its theme Energy Transition Shaping the Future of Nigeria s Energy Industry an Appraisal of PIA Evolving Benefits and Challenges Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC said marginal fields award was initiated to increase participation of indigenous companies in the upstream sector and build local content capacity He said it was also targeted at creating employment opportunities and encouraging increased capital inflow to the sector and create employment opportunities Komolafe said Since its inception a total of 30 fields have been awarded 17 currently producing A breakdown of the allocation of the fields to indigenous operators is as follows two fields awarded in 1999 24 in 20032004 one each in 2006 and 2007 and two in 2010 10 years after in 2020 57 fields were put up for bidding It will be recalled that one of the major tasks inherited by the NUPRC upon its inauguration last year was the need to conclude the 2020 Marginal Field Bid Round exercise Consequently we pursued the matter frontally and are delighted to inform you that the exercise which commenced in June 2020 has been concluded with the issuance of Petroleum Prospecting License PPL to the deserving awardees The issuance of the PPL has ushered in a new dawn for our indigenous operators to hit the ground running in developing their awarded assets in line with industry best practices and to take full advantage of the increasing crude price in the international market He however noted that the passage of the Petroleum Industry Act PIA had brought an end to the era of marginal field awards Komolafe said Section 94 9 of the Act states that No new marginal field shall be declared under this Act Accordingly the minister shall now award PPL on undeveloped fields following an open fair transparent competitive and non discriminatory bidding process in line with Sections 73 and 74 of the Act he said On the implementation of the PIA the CCE said the commission had issued six priority regulations He said they are Nigeria Upstream Host Communities Development Regulations Nigeria Upstream Fees and Rents Regulations Nigeria Royalty Regulations Conversion and Renewal Regulations Komolafe said others are Domestic Gas Delivery Obligations Regulations and Licensing Round Regulations He said the commission was also in the process of issuing additional seven regulations in the phase two of the exercise in consultation with stakeholders in line with Section 216 of the PIA Also Mrs Audrey Joe Ezigbo a former President of Nigeria Gas Association NGA said Nigeria must take advantage of the ongoing Russia Ukraine crisis to attract investors to develop its abundant gas resources According to her Africa and indeed Nigeria have a high energy poverty that can be transformed to opportunities by investors Joe Ezigbo said We know Nigeria has very vast gas reserves and it is these reserves that we can channel for electricity generation through gas powered energy plants Gas also has the potential to be a very key driver of industrialisation or rapid economic advancement as we ve seen in several European countries They ve used gas to power their economies as feedstock and fuel for their industries And really we want a situation where Nigeria becomes one of those countries that is listed when we re talking about nations that have leveraged their resources to build their economies NewsSourceCredit NAN
    17 marginal oilfields currently producing in Nigeria – NUPRC
    General news1 month ago

    17 marginal oilfields currently producing in Nigeria – NUPRC

    17 marginal oilfields currently producing in Nigeria – NUPRC    From left; Council Chairman, Society of Petroleum Engineers, Prof. Olalekan Olafuyi (left); Managing Executive, Falcon Corporation, Audrey Joe-EzigThe Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says 17 marginal oilfields are currently producing out of 30 fields awarded since its inception in 1999.Mr Gbenga Komolafe, Commission’s Chief Executive, NUPRC, made this known at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference  on Thursday in Lagos.

    The News Agency of Nigeria reports that the conference has as its theme, “Energy Transition: “Shaping the Future of Nigeria’s Energy Industry, an Appraisal of PIA, Evolving Benefits and Challenges.

    ”Komolafe, represented by Mr Abel Nsa, Head, National Oil and Gas Excellence Centre (NOGEC), said marginal fields award was initiated to increase participation of indigenous companies in the upstream sector and build local content capacity.

    He said it was also targeted at creatingemployment opportunities and encouraging increased capital inflow to the sector and create employment opportunities.

    Komolafe said: “Since its inception, a total of 30 fields have been awarded, 17 currently producing.

    “A breakdown of the allocation of the fields to indigenous operators is as follows: two fields awarded in 1999, 24 in 20032004, one each in 2006 and 2007, and two in 2010.“10 years after, in 2020, 57 fields were put up for bidding.

    ”It will be recalled that one of the major tasks inherited by the NUPRC, upon its inauguration last year, was the need to conclude the 2020 Marginal Field Bid Round exercise.

