As the Nigerian Midstream Downstream Regulatory Authority (NMDPRA) granted a domestic gas aggregation licence yesterday, the federal government announced plans to pursue additional investment in order to tap the nation’s reserves of natural gas, which total over 219 trillion standard cubic feet.
Ekperikpe Ekpo, the state minister of petroleum resources (gas), stated that cooperative efforts were required to raise the money needed for gas development.
Speaking during the introduction of Gas Aggregation Company Nigeria Limited’s (GACN) new identity, Ekpo stated that the industry must confront its fundamental problems.
“As we proceed, it is critical to recognise the difficulties that lie ahead. The necessity for sustainable development and the global move to greener energy sources necessitates creative thinking and teamwork. I think that GACN’s recently broadened mandate, which presents new chances for growth and development, fully fits these imperatives,” the speaker stated.
The minister stated that the federal government was dedicated to utilising Nigeria’s enormous gas reserves and that it would back programmes that promote the growth of gas output.
Farouk Ahmed, the chief executive of NMDPRA, predicted that the licence would encourage more investments in the nation’s natural gas value chain by promoting the implementation of the domestic gas supply obligation. It would also boost efficiency and vibrancy.
He said that the licence will allow GACN to perform its operations in compliance with the terms and regulations included in the Petroleum Industry Act (PIA) as well as the requirements set forth in that legislation.
According to Ahmed, the NMDPRA thought that the action would strengthen the administration’s resolve and redoubled efforts to develop gas resources for economic growth.
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