At a workshop organised by GEP Law Consults in partnership with Syncrest Energy limited, George Etomi & Partners and the Federal Ministry of Petroleum Resources last week, experts in the field of energy have highlighted the advantages of the Flare Gas Regulation 2018.
The two-day workshop which was facilitated by energy experts from Wycliffe Advisory & Consulting Services, Tranergy & Co, The Nigeria Gas Flare Commercialization Programme (NGFCP), George Etomi & Partners, Primera Africa Legal and Pioneer Energy, had in attendance, key players, in the industry, investors, representatives of the Ministry and Regulatory bodies in the oil and gas sector were in attendance.
Hailing the gas flare regulation, which was signed into law in July 2018 by President Muhammadu Buhari, experts held the view that gas flaring in Nigeria was a tremendous waste of scarce natural resource and fuel and as such, the gas commercialisation programme would do well to provide a framework to eliminate gas flaring through gas utilisation projects, which are technically and commercially sustainable.
According to the representative of NGFCP, these projects would be developed by competent third-party investors who are being invited to participate in a competitive and transparent bid process. The first stage of the bidding process commenced in January 2019.
The NGFCP is hoping to attract investment of about $3Billion USD, creating over 300,000 direct and indirect jobs and reducing CO2 emissions by over 20,000MT yearly.
The Flare Gas Regulations was signed into law by President Muhammed Buhari in July 2018.
