NEWS AGENCY OF NIGERIA

Union trains 100 artisans on CNG conversion in FCT

126 total views today

By Gabriel Agbeja

The Amalgamated Union of Motor Mechanics and Technicians of Nigeria (AUOMMATION) has offered free training on conversion from petrol to Compressed Natural Gas (CNG) to 100 artisans in the Federal Capital Territory (FCT).

Its National President, Mr Oseni Suleiman, disclosed this in Abuja while speaking with newsmen on the union’s structural operational guidelines in line with National Policy Priorities.

Suleiman said the next move was to launch the initiative in Lagos, Ogun, and Oyo States.

“This union was registered on Oct. 6, 2023. In November 2023, we planned to train 5, 000 artisans on conversion of petrol energy to CNG. Within 15 months, we have completed this training of 100 artisans free in FCT.

“We have requested support from the Federal Government, FCT Minister, Industrial Training Funds (ITF), National Automotive Design Development Council (NADDC).

“We regret to say that the help is yet to come while the training is still on. We appeal to the government at all levels to support us on this laudable venture,” he said.

Suleiman said that the union held its maiden National Executive Council (NEC)/ Special National Delegate Conference (SNDC) on Jan. 30. where the union achievements were itemised.

He recalled that the union was inaugurated on Aug.13, 2024 at the national level, adding that the CNG Training Centre in Abuja and the Abuja Chapter of AUOMMATION were launched on Oct. 5, 2024.

He said efforts had been made to expand the union from Abuja to Lagos, Ogun, Oyo, Edo, Niger, Kano, Osun, Nasarawa and Delta.

The president emphasised the need for the union to have permanent office for the national operations, vehicle for operations, stationeries and other needs of a secretariat.

Others, he said, were books, jackets, files, bags for the finance office and administrative clerks for the office of president and deputies. (NAN)

Edited by Deji Abdulwahab

OPEC+ reiterates commitment to monitor oil production adjustment

125 total views today

By Emmanuella Anokam

The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC countries have reaffirmed commitments to monitor production adjustment aimed at maintaining stability in the global oil market.

The OPEC made this known in the resolution of its 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC) which was held via video conference.

The meeting reviewed the crude oil production data for November and December 2025 and highlighted the overall conformity for OPEC and non-OPEC countries involved in the Declaration of Cooperation (DoC).

“The improved conformity further reaffirms the DoC countries’ shared objectives of unity and cohesion.

“The meeting lauded the improved conformity of the Republics of Kazakhstan and Iraq, including the additional voluntary production adjustments,” it said.

The meeting also welcomed renewed pledges by the overproducing countries to achieve full conformity with production targets.

It further resolved that the countries should resubmit their updated compensation schedules to the OPEC Secretariat for the overproduced volumes, by February 2025 ending, covering overproduced volume since January 2024.

The meeting also emphasised the critical importance of achieving full conformity and compensation.

It reaffirmed its commitment to continue to monitor adherence to the production adjustments agreed upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on Dec. 5, 2024.

It reaffirmed to continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on Feb.1, 2024.

The JMMC reaffirmed their commitment to the DoC which extended to the end of 2026 as decided at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) on Dec. 5, 2024.

It pledged to continue to track additional voluntary production cuts announced by participating OPEC and non-OPEC nations, in line with the decisions made during the 52nd JMMC meeting on Feb. 1, 2024.

After thorough analysis from the OPEC Secretariat, it replaced Rystad Energy and the Energy Information Administration (EIA) with Kpler, OilX and ESAI.

This, it said, was part of the secondary sources used to assess the crude oil production and conformity of the DoC Participating Countries, effective Feb.1, 2025.
The next meeting of the JMMC (59th) is scheduled for April 5, 2025. (NAN)

Edited by Maureen Atuonwu

FG reiterates commitment to Gas-to-power initiative

230 total views today

CNG

By Thompson Yamput

The Federal Government has reiterated its commitment to the gas to power initiative.

The News Agency of Nigeria (NAN) reports that thr initiative, which was launched in 2021, aims to transform Nigeria into a gas-powered economy by 2030 through a series of policy reforms, infrastructure development, and investment attraction strategies.

Mr  Mele Kyari, the Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPCL, said this at the groundbreaking ceremony of the five mini-Liquefied Natural Gas (LNG) Plants in Ajaokuta, Kogi.

Kyari said the projects play a critical role in promoting economic growth and contributing to the nation’s Gross Domestic Product (GDP), while creating opportunities for gas commercialisation and supporting the Federal Government’s flare down initiatives.

