Others are acceleration of field developments through timely approvals and ensuring speedy execution, production optimisation by ensuring wells are tested periodically and produced at optimal rates, identifying candidate wells for work-over and interventions as well as the adoption of Enhanced Oil Recovery processes and technologies.

He observed that the global energy landscape is undergoing rapid changes in response to climate concerns, adding that as a result, the oil and gas industry “is experiencing crucial changes that will have significant bearing on the global energy future”.

He pointed out that the agenda for Nigeria, and other resource rich developing economies, “is that the evolving energy dynamics must be calibrated to ensure energy justice, equity, inclusivity, and sustainability. The new dynamics in the global energy arena necessitate that Nigeria, and other countries, long dependent on the exploitation of oil and gas as the mainstay of their economies, re-examine their strategy to secure a blossoming energy future while meeting the global climate goals”.

Komolafe stressed that “aside from hydrocarbon resources, Nigeria is blessed with potentials for green and blue hydrogen, solar, wind, biomass and critical minerals for development of clean energy technologies as well as growing population predominated by young people. With a coastline along the Gulf of Guinea, a market size of more than 200 million people projected to reach between 390 million and 440 million people in 2050, Nigeria represents hope for Africa”.

He emphasized that Nigeria intends to leverage its huge natural gas reserve to power its energy transition plan and grow its economy.

“Natural gas production is projected to increase from 8.0 bcfd in 2020 to 12.2 bcfd in 2030 driven by major projects such as NLNG Train 7 & Train 8, Nigeria/Morocco pipeline, Ajaokuta-Kaduna-Kano (AKK) Natural Gas Pipeline Project, and so many other gas projects. The import of this is to showcase the huge opportunities in the gas business for both the existing investors and new entrants in the Nigerian upstream gas sector.

“Further investment opportunities have been created through the intensified efforts towards eliminating flared gas, methane abatement and reduction of fugitive gas emissions. As part of the efforts to deepen our gas market and ensure decarbonisation of upstream operations, the Commission recently awarded 49 flare sites to successful bidders for flare gas commercialisation through the Nigerian Gas Flare Commercialization Program (NGFCP)”, he added.

Source- Vanguard Newspaper.