• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, May 17, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

800 firms compete to manage gas flare sites

The Matters Press by The Matters Press
April 12, 2019
Reading Time: 3 mins read
0
800 firms compete to manage gas flare sites

Gas flaring

Gas flaring

No fewer than 800 companies have indicated interest to manage 176 gas flare sites in Nigeria, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said.

RELATED POSTS

Osinbajo advocates African plan on energy transition

Buhari’s war against money laundering, financial crimes peaks

Stakeholders seek political will to revive textile sector

Kachikwu said on Thursday that government had received bids of 226 firms that paid the stipulated fees out of the 800 companies that expressed interest in managing the sites.

He said that government was working hard to stop gas flaring in the country by the year 2020, 10 years ahead of United Nation’s deadline.

“Over 800 companies have expressed interest to manage about 176 gas flare sites and out of the total companies, about 226 have paid the stipulated fees and their bids had been received,” he said.

He said that it was unfortunate that Nigeria had over the years failed to properly utilize its gas resources for the development of the economy.

According to him, the country is yet to use the tonnes of gas resources it has to achieve industrialisation and agricultural development, especially through fertilizer production.

ALSO READ  China’s CPI up by 0.9% in February

He decried the practice of flaring a significant volume of gas produced in the country, thus depriving Nigeria the benefits that could have been accrued from the resources.

“Premised on the foregoing, the policy position of His Excellency, President Muhammad Buhari, is that gas flaring is totally unacceptable.

“In this regard, the Federal Government of Nigeria, initiated a number of actions to reaffirm its commitment to ending the practice of gas flaring in our oil fields.

“Furthermore, in recognition that flared gas could be harnessed to stimulate economic growth, drive investments and provide jobs in oil producing communities and indeed for Nigerians through the utilisation of widely available innovative technologies.

“The Federal Executive Council in June 2016, approved the Nigerian Gas Flare Commercialisation Programme, NGFCP,” he said.

The minister explained that the NGFCP was a key component of the National Gas Policy, which sought to end gas flaring, create an enabling environment for investors, seek value addition for gas and improve governance in the sector.

ALSO READ  Vandals cause grid collapse after hitting Odukpani transmission tower

He further stated that the NGCFP would ensure zero gas flare by 2020.
“We must stop gas flare and other hazards associated with gas flaring in Nigeria. We must also ensure that oil and gas production do not become harmful to our citizens,” he added.

He assured that government would work to grant open access to all pipelines and other essential midstream infrastructure, with respect to pricing of gas for the domestic market, which was largely controlled by the federal government under a transitional pricing framework.

He added that the current framework would be retained for a limited period until a sufficient gas market is established.

“The policy objective is to move to market-led wholesale gas pricing without gas price regulation, except where there are natural monopolies,” Kachikwu noted.

Also, Chairman of the Ministerial Steering Committee of the NGFCP, Mr Rabiu Suleiman, said the committee shall endeavor to recommend the best governance structure prior to the Department of Petroleum Resources (DPR) carrying on with the programme as a statutory function immediately after the first auction rounds.

ALSO READ  NERC has not approved new tariff review

He noted that the NGFCP was designed as a strategy to implement the policy objectives of the Federal government for the elimination of gas flares with potentially enormous multiplier and development outcomes for Nigeria.

According to him, the objective of the NGFCP is to achieve the gas flare-out commitment through technically and commercially sustainable gas utilisation projects developed by competent third party investors who will be invited to participate in a competitive and transparent bid process.

Listing the benefits of the project, he said, “Overall, the NGFCP potential GDP impact is estimated at approximately $1 billion per annum. Assuming average project sizes in the range of $10-40 million, the NGFCP has a potential of triggering around 70 to 89 projects.

“And over a 1 – 2 year period, the NGFCP could generate approximately 300,000 direct and indirect jobs.

“Provide six million households with clean energy, particularly in unlocking LPG (cooking gas i.e. produce 600,000 metric tonnes, MT, of LPG per year).

Once operational, projects launched under the NCFCP would reduce Nigeria’s emissions by approximately 13 million tons of CO2 per year.”

Tags: Gas
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria emerges Africa biggest energy sector
Economy

Osinbajo advocates African plan on energy transition

May 13, 2022
Nigeria gets petroleum law to edge out 50 years archaic laws
News

Buhari’s war against money laundering, financial crimes peaks

May 13, 2022
25 textile clusters get a boost through SMEDAN
Economy

Stakeholders seek political will to revive textile sector

May 12, 2022
Nigeria floats $4bn Eurobonds
Economy

DMO lists N225bn FGN bond for subscription by auction

May 12, 2022
Price of bread to be reviewed upwards again
Economy

Cost of bread beyond reach of many Africans – AfDB

May 12, 2022
Buhari meets with governors of APC
News

Buhari gives resignation deadline to political office holders seeking to contest elections

May 11, 2022
Next Post
Buhari presents N8.8trn 2019 budget

Election killings upset Reps

Army will be ruthless with those trying to disrupt elections

Troops decimate Boko Haram’s fighters

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Authority urges Nigeria to scale-up investment on fossil fuel sector

4 ships with petrol awaiting arrive in Nigeria

May 5, 2022
Power line to energise part of Oyo

TCN restores power supply after breakdown of 5 towers

December 25, 2021
Network of killers on check – Buhari

Buhari with Benue APC’s leaders

November 24, 2018

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
  • PawaPlus launches app to make access to electricity easy

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Osinbajo advocates African plan on energy transition
  • Buhari’s war against money laundering, financial crimes peaks
  • Stakeholders seek political will to revive textile sector

Categories

  • Agriculture
  • Business
  • Culture
  • Economy
  • Economy
  • Entertainment
  • Features
  • Finance, Money
  • Foreign
  • Health
  • Lifestyle
  • Multimedia
  • News
  • Oil, Gas
  • Opinion
  • Photo
  • Politics
  • Politics/Social
  • Religion
  • Security
  • Special News
  • Sports
  • Tech
  • Thematterspress
  • Trade, Industry, Technology
  • Travel
  • Uncategorized
  • Video
  • World

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?