He said that the Mini LNG facilities would ensure the efficient transportation of gas over long distances, providing a cleaner and cheaper source of energy to households,mobility, industries, and businesses.

“This is particularly important for regions that currently lack access to gas pipeline infrastructure.

“The company’s strides in the upstream and gas infrastructure projects were sequel to the unwavering support of President Bola Tinubu in utilising gas resources to fuel industrialisation, achieve energy security and foster economic growth and development.

Earlier, Gov. Ahmed Ododo of Kogi, thanked the federal government for locating the five Mini-LNG plants in the state.

Ododo described the decision as a step in the right direction in Nigeria’s march towards attaining energy security and economic growth.

“I wish to commend our President, Mr Bola Tinubu, NNPC Ltd and its partners,for finding Ajaokuta and Kogi state worthy of gas investments.

“It is our belief that the plants will unlock ample opportunities in investment, including direct and indirect employment for the state’s teaming population, hence our total support, ” Ododo said. (NAN)
edited by Sadiya Hamza

P-CNGi to establish CNG kits manufacturing park in Kogi

219 total views today

By Emmanuella Anokam

The Presidential Compressed Natural Gas Initiative (P-CNGI) says it will collaborate with a private sector partner in Ajaokuta, Kogi State, to establish a CNG Park to boost local content.

Mr Michael Oluwagbemi, Programme Director, P-CNGi, made this known on Thursday at the flag off of the Five Mini Liquefied Natural Gas (LNG) Plants in Ajaokuta, Kogi State.

“We are excited at the Presidential Compressed Natural Gas Initiative to witness Kogi State’s transformation into a major gas hub,” he said.

Oluwagbemi said the CNG park would be established for local manufacturing of conversion kits, job creation, building skills and reduction on imports dependence.

The News Agency of Nigeria (NAN) reports that the Nigerian National Petroleum Company Limited (NNPC Ltd.) and its partners flagged off the 97 million standard cubic feet of gas per day (mmscf/d) plants to deepen domestic gas utilisation.

The domestic gas utilisation is in line with the Federal Government’s Gas Revolution Agenda (GRA).

The groundbreaking ceremony signalled the commencement of construction works on the plants namely – NNPC Prime LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG and LNG Arete.

The event, themed ‘From Gas to Prosperity: Catalysing Nigeria’s Economic Growth’, marks a significant milestone in Nigeria’s journey to harness its natural gas resources for economic growth.

“Strategically located at the heart of Nigeria and bordering 10 states, Kogi is perfectly positioned to facilitate efficient and cost-effective gas distribution across the country.

“This groundbreaking LNG hub by the NNPC Limited and partners will undoubtedly catalyse this potential,” Oluwagbemi said.

He said that the P-CNGI had championed the transition to CNG as a cheaper, efficient and environmentally friendly alternative to petrol, since its establishment in 2023.

According to him, the goal is to convert one million commercial vehicles to CNG by 2027, with significant progress already made.

He said that over 190 conversion centres have been established, with 56 retail outlets dispensing CNG.

Oluwagbemi said that the conversion centres and the CNG dispensing outlets were established with combined public and private investments of over 470 million dollars.

“We aim to grow these numbers to 500 conversion centres and over 150 CNG retail outlets by year-end.”

Recognising the challenges of gas access in the North East and North West, he said Mini-LNG plants would play a critical role in bridging the gap, while awaiting the completion of the Ajaokuta–Kaduna–Kano (AKK) pipeline.

“I commend the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo and the Group Chief Executive Officer of NNPC Ltd., Malam Kyari, for driving this revolution.

“Your leadership is laying the groundwork for a sustainable energy future and solidifying Nigeria’s role as a leader in CNG and LNG adoption,” Oluwagbemi said.

The project, which is a multifaceted  pipeline development, in line with the ‘Decade of Gas’ agenda will produce and deliver Condensate, LNG, Liquefied Petroleum Gas (LPG), CNG and  increasing gas availability. (NAN

Edited by Emmanuel Afonne

NNPC Ltd, Partners launch 5 mini LNG plants in Kogi

291 total views today

By Emmanuella Anokam
The Federal Government on Thursday began the construction of five Mini Liquefied Natural Gas (LNG) Plants in Ajaokuta, Kogi State.

The News Agency of Nigeria (NAN) reports that the plants are to facilitate rapid access to gas to deepen its utilisation among Nigerians.

