The Federal Government has concluded plans to explore alternative funding models for the development of oil and gas in Nigeria.
This is targeted at achieving the sustainable development of the nation’s petroleum resources despite funding challenges that investors encounter in the process of investing in Nigeria.
The Commission Chief Executive (CCE), the Nigerian Upstream Downstream Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, disclosed this at the opening of the pavilion and exhibition stand of Nigeria oil and gas companies at the Oil Technology Conference (OTC) which opened in Houston, Texas, United States of American, yesterday.
Komolafe said the need to develop the country’s hydrocarbon resources requires huge funding, hence the decision of the commission to develop an alternative funding model for the industry.
He assured that Nigeria will not be left behind in the energy conversation discussion as the country is a place where needs meet opportunities, adding that Africa and by extension, Nigeria is well positioned because it has all it takes to bridge the energy gap in the light of energy transition.
Komolafe maintained that Nigeria with abundant oil and gas reserves and other sources of energy is well-positioned to be a superpower if all these hydrocarbon resources are well-developed in a coordinated manner.
He also explained that the signing into law of the Petroleum Industry Act (PIA) has created a landmark reform in the petroleum industry which included an attractive fiscal and regulatory regime.
Later in an interview, he said: “Energy transition conversation is gaining momentum globally and as a nation, we need to keep track of that conversation. Good enough, Nigeria is keeping track of the conversation and we are finetuning our policies to be in alignment with the energy conversation.
“Preparation is being progressed and recalls that President Muhammadu Buhari made a commitment that the nation will attain net zero emission by 2060. Therefore, Nigeria has developed its energy transition plan and for us as the regulatory commission, we are finetuning our policies and regulations to be in alignment.
