With 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Tuesday said that Nigeria will leverage on its abundant mineral resources, while ensuring decarbonisation for long-term sustainability.
Speaking at an event in Abuja themed: “Towards an Energy-Secured and Decarbonised Future”, the Chief Executive of NUPRC, Gbenga Komolafe, disclosed that the life indices of Nigeria’s oil and gas resources remain at 70 and 90 years respectively.
“As you are aware, the oil and gas sector contributes nearly 90 per cent of our foreign exchange earnings and 70 per cent of national revenues. The key question before us today is: How do we leverage our vast hydrocarbon resources while embracing decarbonisation to ensure long-term sustainability and competitiveness?” Komolafe stated.
Stressing the need for a ‘just transition’, he acknowledged the unique economic realities of different regions and countries, stressing that the United States acknowledgement of the essential role of oil and natural gas in ensuring energy affordability and reliability, as against prematurely displacing these resources, aligned with Nigeria’s strategy of leveraging natural gas as a transitional fuel.
“With 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas and life indices of 70 and 90 years, respectively, the stakes are even higher for Nigeria. As you are aware, oil and gas sector contributes nearly 90 per cent of our foreign exchange earnings and 70 per cent of national revenues.
“The key question before us today is: How do we leverage our vast hydrocarbon resources while embracing decarbonisation to ensure long-term sustainability and competitiveness?
“Interestingly, our journey towards the decarbonisation goal has been underpinned by transformative initiatives designed to reshape our energy landscape. The National Gas Policy (NGP) of 2017, the National Gas Expansion Programme (NGEP) initiated in 2021, and the Decade of Gas Initiative (2021–2030) collectively chart an ambitious course to harness Nigeria’s extensive gas reserves, positioning natural gas as a pivotal transition fuel.
“Building upon this foundation, the Nigerian Gas Transportation Network Code (NGTNC) and the Gas Master Plan have been established to create a structured framework for developing a competitive, transparent, and investor-friendly gas market.
“Despite challenges such as infrastructure gaps and investment constraints, these forward-thinking policies and programmes have already laid the groundwork for Nigeria’s natural gas shift and sustainable development,” Komolafe added.
He listed the enactment of the Petroleum Industry Act (PIA), the launch of the Presidential Compressed Natural Gas (CNG) Initiative (Pi-CNG), the landmark introduction of Presidential Executive Order 40 in 2024, and the strategic implementation of the Nigerian Gas Flare Commercialisation Programme (NGFCP) as signifying a new dawn for the Nigerian gas development.
Komolafe stated that NUPRC was spearheading strategic initiatives to unlock Nigeria’s vast gas potential by accelerating exploration and development which will drive industrialisation, expand domestic energy access, and reinforce Nigeria’s leadership in the global energy landscape.
He stated that the programme coincided with the launch of a comprehensive blueprint/handbook for the decarbonisation of the sector and also showcased its new guideline for participation in the upstream oil and gas decarbonisation and carbon management.
