-Says Nigeria is open for business
As world energy leaders gather to brainstorm on key obstacles to the global energy transition and the policies and investments required to overcome them, the Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, has reiterated Nigeria’s position for a just and equitable energy transition.
This, according to him, will guarantee energy security and adequately ensure efficient energy sector transformation that will benefit all stakeholders and address social, economic, and environmental concerns of the nation.
He stated this while speaking at the opening ceremony of the Gastech Exhibition & Conference 2024, on a Ministerial Panel with the theme : “From mitigation to adaptation: Navigating volatile geopolitics in a fragmenting global order”, at the George R Brown Convention Center, Houston, Texas, USA.
The theme for this year’s conference is ‘Transforming Energy Through Vision, Innovation, and Action.’
The Minister also assured global leaders that Nigeria is open for business as His Excellency, President Bola Ahmed Tinubu GCFR has executed Policy Directives to improve the investment climate that will position Nigeria as the preferred investment destination for the oil & gas sector in Africa.
‘’Nigeria is open for business” and we have a conducive environment ready to welcome investments and partnerships in the gas sector.
According to him ‘’our President has implemented Policy directives that will guarantee investment in the sector. This is in keeping with dedicated efforts to remove obstacles to investments in Nigeria, thereby harnessing the nation’s resources and diversifying the economy for the benefit of all Nigerians.
He noted that the policy directive include Introduction of fiscal incentives for non-associated gas, midstream and deepwater developments, streamlining of contracting process to compress the contracting cycle to six months and The application of the local content requirements without hindering investments or the cost competitiveness.
‘’As a matter of fact we are here in Gastech to tell the world that Nigeria is open for business in gas development. As you know Nigeria has significant natural gas reserves, playing a crucial role in the country’s economy and energy sector. Actually, our potential gas reserves is estimated to be 600 tcf, with more discoveries expected.’’
‘’It is important to tell the world that Nigeria’s transition fuel is gas , so we are doing everything possible to ram up production in the gas sector. A lot of projects have been identified to meet up the demands of gas in the country. Also it is important for the world to know the presidential initiatives on CNG and LPG penetration.
He also noted that the federal government has flagged off the distribution of free cooking gas cylinders in the country to deepen cleaner energy use in the country.
‘’We are really committed to addressing climate change, recognizing its impact on the environment, economy, and society, it is important to note that Nigeria’s Energy Transition Plan aims to achieve net-zero emissions by 2060.
He affirmed that with the Decade of gas initiative, the Nigerian government is committed to using natural gas to drive development in the nation.
Also he highlighted the importance of the OB3 Gas Pipeline and AKK Gas Pipeline project which are critical infrastructure projects in Nigeria’s gas sector.
According to him the OB3 domestic gas supply, will transports gas from Escravos in Delta State to Lagos, meeting domestic demand for power generation, industrial use, and cooking while the AKK Gas Pipeline will Connects gas sources in the south to northern regions, promoting industrial growth, Power generation, and enhances electricity supply to northern states.
He stressed that these pipelines are crucial for Nigeria’s economic growth, energy security, and environmental sustainability.
On Deepwater Gas and Infrastructure, he noted that Nigeria has issued a call for upstream investment, particularly in deep offshore areas. These developments will make Nigeria a promising destination for gas sector investments.
Participants at the section include Geoffrey Pyatt, Assistant Secretary of State, Energy Resources, US Department of State; H.E. Shri Hardeep S Puri, Minister of Petroleum & Natural Gas, India; H.E. Karim Badawi, Minister of Petroleum & Mineral Resources, Egypt; H.E. Dr Alparslan Bayraktar, Minister of Energy and Natural Resources, Türkiye.
