By Adedapo Adesanya
The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has unveiled the regulatory framework for energy transition, decarbonisation, and carbon monetization for upstream operations in Nigeria.
The Commission Chief Executive, Mr Gbenga Komolafe, unveiled the regulatory framework at COP28 in Dubai, the United Arab Emirates (UAE) themed Driving Sustainable Upstream Operations to Achieve Just and Equitable Energy Transition.
Mr Komolafe noted that the regulatory framework has Natural Gas shift, zero routine gas flaring and methane abatement, carbon market development, and upstream operations efficiency as its key pillars.
Others include technology and innovation, incentive mechanisms, collaboration, and risk management.
According to CCE, NUPRC as a regulator is at the forefront of championing the decarbonization of the Upstream operations for investment sustainability, economic growth, and energy security for the benefit of Nigeria in line with national aspirations, which is in line with the Sustainable Development Goals.
Mr Komolafe, therefore called on all stakeholders across the board to join NUPRC as it progresses in the steady implementation of the framework within the coming months, which will be underpinned by applicable Directives, Guidelines, and Regulations.
The CCE further states that the introduction of the Gas Flare, Venting & Methane Prevention of Waste & Pollution Regulations 2023 provides the renewed legislative basis to take firm actions on gas flaring, venting, and fugitive emissions.
He told participants at the event that the NUPRC is focused on driving industry efficiency and sustainability based on the Petroleum Industry Act (PIA 2021) and in line with the Nigeria Energy Transition Plan.
He said Nigeria has set Nationally Determined Contributions (NDCs) in support of 2030 emission reduction targets for which Nigeria is committed to the unconditional reduction of 20 per cent and a conditional reduction of 47 per cent with international support in the form of financing, technology transfer, and capacity building.
Modupe Gbadeyanka