Close Menu
Chronicle.ng
    Trending Stories
    Nine-man PSG stun Bayern to reach Club World Cup semis

    Nine-man PSG stun Bayern to reach Club World Cup semis

    July 5, 2025
    NLC threatens to shut down Abuja after July 3 over unpaid wages

    NLC vows protest if NASS attempts to decentralise minimum wage

    July 5, 2025
    Kwankwaso slams defectors leaving NNPP for APC

    2027: Kwankwaso will not contest against Tinubu on our platform – NNPP

    July 5, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Nine-man PSG stun Bayern to reach Club World Cup semis
    • NLC vows protest if NASS attempts to decentralise minimum wage
    • 2027: Kwankwaso will not contest against Tinubu on our platform – NNPP
    • Diogo Jota, Andre Silva buried amid tears
    • Aregbesola warns ADC supporters against fighting APC followers
    • Ahmed Musa named Kano Pillars general manager
    • Tinubu will lose 2027 election even if his son is INEC chair – Dalung
    • Family, fans, football stars gather for Diogo Jota, brother’s funeral
    Facebook X (Twitter) Instagram
    Chronicle.ngChronicle.ng
    Subscribe
    Saturday, July 5
    • News
      • Nigeria News
      • World News
      • Headlines News
    • Politics
    • Business
    • Sport
    • Entertainment
    • Contact Us
    Chronicle.ng

    FG to explore alternative funding model for oil, gas industry development – NUPRC

    Opalim LiftedBy Opalim LiftedMay 2, 2023No Comments3 Mins Read
    Facebook Twitter Telegram WhatsApp
    Oil prices jump as Hamas attack on Israel fuels supply fears Nigeria Oil Supply
    Facebook Twitter WhatsApp

    The Federal Government has completed preparations to investigate alternate financing options for the development of the country’s oil and gas resources according to the Nigerian Upstream and Downstream Regulatory Commission (NUPRC).

    Mr Gbenga Komolafe, the NUPRC Commission Chief Executive, said this on Monday at the opening ceremony of the Petroleum Technology Association of Nigeria (PETAN) pavilion and exhibition stand at the current Offshore Technology Conference (OTC) in Houston, Texas, United States.

    According to media sources, the subject of the five-day conference is “Energy Transition and AfCFTA: Key Reforms for Sustainable Development of the African Oil and Gas Industry.”

    According to Komolafe, the necessity to develop the country’s hydrocarbon resources necessitated massive expenditure, thus the commission’s determination to establish new finance models for the sector.

    According to him, Nigeria will not be left out of the energy discourse since the nation is a site where needs and possibilities intersect.

    “Africa, and by extension Nigeria, is well positioned because it has everything it needs to bridge the energy gap as a result of the energy transition.”

    “Nigeria, with its abundant oil and gas reserves and other sources of energy mix, is well positioned to become a superpower if all of these hydrocarbon resources are well coordinated,” he added.

    According to Komolafe, the signing into law of the Petroleum business Act (PIA) generated a watershed change in the petroleum business, including an appealing fiscal and regulatory environment.

    Mr Gabriel Aduda, Permanent Secretary, Ministry of Petroleum, further said that the PETAN pavilion at the OTC demonstrated Nigeria’s diversification in the oil and gas business.

    “We are looking at African countries collaborating to develop the oil and gas sector,” Aduda stated.

    “This is especially significant because Nigeria is fully aware of the need to carry the entire continent alone.”

    • Oil theft: Nigeria lost N2.3tn revenue in 12 months — IOC

    “And we are looking at this entity not just as Nigeria, but as the entire African Petroleum Producers Organisation (APPO).”

    “So we’re looking beyond ourselves.” “We’re looking at the APPO,” he said.

    He said that around eight African nations were participating in the current exhibition and that other African countries will attend the meeting.

    According to him, this is critical since the importance of local content cannot be overstated.

    “That is why we are so pleased with what PETAN is doing,” he continued, “because PETAN is providing the capacity for local industry players to thrive.”

    Mr Nicholas Odinuwu, Chairman of PETAN, said in his comments that the OTC continues to explore establishing a sustainable oil and gas business throughout the African continent in light of the energy transformation, with the African Continental Free Trade Agreement (AfCFTA) serving as a valuable instrument.

    “With our collective efforts, we are charting a new pathway for our industry and the energy future of Africa’s nearly two billion people,” Odinuwu added.

    “Nigeria has taken the lead by launching an energy transition plan in 2020 that outlines the technologies and support required to achieve universal energy access and net-zero emissions by 2050.”

    “The fact is that Africa needs sustainable energy sources to meet the growing needs of all sectors of its economy, and the energy transition is a critical enabler of long-term development.”

    According to media sources, 12 Nigerian businesses are taking part in the PETAN oil and gas expo at the present OTC.

    NAN

    Share. Facebook Twitter Telegram WhatsApp

    Keep Reading

    Nine-man PSG stun Bayern to reach Club World Cup semis

    Nine-man PSG stun Bayern to reach Club World Cup semis

    NLC threatens to shut down Abuja after July 3 over unpaid wages

    NLC vows protest if NASS attempts to decentralise minimum wage

    Kwankwaso slams defectors leaving NNPP for APC

    2027: Kwankwaso will not contest against Tinubu on our platform – NNPP

    Family, fans, football stars gather for Diogo Jota, brother's funeral

    Diogo Jota, Andre Silva buried amid tears

    Opposition Coalition: Aregbesola pledges party reform, accepts role as ADC interim secretary 

    Aregbesola warns ADC supporters against fighting APC followers

    Benue Massacre: Tinubu holds town hall meeting, visits victims’ families

    Tinubu will lose 2027 election even if his son is INEC chair – Dalung

    Add A Comment
    Leave A Reply Cancel Reply

    Subscribe to News

    Be the first to get the latest news updates from ChronicleNG about world, sports, politics etc

    Nine-man PSG stun Bayern to reach Club World Cup semis

    Nine-man PSG stun Bayern to reach Club World Cup semis

    July 5, 2025
    NLC threatens to shut down Abuja after July 3 over unpaid wages

    NLC vows protest if NASS attempts to decentralise minimum wage

    July 5, 2025
    Kwankwaso slams defectors leaving NNPP for APC

    2027: Kwankwaso will not contest against Tinubu on our platform – NNPP

    July 5, 2025
    Family, fans, football stars gather for Diogo Jota, brother's funeral

    Diogo Jota, Andre Silva buried amid tears

    July 5, 2025
    Opposition Coalition: Aregbesola pledges party reform, accepts role as ADC interim secretary 

    Aregbesola warns ADC supporters against fighting APC followers

    July 5, 2025
    Facebook X (Twitter) Instagram
    • News
    • Politics
    • Sports
    • Business
    • About Us
    © 2025 ChronicleNG

    Type above and press Enter to search. Press Esc to cancel.