Opening
Distinguished delegates, Excellencies, representatives of international organizations, development finance institutions, technology providers, industry leaders, members of the diplomatic community, ladies and gentlemen, good morning.
2. It is my distinct honour to welcome you to this side event convened by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on the margins of COP31 here in Antalya, Türkiye. I thank our partners, collaborators and stakeholders from across government, industry, finance, civil society and the international community for joining us today.
3. The global conversation on climate action is increasingly shifting from commitments to execution. Countries are now being judged not by the targets they announce, but by the projects they deliver, the emissions they reduce, and the capital they mobilize. For resource-rich developing economies such as Nigeria, this transition presents both a challenge and an opportunity. The challenge is to decarbonize responsibly while maintaining energy security, economic growth and social development. The opportunity is to leverage our resources, institutions and partnerships to demonstrate that upstream decarbonization can be advanced in a commercially viable and investment-driven manner.
4. Nigeria approaches this challenge with clarity of purpose. Our country remains endowed with one of Africa's largest hydrocarbon resource bases, with approximately 37 billion barrels of oil reserves and over 215 trillion cubic feet of natural gas reserves. These resources will continue to play an important role in our economic development, energy security and industrialization journey. However, we recognize equally that the future competitiveness of our upstream sector will increasingly depend on its carbon performance, operational efficiency and ability to attract sustainable investment.
5. This realization has informed the Commission's strategic shift from being solely a regulator of petroleum operations to becoming an enabler of responsible investment, sustainable production and long-term value creation. In recent years, we have deliberately integrated sustainability, methane management, gas commercialization, emissions monitoring and decarbonization into the core architecture of upstream regulation.
6. At COP27, COP28, COP29, and COP30, the Commission used this platform to communicate important regulatory milestones, including the issuance of Nigeria's Guidelines for the Management of Fugitive Methane and Greenhouse Gas Emissions in Upstream Oil and Gas Operations and the unveiling of the Upstream Decarbonization Framework. These initiatives established a strong policy foundation. Today, at COP31, our focus is on implementation, translating policy into projects, compliance into investment opportunities, and regulatory intent into deployable solutions. The framework is in place, the opportunities are clear, and attention must now turn to mobilizing the technology, financing and partnerships needed to scale delivery.
7. Across Nigeria's upstream sector, regulations are creating growing demand for methane measurement systems, leak detection and repair technologies, satellite and aerial monitoring solutions, digital monitoring, reporting and verification platforms, vapor recovery systems, flare-gas capture infrastructure, zero-bleed and electric pneumatic replacements, flare-efficiency technologies and carbon-management solutions. These are no longer theoretical requirements. They are emerging markets created by regulatory implementation.
8. In many cases, these opportunities are commercially attractive. Independent assessments undertaken by the Clean Air Task Force (CATF) indicate that a portfolio of methane-abatement measures in Nigeria could reduce methane emissions by approximately 533 kilotonnes annually, while a substantial proportion of implementation costs could potentially be offset where recovered gas is monetized. This demonstrates that emissions reduction and value creation can advance together.
9. This principle is equally reflected in the Nigeria's flagship decarbonization initiatives: the Nigerian Gas Flare Commercialisation Programme. The programme seeks to eliminate routine flaring, monetize flare-gas resources, attract investment, create jobs, support indigenous participation and advance Nigeria's commitments under its Nationally Determined Contribution. Our analysis indicates that flare sites within the programme can collectively support projects utilizing up to approximately 250 million standard cubic feet of gas per day and unlock investment opportunities estimated at roughly US$2.2 billion.
10. In addition, Nigeria is well positioned to emerge as a leading Carbon Capture, Utilisation and Storage (CCUS) hub in Africa, underpinned by significant CO₂ storage capacity in depleted oil and gas reservoirs, extensive energy infrastructure, and a supportive regulatory and policy framework.
11. Realizing these opportunities will require significant investment to drive large-scale deployment. While the technologies needed to reduce emissions and advance carbon management are largely available, and the necessary regulatory foundations are already established, unlocking their full potential will depend on stronger collaboration among government, industry, technology providers, development finance institutions and climate-finance partners to mobilize capital, bridge financing gaps and accelerate implementation.
12. We have therefore adopted a deliberate strategy to position decarbonization as a compelling investment opportunity, attracting investors, technology providers and development partners to accelerate the deployment of emissions-reduction technologies and low-carbon solutions. To advance this agenda, we have convened a distinguished panel of global experts and Commission leaders to share practical insights on scaling methane-abatement and flare-gas commercialization projects, advancing CCUS development, mobilizing climate finance, and fostering the partnerships needed to translate policy ambitions into investable projects and measurable outcomes.
Conclusion
Permit me to conclude with this reflection: the journey from policy to investment is ultimately the journey from ambition to impact. Nigeria has established the necessary policy foundations and regulatory framework, and has identified a strong pipeline of technology and investment opportunities. What is required now is collective commitment and action. The Commission stands ready to work with all partners represented here today to transform these opportunities into tangible outcomes that advance sustainable development in Nigeria, across Africa, and in support of the global climate agenda.
I thank you for your attention and wish us all a productive and impactful session.
Thank you and God bless the Federal Republic of Nigeria.
Oritsemeyiwa Eyesan (Mrs.)
CCE, NUPRC