    “Consequently, we pursued the matter frontally and are delighted to inform you that the exercise, which commenced in June 2020, has been concluded with the issuance of Petroleum Prospecting License (PPL)to the deserving awardees.

    “The issuance of the PPL has ushered in a new dawn for our indigenous operators to hit the ground running in developing their awarded assets in line with industry best practices and to take full advantage of the increasing crude price in the international market.

    ”He, however, noted that the  passage of the Petroleum Industry Act (PIA) had brought an end to the era of marginal field awards.

    Komolafe said Section 94(9) of the Act states that “No new marginal field shall be declared under this Act.”“Accordingly, the minister shall now award PPL on undeveloped fields following an open, fair, transparent, competitive, and non-discriminatory bidding process in line with Sections 73 and 74 of the Act,” he said.

    On the implementation of the PIA, the CCE said the commission had issued six  priority regulations.

    He said they are: Nigeria Upstream Host Communities DevelopmentRegulations, Nigeria Upstream Fees and Rents Regulations, Nigeria Royalty Regulations, Conversion and Renewal Regulations.

    Komolafe said others are Domestic Gas Delivery Obligations Regulations and Licensing Round Regulations.

    He said the commission was also in the process of issuing additional seven regulations in the phase two of the exercise in consultation with stakeholders in line with Section 216 of the PIA.

    Also, Mrs Audrey Joe-Ezigbo, a former President of Nigeria Gas Association (NGA), said Nigeria must take advantage of the ongoing Russia- Ukraine crisis to attract investors to develop its abundant gas resources.

    According to her,  Africa and indeed Nigeria have a high energy poverty that can be transformed to opportunities by investors.

    Joe-Ezigbo said: “We know Nigeria has very vast gas reserves and it is these reserves that we can channel for electricity generation through gas powered energy plants.

    “Gas also has the potential to be a very key driver of industrialisation or rapid economic advancement, as we’ve seen in several European countries.

    “They’ve used gas to power their economies as feedstock and fuel for their industries.

    “And really, we want a situation where Nigeria becomes one of those countries that is listed when we’re talking about nations that have leveraged their resources to build their economies.