The plants are being developed by the Nigerian National Petroleum Company Limited (NNPC Ltd.) in partnership with PRIME LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG and LNG Arete.

The project will be constructed on 33,000 hectares of land, with combined capacity of 97.5 million standard cubic feet of gas per day, and a 500 million dollars investment.

The project is a multifaceted virtual pipeline development, in line with the ‘Decade of Gas’ agenda.

They will produce Condensate, Liquified Natural Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG) and to increasing gas availability.

At the ground breaking of the plants, Mr Ekperikpe Ekpo, Minister of State Petroleum Resources (Gas) said the project was to deepen the utilisation of Nigeria’s abundant natural gas resources.

Ekpo said he was confident in the NNPC Ltd.’s promise to deliver the project on schedule.

He commended the state government for its pledge to provide adequate security to facilitate its execution.

He described the natural gas as a veritable vehicle for accelerating Nigeria’s industrialisation, economic prosperity, and working to achieve the Nation’s commitments to a just and equitable energy transition.

“I commend the outstanding efforts of the NNPC Ltd. and its partners, who worked round the clock to achieve this milestone, as we look forward to a smooth and safe project delivery of all five plants.

“The Ministry stands with the NNPC Ltd. and partners, to support initiatives that align with the goals of harnessing Nigeria’s abundant gas resources for economic development and reduction of carbon footprint,” he said.

In his address, Malam Mele Kyari, Group Chief Executive Officer, NNPC Ltd., said the project has strategic location and proximity to the Northern market.

He said it would deliver a cost-effective, long-term and reliable natural gas solution to industrial and commercial customers.

Kyari said the NNPC Ltd. was committed to delivering the project, which would utilise domestic gas reserves and reduce reliance on polluting fuels.

In his remarks, Gov. Ahmed Ododo of Kogi said the project was a collective commitment towards embracing cleaner energy in the country for economic prosperity.

Ododo said the project aligned with the global effort to combat climate change, carbon emissions and achieve energy security.

“Economic benefits of this project cannot be overemphasised as it is setting the state for brighter and more prosperous future, leveraging cleaner energy future.

“We will ensure that both the investments and the investors are safe,” he said.

The governor, while stating that Kogi is blessed with abundant mineral resources and open for investments, expressed the readiness of the host communities to safeguard the massive investment.

Also speaking, Sen. Natasha Uduaghan, Chairman, Senate Committee on Local Content, appreciated President Bola Tinubu for passing the executive order for establishing the plant.

“Gas is the future. It is a new paradigm shift for the country because the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project will be completed in the second quarter of 2025,” she said.

Uduaghan said that the project would spur economic activities and revenue generation.

She also expressed optimism that the Ajaokuta steel company would resume production soon for enhanced economic growth.

The gas liquefaction project will create opportunities for gas commercialisation and supports the Federal Government’s flare down initiative.

It will also provide a flexible solution to increase gas penetration in remote locations where pipeline infrastructure does not exist.(NAN) (www.nannews.ng)

ELLA/IS
======
Edited by Ismail Abdulaziz

P-CNGi urges Nigerians to patronise certified CNG conversion centres

223 total views today

 

By Emmanuella Anokam

The Presidential Compressed Natural Gas Initiative (P-CNGi), has urged Nigerians to patronise only government-certified CNG conversion workshop centres across the country for safety.

 

P-CNGi Programme Director/Chief Executive, Mr Michael Oluwagbemi, made the call in an interview with the News Agency of Nigeria (NAN), in Abuja.

 

Oluwagbemi warned against patronising illegal conversion centres and locally fabricated cylinders by quacks in an attempt to convert patrol vehicles to CNG.

 

He advised Nigerians to visit the P-CNGi website – www.pci.gov.ng to see the list of government approved conversion centres.

 

NAN reports that the P-CNGi is a component of the palliative intervention of Tinubu’s administration, designed to provide succour to Nigerians suffering from the hardship created by fuel subsidy removal.

 

Sequel to the fuel subsidy removal and full deregulation of the petroleum products market, the price of fuel increased significantly, creating a need for alternative sources of energy such as CNG and electric vehicles.

 

However, Nigerians are still sceptical about its usage and have raised concerns about its security, safety and affordability of conversion kits.

 

Speaking on its safety, the programme director said that CNG was lighter, adding that air dissipates quickly, thereby, reducing fire risks in a contained environment.

