• Friday, March 29, 2024
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Over 100 American investors signal interest in Nigeria’s gas flare bidders project

Nigeria, nine others lost over $19bn in revenues to gas flare

Over 100 American investors, project financiers and technology providers have indicated interest to attend the ‘Nigeria Gas Flare Commercialisation Programme, GFCP Bidders Conference’, is designed for qualified applicants (QAs), upstream producers, technology providers, off-takers and financial institutions (local and international).

Justice Derefaka,the programme manager of Nigeria Gas Flare Commercialisation Programme, NGFCP in the federal Ministry of Petroleum resources stated that the investors interest followed Nigeria’s participation and showcasing of it’s  gas flare commercialisation economic potentials  in the United states between 30ths and 2nd October at the instance of  the United States Department of Commerce-International Trade administration.

‎The programme which was organised by the United states department for commerce -international Trade Administration has the theme: Discover Global Markets (DGM): Powering and Building the Middle East & Africa which took place from 30th Sept – 2nd October, 2019 in Houston, Texas, USA

Derefaka informed in a statement issued that the event provided  NGFCP and the federal government an exceptional platform for a networking opportunity to engage in Business-to-business (B2B) and Business to Government (B2G) Matchmaking, not forgetting the Trade Talks, Plenary and Panel sessions as well as build new business partnerships with U.S. investors’, financiers, manufacturers and technology providers.

Read also; Nigeria takes gas flare sale campaign to US

BusinessDay findings show that  NGFCP has the potential of generating approximately $3.5billion USD of inward investment.

The potential GDP impact is estimated at plus US$ 1billion per annum. It could potential unlock 2 – 3 LNG trains, around 3000 MW electricity generation as well as generate circa 600,000 MT of LPG per year giving 6 Million households access to clean energy through LPG.

The programme could also bring inflow of new infrastructure players to enable gas uptake and usage in previously unreachable regions and business development from gas companies to unlock new domestic markets for gas.

Once operational, projects launched under the NGFCP would reduce Nigeria’s emissions by ~13 million tons of CO2 per year, consistent with the President’s commitments to the reduction of Greenhouse Gases under the Paris Climate Change Agreement, which could also be monetized under an emission credits / carbon sale programme at a value range of US$400 – 500million.