    NewsSourceCredit: NAN

  •  Seplat Energy Plc on Wednesday said there were huge business opportunities for investors in Nigeria s transition to cleaner sources of energy Mr Roger Brown the Chief Executive Officer Seplat Energy Plc made this known while delivering a keynote address at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE in Lagos The News Agency of Nigeria reports that the topic of the panel session was Operationalising a Clean Energy Transition for Sustainable Development in Africa Represented by Mr Effiong Okon New Energies Director Seplat Energy Plc Brown said lack of access to energy by Nigeria and other African countries remain a huge opportunity for investors He said Nigeria in particular had a strong potential for growth and that energy transition was an opportunity to create a sustainable future for the country According to him Nigeria s population is projected to hit 329 million by 2040 with an electricity demand of 240TWh Brown said there was the need for investment in gas and renewables such as hydro solar and wind which would play key roles in Nigeria s industrialisation in the near future He said The greatest business opportunity ahead of us is to supply the right mix of energy to support Nigeria s growth In doing so we must make a positive social impact and contribute to Nigeria s achievement of the United Nations Sustainable Development Goals Brown said Seplat was in support of the Federal Government s decision to make gas Nigeria s energy transition fuel and would continue to make investments toward the development and utilisation of the country s abundant gas resources While listing the company s achievement he said Seplat had since 2011 invested a capex of 1 7 billion in the sector and had paid 445 million dividends since its Initial Public Offerring IPO He said the 700 million ANOH Gas Processing Company being constructed by Seplat and the Nigerian National Petroleum Company Ltd at Asaa in Imo was nearing completion Brown said the project when completed would provide gas to boost the much needed supply of power to millions of homes and businesses across Nigeria to facilitate better standard of living and drive economic growth Earlier Prof Olalekan Olafuyi Chairman SPE Nigeria Council urged African countries to priotise reduction of energy poverty in the continent while also working on decarbonising the energy system Olafuyi said that the continent s contribution to global carbon emission was relatively low He added that there was the need to utilise its huge hydrocarbon resources for industrialisation and human capital development NewsSourceCredit NAN
    Huge investment opportunities in Nigeria’s energy transition abound – Seplat
     Seplat Energy Plc on Wednesday said there were huge business opportunities for investors in Nigeria s transition to cleaner sources of energy Mr Roger Brown the Chief Executive Officer Seplat Energy Plc made this known while delivering a keynote address at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE in Lagos The News Agency of Nigeria reports that the topic of the panel session was Operationalising a Clean Energy Transition for Sustainable Development in Africa Represented by Mr Effiong Okon New Energies Director Seplat Energy Plc Brown said lack of access to energy by Nigeria and other African countries remain a huge opportunity for investors He said Nigeria in particular had a strong potential for growth and that energy transition was an opportunity to create a sustainable future for the country According to him Nigeria s population is projected to hit 329 million by 2040 with an electricity demand of 240TWh Brown said there was the need for investment in gas and renewables such as hydro solar and wind which would play key roles in Nigeria s industrialisation in the near future He said The greatest business opportunity ahead of us is to supply the right mix of energy to support Nigeria s growth In doing so we must make a positive social impact and contribute to Nigeria s achievement of the United Nations Sustainable Development Goals Brown said Seplat was in support of the Federal Government s decision to make gas Nigeria s energy transition fuel and would continue to make investments toward the development and utilisation of the country s abundant gas resources While listing the company s achievement he said Seplat had since 2011 invested a capex of 1 7 billion in the sector and had paid 445 million dividends since its Initial Public Offerring IPO He said the 700 million ANOH Gas Processing Company being constructed by Seplat and the Nigerian National Petroleum Company Ltd at Asaa in Imo was nearing completion Brown said the project when completed would provide gas to boost the much needed supply of power to millions of homes and businesses across Nigeria to facilitate better standard of living and drive economic growth Earlier Prof Olalekan Olafuyi Chairman SPE Nigeria Council urged African countries to priotise reduction of energy poverty in the continent while also working on decarbonising the energy system Olafuyi said that the continent s contribution to global carbon emission was relatively low He added that there was the need to utilise its huge hydrocarbon resources for industrialisation and human capital development NewsSourceCredit NAN
    Huge investment opportunities in Nigeria’s energy transition abound – Seplat
    General news2 months ago

    Huge investment opportunities in Nigeria’s energy transition abound – Seplat

    Seplat Energy Plc on Wednesday said there were huge business opportunities for investors in Nigeria’s transition to cleaner sources of energy.

    Mr Roger Brown, the Chief Executive Officer Seplat Energy Plc, made this known while delivering a keynote address at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos.

    The News Agency of Nigeria reports that the topic of the panel session was: “Operationalising a Clean Energy Transition for Sustainable Development in Africa.

    ” Represented by Mr Effiong Okon, New Energies Director, Seplat Energy Plc, Brown said lack of access to energy by Nigeria and other African countries remain a huge opportunity for investors.

    He said Nigeria in particular had a strong potential for growth and that energy transition was an opportunity to create a sustainable future for the country.

    According to him, Nigeria’s population is projected to hit 329 million by 2040 with an electricity demand of 240TWh. Brown said there was the need for investment in gas and renewables such as hydro, solar and wind which would play key roles in Nigeria’s industrialisation in the near future.

    He said: “The greatest business opportunity ahead of us is to supply the right mix of energy to support Nigeria’s growth.

    “In doing so, we must make a positive social impact and contribute to Nigeria’s achievement of the United Nations’ Sustainable Development Goals.

    ” Brown said Seplat was in support of the Federal Government’s decision to make gas Nigeria’s energy transition fuel and would continue to make investments toward the development and utilisation of the country’s abundant gas resources.

    While listing the company’s achievement, he said Seplat had since 2011 invested a capex of $1.7 billion in the sector and had paid $445 million dividends since its Initial Public Offerring (IPO).

    He said the $700 million ANOH Gas Processing Company being constructed by Seplat and the Nigerian National Petroleum Company Ltd. at Asaa, in Imo was nearing completion.

    Brown said the project, when completed would provide gas to boost the much-needed supply of power to millions of homes and businesses across Nigeria to facilitate better standard of living and drive economic growth.

    Earlier, Prof. Olalekan Olafuyi, Chairman, SPE Nigeria Council, urged African countries to priotise reduction of energy poverty in the continent while also working on decarbonising the energy system.

