The Nigeria Upstream Petroleum Regulatory Commission has unveiled the regulatory framework for energy transition, decarbonization and carbon monetization for upstream operations in Nigeria.
The Commission Chief Executive, Engr Gbenga Komolafe, unveiled the regulatory framework at COP28 in Dubai, the United Arab Emirates.
With the theme “DRIVING SUSTAINABLE UPSTREAM OPERATIONS TO ACHIEVE JUST AND EQUITABLE ENERGY TRANSITION “, Engr Komolafe noted that, the regulatory framework has Natural Gas shift, zero routine gas flaring and methane abatement, carbon market development and Upstream operations efficiency as its key pillars.
Others includes, technology and innovation, incentive mechanism and collaboration and risk management.
According to CCE, NUPRC as a regulator is at the fore front of championing the decarbonization of the Upstream operations for investment sustainability, economic growth and energy security for the benefit of Nigeria in line with national aspirations, which is in consistent with the Sustainable Development Goals.
Engr Komolafe, therefore called on all stakeholders across board to join NUPRC as it progresses in the steady implementation of the framework within the coming months, which will be underpinned by applicable Directives, Guidelines and Regulations.
He added that the implementation of the Regulatory Framework has already commenced on the heels of the issuance of the 2022 Guidelines for Management of Fugitive Methane and Greenhouse Gases Emissions in the Upstream Oil and Gas Operations in Nigeria.
The CCE further states that, the introduction of the Gas Flare, Venting & Methane Prevention of Waste & Pollution Regulations 2023 provides the renewed legislative basis to take firm actions on gas flaring, venting and fugitive emissions.
He told participants at the event that the NUPRC is focused on driving industry efficiency and sustainability based on the Petroleum Industry Act, (PIA)2021 and in line with the Nigeria Energy Transition Plan.
He said, Nigeria has set Nationally Determined Contributions (NDC) in support of 2030 emission reduction targets for which Nigeria is committed to unconditional reduction of 20 per cent and conditional reduction of 47 per cent with international support in the form of financing, technology transfer, and capacity building.