 

On regulation, Oluwagbemi said that the regulatory standard was approved by Standards Organisation of Nigeria (SON) to cover the CNG conversion industry.

 

He added the Nigeria Gas Vehicle Monitoring System on the other hand, regulates and monitors all gas-powered vehicles.

 

“Natural gas is safer than petrol and diesel and our aim is to transition Nigeria to the use of a safer, cheaper, cleaner and more reliable energy source.

 

“The P-CNGi has been promoting the use of CNG through various policies and initiatives since the commencement of the project in 2024.

 

“This also includes public awareness and enhancing adoption by Nigerians,” he said.

 

He said that the CNG programme began with seven centres and was able to increase the centres to 193 in 2024.

 

The P-CNGi boss said that there were currently about 30 conversion centres in FCT alone, while Lagos has more than 70 centres.

 

He said that President Bola Tinubu’s administration targets one million converted vehicles by 2027 from the current 30,000 to 50,000 CNG converted trucks and vehicles across the country.

 

Oluwagbemi stressed that CNG was safer than patrol, adding that there had been no incident of failure so far, except for one incident in Edo, in 2024.

 

He attributed the incident to the use of locally fabricated cylinders by quarks, who were injured while attempting to fill the cylinder for the first time.

 

“The three persons were immediately arrested and have been charged to court for economic sabotage,” he said.

 

Juxtaposing CNG’s incidents with petrol, the programme director pointed out the several incidents of petrol explosion recorded across the country, with high mortality rate.

 

He explained that methane and ethane, being the primary constituent of natural gas, were single chain linked hydrocarbons.

 

This, he said, contrasted with butane, propane and all linked chain hydrocarbons that constitute diesel, petrol, gasoline and LPG.

 

“Natural gas is lighter than air. We store it in bulletproof containers that are made of protective cylinders that are made of seamless pipe.

 

“This means there is no joint, unlike LPG cylinders that have welded joints.

 

“There are no joints, so it cannot leak. If it leaks, it escapes immediately to air. It has 1001-degree centigrade self-ignition temperature.

 

“So, it is 18 times less explosive than petrol, and eight times less explosive than diesel. If you are using a petrol vehicle, you are using a dangerous vehicle. You are sitting on a petrol bomb,” he warned.

 

The programme director further argued that the rate of fatality when a patrol vehicle exploded was nine out of 10, adding that patrol vehicles were more dangerous compared with CNG vehicles. (NAN) (www.nannews.ng)

Edited by Philip Yatai

Video: P-CNGi deploys 160 CNG buses to NARTO, NURTW, others – CEO

251 total views today

 

Mr Michael Oluwagbemi, Programme Director/Chief Executive, Presidential Compressed Natural Gas Initiative (P-CNGi)

 

 

By Emmanuella Anokam

The Presidential Compressed Natural Gas Initiative (P-CNGi) has deployed 160 CNG buses through its transport union partners and sub-nationals, to cushion the effect of high transport cost occasioned by fuel subsidy removal.

 

Mr Michael Oluwagbemi, Programme Director/Chief Executive, P-CNGi, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

 

Oluwagbemi said they had already deployed 75 buses to the Nigerian Union of Road Transport Workers (NURTW), Road Transport Employers Association of Nigeria (RTEAN) and the Nigerian Association of Road Transport Owners (NARTO) through the Ministry of Transportation.

 

He said among the buses deployed to the unions, five each were dedicated for intra-state and 20 each for inter-state.

 

“Last year, during the yuletide we deployed 160 CNG buses to our union partners, through the Ministry of Transportation, namely – NURTW, RTEAN and NARTO.

 

“We deployed 75 buses through the transport unions and another 85 buses totaling 160 buses to the state government affiliated mass transit companies including Oyo, Ekiti, Kogi, Kwara, Lagos states and FCT among others.

 

“All of these transport companies, affiliated with the state government received different levels of buses, some received 15, 20, 25 and 30 buses and they have started operations.

 

“In the case of Pacesetters transport company, Oyo for example, we deployed 15 buses, and during the yuletide from Lagos to Ibadan they were able to bring down the prices to N3, 200 on a route that normally cost N8,000.

 

“People that were using patrol buses also experienced a discount because there was pressure on the price of transportation within the parks that they loaded which brought down the price to N6,000.

 

“These are some of the benefits that we are beginning to see from the deployment of CNG vehicles across Nigeria.