    Olafuyi said that the continent’s contribution to global carbon emission was relatively low.

    He added that there was the need to utilise its huge hydrocarbon resources for industrialisation and human capital development.


    NewsSourceCredit: NAN

  •  The Federal Government on Tuesday reiterated its commitment to achieving self sufficiency and net exporter of energy resources by 2026 Mr Bala Wunti Group General Manager National Petroleum Investment Services NAPIMS made this known while speaking at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Tuesday in Lagos The News Agency of Nigeria reports that he spoke during a panel session on Sustainable Energy Transition Strategy The Role of Legislative Frameworks and Investment Programmes Wunti said though the government had pledged to achieve net zero carbon emission by 2060 its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources To this end he said the government s target was to attain zero dependence on imported energy both primary and secondary as well as becoming a net exporter of secondary energy resources by 2026 Wunti said the plan was to provide access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth He however maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner He noted that unfortunately the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis According to him available statistics from the Organisation of the Petroleum Exporting Countries OPEC shows that the world requires 11 8 trillion to meet its energy needs Wunti said the current global energy crisis was due to energy imbalance with supply falling short of demand which had driven the price of energy resources upward Also Mr Austin Avuru Chairman AA Holdings Ltd said Africa must design home grown solutions to the divestment of assets by International Oil Companies across the continent Avuru said the move was largely responsible for Nigeria being unable to meet its OPEC quota adding that there was need to grow indigenous companies to fill the void created by the divestment of the IOCs He said the way forward was for the companies to get access to funding from within the continent for oil and gas exploration Avuru also called for deployment of technologies production of more natural gas and encouragement of tree planting to achieve decarbonisation while maximising the continent s abundant oil and gas resources Earlier in his remarks Prof Olalekan Olafuyi Chairman SPE Nigeria Council decried the lack of access to energy by many Africans Olafuyi said building a sustainable energy sector was fundamental for the African continent to power sustainable industrialisation and trade He said this underpins the African Continental Free Trade Area AfCFTA plan and thus highlights further the need for regional integration to solve Africa s energy and climate challenges Ramping up sustainable energy generation capacity by 2030 according to the African Development Bank s AfDB New Deal on Energy for Africa requires a minimum of 44 billion of annual financing Maintaining and extending the pace of progress will thus require strong political commitment and sound governance long term energy planning adequate political and fiscal incentives as well as public and private financing he said NewsSourceCredit NAN
    FG reiterates commitment to energy self-sufficiency by 2026
     The Federal Government on Tuesday reiterated its commitment to achieving self sufficiency and net exporter of energy resources by 2026 Mr Bala Wunti Group General Manager National Petroleum Investment Services NAPIMS made this known while speaking at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Tuesday in Lagos The News Agency of Nigeria reports that he spoke during a panel session on Sustainable Energy Transition Strategy The Role of Legislative Frameworks and Investment Programmes Wunti said though the government had pledged to achieve net zero carbon emission by 2060 its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources To this end he said the government s target was to attain zero dependence on imported energy both primary and secondary as well as becoming a net exporter of secondary energy resources by 2026 Wunti said the plan was to provide access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth He however maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner He noted that unfortunately the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis According to him available statistics from the Organisation of the Petroleum Exporting Countries OPEC shows that the world requires 11 8 trillion to meet its energy needs Wunti said the current global energy crisis was due to energy imbalance with supply falling short of demand which had driven the price of energy resources upward Also Mr Austin Avuru Chairman AA Holdings Ltd said Africa must design home grown solutions to the divestment of assets by International Oil Companies across the continent Avuru said the move was largely responsible for Nigeria being unable to meet its OPEC quota adding that there was need to grow indigenous companies to fill the void created by the divestment of the IOCs He said the way forward was for the companies to get access to funding from within the continent for oil and gas exploration Avuru also called for deployment of technologies production of more natural gas and encouragement of tree planting to achieve decarbonisation while maximising the continent s abundant oil and gas resources Earlier in his remarks Prof Olalekan Olafuyi Chairman SPE Nigeria Council decried the lack of access to energy by many Africans Olafuyi said building a sustainable energy sector was fundamental for the African continent to power sustainable industrialisation and trade He said this underpins the African Continental Free Trade Area AfCFTA plan and thus highlights further the need for regional integration to solve Africa s energy and climate challenges Ramping up sustainable energy generation capacity by 2030 according to the African Development Bank s AfDB New Deal on Energy for Africa requires a minimum of 44 billion of annual financing Maintaining and extending the pace of progress will thus require strong political commitment and sound governance long term energy planning adequate political and fiscal incentives as well as public and private financing he said NewsSourceCredit NAN
    FG reiterates commitment to energy self-sufficiency by 2026
    General news2 months ago

