The Nigerian Oil and Gas Regulatory Commission has announced that the federal government has finalised plans to explore alternative financing models for the development of oil and gas resources in the country.
Nigerian Upstream Petroleum Regulatory Commission Executive Director Mr. Gbenga made the announcement on Monday at the opening of the Petroleum Technology Association of Nigeria pavilion and exhibition stand at the Offshore Technology Conference (OTC) in Houston, Texas, USA. The Petroleum Technology Association of Nigeria pavilion and exhibition stand were opened by the Nigerian News Agency.
According to the News Agency of Nigeria, the theme of the five day conference is "Energy Transformation and Key Reforms for the Sustainable Development of Africa's Oil and Gas Industry."
The Nigerian Upstream Petroleum Regulatory Commission Executive Director said that the development of the country's hydrocarbon resources requires huge amounts of money, which is why the committee decided to develop an alternative financing model for the industry.
Mr. Gbenga said that Nigeria will not be left out of the energy problem because Nigeria is a place where needs and opportunities meet.
"Africa, and by extension Nigeria, is in an advantageous position because it has what it takes to fill the energy gap for the energy transition," he says.
He said, "Nigeria has abundant oil and gas reserves, as well as other energy sources, and if all these hydrocarbon sources are well coordinated, Nigeria can become a superpower."
Mr. Gbenga said the signing of the Petroleum Industry Act (PIA) is a landmark reform of the oil industry, including an attractive fiscal and regulatory framework.
Also, Mr. Gabriel, Undersecretary of the Ministry of Petroleum, said that the Petroleum Technology Association of Nigeria Pavilion at the OTC showcases Nigeria's diversity in the oil and gas industry.
Mr. Gabriel said, "We are looking at the participation of African countries in the development of the oil and gas sector."
"This is particularly important because we in Nigeria are fully aware that we must carry the entire continent on our
"And we think of this organisation not only as Nigeria but as the African Petroleum Producers Organisation as a whole."
"That's why we are looking at it from the outside." "We are looking at the African Petroleum Producers Organisation," he said.
He added that about eight African countries are participating in this year's exhibition and that other African countries will be there as well.
This is very important, he said, because the local content of a city cannot be emphasised enough.
"We are very pleased with what the Petroleum Technology Association of Nigeria is doing because it gives us the opportunity to make an impact on local industry players," he said.
In his speech, Petroleum Technology Association of Nigeria President, Mr. Nicolas said that the Offshore Technology Conference continues to discuss the creation of a sustainable oil and gas industry on the African continent in the context of the energy transition, with the African Continental Free Trade Area as a real tool.
Mr. Nicholas said, "By working together, we can pave a new way forward for our industry and for the energy future of the nearly two billion people living in Africa."
"Nigeria is leading the way by developing an Energy Transition Roadmap that outlines the technologies and support needed to achieve universal energy access and net zero emissions by 2050, starting in 2020."
"Indeed, Africa needs sustainable energy sources to meet the growing needs of all sectors of the economy, and the energy transition is a key enabler of sustainable development."
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