 

“What we intend to do this year is to focus and concentrate on deployment between Lagos and Abuja and also work with the sub-nationals to fill the gaps across Nigeria,’’ he said.

 

He said that 15 of the buses were deployed for intra-state, while 60 were for inter-state.

 

According to Oluwagbemi, all the buses deployed to the various states have started operating at 50 per cent discount, with an effective monitoring system.

 

He said that the FCT residents had enjoyed 40 days free rides on the buses as part of the benefits of the administration.

 

The P-CNGi CEO said that residents of FCT were currently enjoying a 30 per cent discount on any ride following the expiration of the free ride.

 

According to him, in order to enjoy this benefit, Nigerians should get on the buses by utilising specific parks operated by these unions and get a card which monitors the number of passengers on board.

 

“Ultimately, this is the journey; it starts by us recognising that we should utilise our God’s given resources, which is natural gas, to power this economy and make sure we reduce the cost of transportation and enhance the quality of lives of Nigerians.”

 

The P-CNGi is a component of the palliative intervention of the President Bola Tinubu administration directed at providing succour to the masses, occasioned by the transitive hardships of the fuel subsidy removal policy. (NAN)(www.nannews.ng)

Edited by Emmanuel Afonne

Tanker explosion: NMDPRA to review safety procedures – Official

326 total views today

By Emmanuella Anokam

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will review its operating procedures to encourage safety awareness, following Saturday’s tanker explosion in Niger.

Mr Farouk Ahmed, Chief Executive, NMDPRA, said this on Sunday when he visited the site of the petrol tanker explosion.

He said after receiving a preliminary report of the accident, the authority would carry out further investigation, and come up with measures to prevent reoccurrence.

The News Agency of Nigeria (NAN) reports that scores of residents were burnt to death with several others sustaining varying degrees of injuries following the explosion of a petrol-laden tanker at Dikko Junction, Gurara, Niger.

The inspection team included oil stakeholders such as the National Association of Road Transport Owners (NARTO), Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum Tanker Drivers (PTD), branch of NUPENG.

(2nd Left) Dr Mustapha Lamorde, Executive Director, Health, Safety, Environment and Community, NMDPRA, during a visit to the site of the petrol tanker explosion at Dikko Junction, Gurara, Niger

Ahmed, represented by Dr Mustapha Lamorde, Executive Director, Health, Safety, Environment and Community, NMDPRA, said the authority would collaborate with relevant stakeholders to enhance public awareness to avoid reoccurrence.

“From what we learnt, there was an accident, and from the accident, there was a spill, and people were scooping fuel. And this led to the incident that caused the loss of many lives yesterday.

“We will work with the stakeholders to review our standard operating procedures; we should have a proper safety arrangement to prevent such accidents.

“We have requisite training within the sector that encourages safety awareness,” he said.

NAN also reports that the NMDPRA team visited the Musa Yar’Adua Memorial Hospital, Sabon-Wuse, Niger, where the explosion victims were taken for medical attention.

Dr Musa Lafaruma, Head, Hospital Services, confirmed that 28 people were brought to the hospital on the day of the explosion, but three of them died leaving only one survivor.

According to him, many of the victims were taken to other hospitals for medical attention by their family members. (NAN) (www.nannews.ng)

Edited by Salif Atojoko

Nigeria’s CNG conversion capacity increases by 2,500% – NMDPRA

268 total views today

By Emmanuella Anokam

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said that the country’s Compressed Natural Gas (CNG) conversion capacity increased by over 2,500 per cent in 2024.

Mr Farouk Ahmed, Authority Chief Executive, NMDPRA, said this on Thursday in Abuja, at the inaugural Petroleum Industry Stakeholders’ Forum, organised by the Ministry of Petroleum Resources.

Ahmed said that NMDPRA supported the Presidential Compressed Natural Gas Initiative (PCNGI) by stimulating 186 new conversion centers which triggered the county’s conversion capacity.

“The NMDPRA will continue to collaborate with the PCNGI to ensure deployment of CNG infrastructure in major cities of Lagos and Abuja, up to 100,000 conversions, while collaborating with states to develop Nigeria Gas Vehicles (NGVs) in other areas.

“The development of CNG as a viable alternative to Petrol has been incentivised.

“These conversions alongside new buys have raised the Nigerian Gas Vehicles population to an estimated 30,000 to 50,000 vehicles and trucks, and it continues to grow daily.

“With over 400 million dollars attracted for investment in 86 and 65 new daughters and mother stations under construction respectively, Nigeria refueling capacity has therefore risen from 20 to 56,” he said.

