Nigerian Govt plans to explore alternative funding model for devt. of energy sector says NUPRC boss, Gbenga Komolafe

UGO AMADI, HOUSTON, Texas

As part of efforts to ensure sustainability of the development of the nation’s energy sector, the Federal Government has said it has concluded plans to explore alternative funding models for the country’s oil and gas resources.

The Commission Chief Executive (CCE), the Nigerian Upstream Downstream Regulatory Commission (NUPRC), Mr.Gbenga Komolafe, stated this at the opening ceremony of the  Petroleum Technology Association of Nigeria (PETAN) pavilion and exhibition stand of Nigeria oil and gas companies at the Offshore Technology Conference(OTC) which opened in Houston, Texas, United States of America.

Komolafe said the need to develop the country’s hydrocarbon resources requires huge funding, hence the decision of the commission to develop an alternative funding model for the industry.

He assured that Nigeria will not be left behind in the energy conversation discussion as the country is a place where needs meet opportunities.

He added that African and by extension Nigeria is well positioned because it has all it takes to bridge the energy gap in the light of energy transition.

Komolafe maintained that Nigeria with abundant oil and gas reserves and other sources of energy mix, is well positioned to be a super power if all these hydrocarbon resources are well cordinated

Komolafe disclosed that the signing into law of Petroleum Industry Act (PAI) has created a landmark reform in the petroleum industry which included attractive fiscal and regulatory regime.

The Nigerian pavilion is hosted by The Petroleum Technology Association of Nigeria (PETAN) the  led Nigeria delegation to the 2023 OTC , however,  the Permanent Secretary, Ambassador Gabriel Aduda who represented the Minister of petroleum resources, President Muhammed Buhari declared the Nigerian pavilion open

Earlier in his opening remarks, the Chairman Petroleum Technology Association of Nigeria, Mr. Nicolas Odinuwe thanked the federal government for its unflinching support for the industry and expressed  confidence in the local content development of the nation’s energy sector.

He noted  that  the essence of PETAN’s involvement in the OTC events is to  spotlight and showcase the achievements of PETAN over the years, and how its contribution have impacted the oil and gas industry in Nigeria, especially in the area of local content development.

He noted that there participation is necessary because the   Offshore Technology Conference is one of the  landmark, world’s largest energy conference occasion for the world, a meeting with a global reputation, and one of the few top world-class Conferences and gathering of  influential leaders, policy makers, buyers, sellers, experts  held annually at a global-level in the international industry Calendar