The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled the Regulatory Framework for Energy Transition, Decarbonization and Carbon Monetization for upstream operations in Nigeria.
The unveiling was at the ongoing United Nations Climate Change Conference 2023 (COP28) in Dubai, United Arab Emirates.
The commission’s Chief Executive (CCE), Mr Gbenga Komolafe, made the announcement in his keynote address at a roundtable discussion themed “Driving Sustainable Upstream Operations to Achieve Just and Equitable Energy Transition”.
Komolafe, in a statement on Monday said the commission was championing the decarbonisation of upstream operations.
This is to sustain investments for energy security and economic development in line with national aspirations and UN Sustainable Development Goals (SDGs).
The CCE said that the framework was hinged on seven pillars including; Natural Gas Shift, zero routine gas flaring and methane abatement.
Others are carbon market development, technology and innovation, upstream operations efficiency, incentive mechanism, collaboration and risk management
“I urge all stakeholders, government agencies, operators, international development partners and multilateral agencies to join us as we progress the steady implementation of the Framework within the coming months, which will be underpinned by applicable Directives, Guidelines, and Regulations.
“Interestingly, the implementation of the Regulatory Framework has already commenced on the heels of the introduction of the Gas Flare, Venting and Methane, Prevention of Waste and Pollution Regulations 2023.
“This provides the renewed legislative basis to take firm actions on gas flaring, venting and fugitive emissions,” he said.
Similarly, the implementation of the 2022 Guidelines for Management of Fugitive Methane and Greenhouse Gases Emissions in the Upstream Oil and Gas Operations in Nigeria, which was inaugurated at COP27, is achieving commendable outcomes.
Furthermore, Komolafe highlighted the success of the ongoing execution of the Nigeria Gas Flare Commercialisation Programme (NGFCP) as a major climate action initiative for Nigeria in the nation’s energy transition pathway.
He said the NGFCP projects, when fully executed, would mop up 50 per cent of Nigeria’s flares accounting for an equivalent of 6-7 Million tonnes of CO2 emission per year, in addition to significant socio-economic impacts.
While acknowledging the considerable support of international development partners on the NGFCP, the NUPRC boss called for enhanced assistance from climate action stakeholders in technical areas, project financing/funding, carbon credit earning framework and capacity building.
During the ensuing discussion, the participants exchanged ideas on how Nigeria can attain climate neutrality through energy transition and the implementation of decarbonisation measures.
In attendance were Claire Wang, Office of the U.S Special Presidential Envoy on Climate Change, Martina Otto, Head of Climate and Clean Air Coalition, UN Environment Programme, Jonathan Banks, Global Director, Clean Air Task Force, and Mrs Funmi Ogbue, Managing Director, ZIGMA Oil and Gas, among others.