The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has emphasized the crucial role of the Nigerian Gas Flare Commercialisation Programme (NGFCP) in reducing greenhouse gas emissions.
This was stated in an explanatory note made available to journalists on Monday, in Abuja.
The NGFCP’s implementation is projected to lead to a substantial reduction in carbon emissions, potentially surpassing $1 billion in environmental benefits.
The NUPRC’s explanation revolves around the program’s capacity to significantly curb gas flaring, a major source of carbon dioxide emissions in Nigeria.
The recent World Bank report revealed that approximately 2 million people in the country live in close proximity to flare sites, exposing them to environmental risks.
The NGFCP recently achieved a significant milestone by awarding 42 indigenous oil and gas companies with 49 flare sites.
These sites are expected to reduce 250-300 MMscfd of gas flaring, which translates to around 6 million metric tonnes of carbon dioxide emissions annually.
In addition to the environmental benefits, the NGFCP is also poised to generate additional revenue through taxes and fees.
The program is estimated to generate between $70 million to $100 million annually from the sale of flare gas, while simultaneously promoting a cleaner and more sustainable energy transition.
When viewed from an emissions reduction perspective, the NGFCP holds immense promise in helping Nigeria achieve its climate goals.
By cutting emissions and minimizing environmental impact, the program is contributing significantly to environmental preservation, supporting decarbonization efforts, and aligning with global climate change imperatives.
The NUPRC’s commitment to the NGFCP’s success is not only driven by economic considerations but also by the imperative to reduce emissions and protect the environment.
The commission is taking deliberate actions to ensure the program’s integrity and its positive impact on the country’s environmental reputation on a global scale.