    FG reiterates commitment to energy self-sufficiency by 2026

    The Federal Government on Tuesday reiterated its commitment to achieving self-sufficiency and net exporter of energy resources by 2026.Mr Bala Wunti, Group General Manager, National Petroleum Investment Services (NAPIMS), made this known while speaking at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos.

    The News Agency of Nigeria reports that he spoke during a panel session on “Sustainable Energy Transition Strategy: The Role of Legislative Frameworks and Investment Programmes.

    ”Wunti said though the government had pledged to achieve net zero carbon emission by 2060, its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources.

    To this end, he said the government’s target was to attain zero dependence on imported energy, both primary and secondary, as well as becoming a net exporter of secondary energy resources by 2026.Wunti said the plan was to provide  access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth.

    He, however maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector.

    Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner.

    He noted that unfortunately, the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis.  

    According to him, available statistics from the Organisation of the Petroleum Exporting Countries (OPEC) shows that the world requires $11.8 trillion to meet its energy needs.

    Wunti said the current global energy crisis was due to energy imbalance with supply falling short of demand which had driven the price of energy resources upward.

    Also, Mr Austin Avuru, Chairman, AA Holdings Ltd., said Africa must design home grown solutions to the divestment of assets by International Oil Companies across the continent.

    Avuru said the move was largely responsible for Nigeria being unable to meet its OPEC quota, adding that there was need to grow indigenous companies to fill the void created by the divestment of the IOCs.He said the way forward was for the companies to get access to funding from within the continent for oil and gas exploration.

    Avuru also called for deployment of technologies, production of more natural gas and encouragement of tree planting to achieve decarbonisation  while maximising the continent’s abundant oil and gas resources.

    Earlier in his remarks, Prof. Olalekan Olafuyi, Chairman, SPE Nigeria Council, decried the lack of access to energy by many Africans.

    Olafuyi said building a sustainable energy sector was fundamental for the African continent to power sustainable industrialisation and trade.

    He said this underpins the African Continental Free Trade Area (AfCFTA) plan and thus highlights further the need for regional integration to solve Africa’s energy and climate challenges. 

    “Ramping up sustainable energy generation capacity by 2030 according to the African Development Bank’s (AfDB) New Deal on Energy for Africa, requires a minimum of $44 billion of annual financing.  

    “Maintaining and extending the pace of progress will thus require strong political commitment and sound governance, long-term energy planning, adequate political and fiscal incentives as well as public and private financing,” he said.  


    NewsSourceCredit: NAN

  •  The Nigerian Upstream Petroleum Regulatory Commission NUPRC says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country The commission said that the four cardinal areas were gas reserves growth optimised gas production domestic gas utilisation and gas flare elimination Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Monday in Lagos The News Agency of Nigeria that the conference had as its theme Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission According to him this will enable them to achieve the right energy mix while decarbonising their oil and gas development He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel Komolafe said the passage of the Petroleum Industry Act PIA 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments He said We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation Fortunately several African countries including Nigeria Algeria Mozambique Egypt and Libya among others are blessed with huge gas reserves With a total of over 620 trillion cubic feet of natural gas reserves and 125 3 billion barrels of crude oil the future of upstream oil and gas in Africa is promising Komolafe however noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world Also Prof Olalekan Olafuyi the Chairman SPE Nigeria Council said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times Olafuyi said It is expected that the adaptive strategies for energy transition should be adopted in Africa The status quo in the African energy supply is very obvious Africa and Nigeria in particular are still struggling with endemic energy poverty as compared to the developed regions of the world He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference Olafuyi said NewsSourceCredit NAN
    NUPRC outlines cardinal areas for sustainable gas utilisation, development
     The Nigerian Upstream Petroleum Regulatory Commission NUPRC says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country The commission said that the four cardinal areas were gas reserves growth optimised gas production domestic gas utilisation and gas flare elimination Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Monday in Lagos The News Agency of Nigeria that the conference had as its theme Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission According to him this will enable them to achieve the right energy mix while decarbonising their oil and gas development He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel Komolafe said the passage of the Petroleum Industry Act PIA 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments He said We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation Fortunately several African countries including Nigeria Algeria Mozambique Egypt and Libya among others are blessed with huge gas reserves With a total of over 620 trillion cubic feet of natural gas reserves and 125 3 billion barrels of crude oil the future of upstream oil and gas in Africa is promising Komolafe however noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world Also Prof Olalekan Olafuyi the Chairman SPE Nigeria Council said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times Olafuyi said It is expected that the adaptive strategies for energy transition should be adopted in Africa The status quo in the African energy supply is very obvious Africa and Nigeria in particular are still struggling with endemic energy poverty as compared to the developed regions of the world He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference Olafuyi said NewsSourceCredit NAN
    NUPRC outlines cardinal areas for sustainable gas utilisation, development
    General news2 months ago

