Nigeria To Sign UN Gas Flaring 2030 Deadline Agreement | Independent Newspapers Limited
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Nigeria To Sign UN Gas Flaring 2030 Deadline Agreement

Posted: Mar 14, 2016 at 11:53 pm   /   by   /   comments (0)

Tony NZEAMKOR, Abuja

Vice President Yemi Osinbajo on Monday in Abuja said Nigeria intends to sign the United Nations’ Agreement on Zero Routing Gas Flaring by 2030.
Osinbajo said the Federal Government has indeed set an earlier national target of 2020 to end gas flaring in the country.
Speaking at the opening of the 6th African Petroleum Congress and Exhibition where he represented President Muhammadu Buhari, the vice president, who declared the conference open, said ending gas flaring was an imperative for African oil producers considering the amount of waste involved. He also called on African countries to take advantage of the gas-to-power potentials.
The vice president observed that “there is also the gas-to-power challenge in many member-states and the paradox of much gas but precious little gas to fire power plants.”
“It’s time to take a much further stand on gas flaring, both from environmental and a waste-of-needed-resources perspectives,” he stated to the gathering composed of oil and energy ministers from several African countries and chieftains in the oil and gas sector.
The vice president explained that the incremental use of gas in Africa’s energy mix has become an imperative, stressing that “if Africa must meet her future energy needs, the issue of the development of a robust gas infrastructure must be jointly addressed.”
According to him, of the over 150 billion cubit metres of associated gas that is flared annually in the world, “Africa flares an estimated 40 billion cubit metres, while about half of that is flared by Nigeria.” He further observed that Nigeria has the 7th largest deposit of gas in the world with reserves estimated at over 185 trillion cubic feet (TCF), and also the highest quality.
Addressing legislators, policy makers and oil and gas industry experts from around the continent at the International Conference Centre in Abuja, Osinbajo observed that with the present volatility in the industry, the coming years would be defining for African oil and gas producing countries.
He suggested that developing local content initiatives and policies would be very useful for the sector, while also adding that “a common approach to local content will ensure that the whole of Africa benefits from economy of scale associated with vast resources.”
Besides, he said with the current oil prices and the challenges faced in the industry, the relevance and creativity of the African Petroleum Producers Association “is being tested.”
Vice President Osinbajo assured that the continent has all the resources needed to transform African countries, stating that “there is no reason why the African oil and gas industry should remain attached to the apron springs of industries elsewhere.”
Expressing the need for African oil producing countries to take their destiny in their hands, Osinbajo challenged African Petroleum Producers Association (APPA) member-countries to recognize the latent and huge resources in Africa and develop the strategy for the development of domestic refining capacity in the oil and gas critical for sustainable economic growth.
“We must explore mechanisms to expand regional refining capacities in an efficient and cost effective manner”, he submitted, recalling Nigeria’s active involvement in the West African pipeline project expected to deliver clean, safe natural gas from Nigeria to countries in the sub-region.”