The minister of state for petroleum resources (gas), Mr Ekperikpe Ekpo said the federal government is serious about creating enabling operational and fiscal environments to support investments in the upstream, midstream and downstream gas sectors.
He stated this at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2023 holding in the United Arab Emirates (UAE).
In a statement by his media aide, Mr Louis Ibah, the minister who featured on a panel discussion tagged ‘Energy Talk’ said the federal government is determined to promote business around Nigeria’s abundant natural gas resources.
“This is evident in the actions of Mr. President when he split the ministry of petroleum resources into oil and gas respectively.
“This singular action is a testament to President Tinubu’s resolve to promote gas commercialization in Nigeria for export and domestic utilization,” Ekpo said.
The minister, who is the head of the Nigerian delegation to the event, listed several initiatives relating to government’s action to promote and support gas based industrialisation and decarbonisation agenda with the corporation and support of the organized private sector.
Top among the initiatives are decade of gas (upstream, midstream and downstream), getting cooking gas to every home and CNG for vehicles, gas flare commercialisation programme and gas to petrochemicals project.
Key benefits of the initiative, according to Ekpo are creating over 100000 jobs for Nigerians, increasing government’s savings from reduced subsidy payout for the importation of petrol, and reducing carbon emission following the utilisation of clean gas to drive internal combustion engines
“Our ministry is working with the organized private sector to roll out over two million CNG conversions kits for free within the next nine months to push the utilization of CNG as main fuel for vehicles nationwide. This initiative is aimed at converting 10 million vehicles from PMS to CNG in the next 36 months,” he added.
Ekpo further said non-associated gas (NAG) acreage development, and review of the terms of the production sharing contracts (PSC) are some of the specific policy changes targeted at gas pricing regime.
“These are all aimed at attracting investments of more than $20 billion into the country for NAG offshore and deep water acreage development.
“The ministry is working closely with her respective parastatals to get these reforms across to the upper legislative chamber for approval and subsequently for President Tinubu’s endorsement,” the minister said.