    NUPRC outlines cardinal areas for sustainable gas utilisation, development

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country.

    The commission said that the four cardinal areas were gas reserves growth, optimised gas production, domestic gas utilisation and gas flare elimination.

    Mr Gbenga Komolafe, Commission’s Chief Executive, NUPRC, made this known at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Monday in Lagos.

    The News Agency of Nigeria that the conference had as its theme: “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa.

    ” Komolafe, represented by Mr Abel Nsa, Head, National Oil and Gas Excellence Centre (NOGEC), urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission.

    According to him, this will enable them to achieve the right energy mix while decarbonising their oil and gas development.

    He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel.

    Komolafe said the passage of the Petroleum Industry Act (PIA) 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments.

    He said: “We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources.

    “This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation.

    “Fortunately, several African countries including Nigeria, Algeria, Mozambique, Egypt and Libya, among others are blessed with huge gas reserves.

    “With a total of over 620 trillion cubic feet of natural gas reserves and 125.3 billion barrels of crude oil, the future of upstream oil and gas in Africa is promising.

    ” Komolafe, however, noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance.

    He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world.

    Also, Prof. Olalekan Olafuyi, the Chairman, SPE Nigeria Council, said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times.

    Olafuyi said: “It is expected that the adaptive strategies for energy transition should be adopted in Africa.

    “The status quo in the African energy supply is very obvious.

    Africa and Nigeria in particular, are still struggling with endemic energy poverty as compared to the developed regions of the world.

    ” He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses.

    “This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources.

    “This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference,” Olafuyi said.