Ahmed said that the collaboration between PCNGI, NMDPRA and Standards Organisation of Nigeria (SON) led to the development of standards and the NGV Monitoring System expected to be inaugurated this year.

“The NMDPRA also collaborates with the SON, the National Automotive Design and Development Council (NADDC) and the National Institute of Transportation Technology (NITT) in ensuring that our mobility CNG growth is achieved in a safe and sustainable manner,” he said.

The NMDPRA boss, however, listed some challenges facing the initiative to include establishment and operation of petroleum handling facilities without proper licensing, permits and authorisations.

He listed other challenges to include poor collaborations for Open/ third party access to facilities and lack of cooperation of some operators for an effective regulatory oversight, in line with the Petroleum Industry Act (PIA) provisions.

“We implore the industry to adhere to all regulatory requirements, especially as they relate to safety, efficiency, best practices, sustainability, consumer protection and community participation.

“As we progress into 2025, the NMDPRA will continue to consolidate on its successes for enhanced regulatory oversight.

“This will include the upgrade of our laboratories for enhanced product quality analysis and referencing, inter-agency collaborations, automation and sustainability in the industry,” Ahmed said. (NAN)

Edited by Emmanuel Afonne

2025 budget predicated on 2m barrels crude oil production – Komolafe

297 total views today

By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the 2025 budget is predicated on 2.062 million barrels crude oil production at 75 dollars per barrel.
Nigeria’s current production is averaging 1.7 million barrels leaving a deficit of about 350,000 barrels to be bridged.
Mr Gbenga Komolafe, Commission Chief Executive, NUPRC made this known on Thursday in Abuja at the inaugural Petroleum Industry Stakeholders’ Forum organised by the Ministry of Petroleum Resources.
Komolafe said in order to avert the budget deficit and revenue gap, the commission inaugurated the “Project One Million Barrel per Day Incremental Production Initiative” during its third year anniversary in 2024.
This initiative, he said, entailed that every player within the upstream value chain could operate in one-stop shop economic system as against operating in silos thereby failing to leverage optimum capability and economic of scale.
He said the Commission had developed a template to identify the “Needs“ of every player within the value chain with a view to meeting the gaps arising from the needs of each player which could be met by another player.
“This is expected to create synergy, networking and leveraging on the capabilities of every player within the value chain.
“The Commission in 2024 set an agenda for the industry through the rolling out of Regulatory Action Plan (RAP) focused on regulatory predictability, future licencing rounds policy and implementation, among others.
“The Commercial Bid Conference for the 2024 Bid Round was conducted December 2024, where winning and reserve bidders emerged for each block on offer.
“The conference was conducted real-time online via technology adoption in the presence of representatives from the Ministry of Petroleum Resources, Ministry of Finance, Nigeria Extractive Industries Transparency Initiative (NEITI), and the General Public,” he said.
The bid round, he said, was in accordance with the provisions of Section 74 of the Petroleum Industry Act (PIA 2021) to ensure an open, transparent, and competitive bid process as provisioned in Section 73(1)(a) of the PIA.
He said the adoption of a real-time online Commercial Bid Conference which was the first of its kind in the nation’s over 70 years in exploration and production history was to entrench transparency and attract investor’s confidence.
He said in line with boosting Nigeria’s aspiration of becoming the energy hub of the continent, the NUPRC, through the National Data Repository (NDR) had provided a building to host the Africa Energy Bank (AEB) Headquarters in Abuja.
The gesture, he said, would fast-track the operationalisation of the bank, which would dovetail into job creation and oil and gas business financial support.
He said the upstream sector experienced growth in the national oil and gas reserves by 1.45 per cent and 0.206 per cent respectively in 2024.
According to Komolafe, the active rig count increased from an average of eight in 2021 to 38 currently, representing 79 per cent growth.
He said with effective collaboration with the security agencies, the theft and deferment had reduced drastically by more than 40 per cent in 2024.
Komolafe, however, lauded the ministers of state petroleum resources oil and gas for their leadership in steering the industry growth at this period when the economy is focusing on the oil sector to bridge production gap to fund the 2025 budget.
The News Agency of Nigeria (NAN) reports that the forum offers the stakeholders an opportunity for broad assessment of the industry, identifying challenges and brainstorming, with a view to proffering solutions for sustainable  development in the sector. (NAN)(www.nannews.ng)
Edited by Maureen Atuonwu
X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email