The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled plans for a collaborative venture with Argentina in the realm of gas exploration and production. The announcement, conveyed through the Commission’s official Twitter handle on November 22, marks a significant stride in fortifying Nigeria’s Oil and Gas Sector and attracting heightened investments.
The initiative stems from Argentina’s expressed interest in engaging in business ventures with Nigeria, specifically delving into the realm of gas exploration and production. The Argentinian Ambassador to Nigeria, Mr. Alejandro Herrero, formally communicated his country’s eagerness to explore partnerships and investments in Nigeria’s gas fields during a visit to the NUPRC.
Engr. Gbenga Komolafe, the Chief Executive of the NUPRC, underscored the Commission’s unwavering commitment to strengthening Nigeria’s Oil and Gas Sector. During discussions with the Argentinian Ambassador, Komolafe highlighted the Commission’s robust regulations and policies, designed to facilitate seamless business operations aligned with global standards.
Notably, Nigeria’s petroleum fiscal systems have pivoted towards favoring production-sharing contracts (PSC) as a fresh model for agreements related to oil and gas resource exploration and production. Komolafe also unveiled the Commission’s imminent plan to initiate the auction of uncommitted gas fields in Nigeria in the coming weeks.
The proactive measures undertaken by the NUPRC align with Nigeria’s broader vision, as articulated by the Minister for Petroleum Resources (Gas), Ekperikpe Ekpo. Ekpo has been actively engaging with various countries as part of Nigeria’s ambitious “Decade of Gas” initiative, which aims to significantly increase gas production to meet diverse domestic needs and capitalize on anticipated high demand in Europe.
Ekpo envisions achieving a daily gas production of 5.5 billion cubic feet by 2030, emphasizing the importance of tapping into Nigeria’s vast but underutilized gas reserves. Central to this strategy is the establishment of a comprehensive framework for gas utilization, extending beyond profit-driven motives to encompass environmental sustainability.