    NewsSourceCredit: NAN

  •  The Society of Petroleum Engineers SPE Nigeria Council has called for enforcement of stiff penalty for gas flaring in Nigeria Prof Olalekan Olafuyi Chairman SPE Nigeria Council made this known at a news briefing ahead of the 2022 Nigeria Annual International Conference and Exhibition NAICE on Wednesday in Lagos The News Agency of Nigeria reports that the NAICE is an annual event of the SPE and this year s edition is scheduled to hold from Aug 1 to Aug 3 at Eko Hotel Lagos Olafuyi said the theme of the conference Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa is very apt and in line with current realities He said The world is facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times It is expected that adaptive strategies for energy transition should be adopted in Africa This is the core of the conference According to him there is need to maximise Nigeria s abundant natural gas resources to address the nation s energy deficit To this end he said there was need to enforce the penalty on gas flaring by oil companies to deter the practice which was affecting the country negatively Olafuyi said President Muhammadu Buhari had assured the global community of Nigeria s commitment to achieving a net zero carbon emission by 2060 and was working toward that He also called for investments in gas infrastructure across the country and establishing policies that would support gas development and utilisation On the spate of oil theft in the country Olafuyi said SPE was ready to assist the government in proffering solutions that could curb the menace He added that the activities of vandals and oil thieves were shortchanging Nigeria s revenue and had become a huge challenge to the industry Olafuyi said the 2022 NAICE would feature contributions from Chief Timipre Sylva Minister of State for Petroleum Resources and Malam Mele Kyari Group Chief Executive Officer Nigerian National Petroleum Company Ltd He gave other speakers as Mr Farouk Ahmed Chief Executive Nigerian Midstream and Downstream Petroleum Regulatory Authority and Mr Gbenga Komolafe Commission s Chief Executive Nigerian Upstream Petroleum Regulatory Commission NewsSourceCredit NAN
    Petroleum engineers advocate stiff penalty for gas flaring
     The Society of Petroleum Engineers SPE Nigeria Council has called for enforcement of stiff penalty for gas flaring in Nigeria Prof Olalekan Olafuyi Chairman SPE Nigeria Council made this known at a news briefing ahead of the 2022 Nigeria Annual International Conference and Exhibition NAICE on Wednesday in Lagos The News Agency of Nigeria reports that the NAICE is an annual event of the SPE and this year s edition is scheduled to hold from Aug 1 to Aug 3 at Eko Hotel Lagos Olafuyi said the theme of the conference Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa is very apt and in line with current realities He said The world is facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times It is expected that adaptive strategies for energy transition should be adopted in Africa This is the core of the conference According to him there is need to maximise Nigeria s abundant natural gas resources to address the nation s energy deficit To this end he said there was need to enforce the penalty on gas flaring by oil companies to deter the practice which was affecting the country negatively Olafuyi said President Muhammadu Buhari had assured the global community of Nigeria s commitment to achieving a net zero carbon emission by 2060 and was working toward that He also called for investments in gas infrastructure across the country and establishing policies that would support gas development and utilisation On the spate of oil theft in the country Olafuyi said SPE was ready to assist the government in proffering solutions that could curb the menace He added that the activities of vandals and oil thieves were shortchanging Nigeria s revenue and had become a huge challenge to the industry Olafuyi said the 2022 NAICE would feature contributions from Chief Timipre Sylva Minister of State for Petroleum Resources and Malam Mele Kyari Group Chief Executive Officer Nigerian National Petroleum Company Ltd He gave other speakers as Mr Farouk Ahmed Chief Executive Nigerian Midstream and Downstream Petroleum Regulatory Authority and Mr Gbenga Komolafe Commission s Chief Executive Nigerian Upstream Petroleum Regulatory Commission NewsSourceCredit NAN
    Petroleum engineers advocate stiff penalty for gas flaring
    General news2 months ago

    Petroleum engineers advocate stiff penalty for gas flaring

    The Society of Petroleum Engineers (SPE), Nigeria Council, has called for enforcement of  stiff penalty for gas flaring in Nigeria.

    Prof. Olalekan Olafuyi, Chairman, SPE, Nigeria Council, made this known at a news briefing ahead of the 2022 Nigeria Annual International Conference and Exhibition (NAICE) on Wednesday in Lagos.

    The News Agency of Nigeria reports that the NAICE is an annual event of the SPE and this year’s edition is scheduled to hold from Aug. 1, to Aug. 3, at Eko Hotel, Lagos.

    Olafuyi said the theme of the conference: “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa”, is very apt and in line with current realities.

    He said: ‘The world is facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times.

    ” It is expected that adaptive strategies for energy transition should be adopted in Africa.

    This is the core of the conference.”According to him, there is need to maximise Nigeria’s abundant natural gas resources to address the nation’s energy deficit.

    To this end, he said, there was need to enforce the penalty on gas flaring by oil companies to deter the practice which was affecting the country negatively.

      Olafuyi said President Muhammadu Buhari had assured the global community of Nigeria’s commitment to achieving a net zero carbon emission by 2060 and was working toward that.

      He also called for investments in gas infrastructure across the country and establishing  policies that would support gas development and utilisation.

      On the spate of oil theft in the country, Olafuyi said SPE was ready to assist the government in proffering solutions that could curb the menace.

      He added that the activities of vandals and oil thieves were shortchanging Nigeria’s revenue and had become a huge challenge to the industry.

      Olafuyi said the 2022 NAICE would feature contributions from Chief Timipre Sylva, Minister of State for Petroleum Resources, and Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company Ltd.   He gave other speakers as Mr Farouk Ahmed, Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority and Mr Gbenga Komolafe, Commission’s Chief Executive, Nigerian Upstream Petroleum Regulatory Commission.

     

    NewsSourceCredit: NAN