Yemisi Izuora
The Department of Petroleum Resources (DPR) is asking for for review of regulatory framework for midstream oil industry to enable proper strap up of the country’s gas reserve.
Addressing the 2015 Business Forum and Annual General Meeting of the Nigeria Gas Association (NGA)in Lagos with the theme“ Harnessing and monetizing the potential of stranded gas fields’’.Mr Antigha Ekaluo, Deputy Director, Gas Monitoring and Regulation, DPR said that effective gas sector policies would give Nigeria the ability to harness opportunities in the sector.
Ekaluo said that such will also afford the country to enjoy its maximum value from its stranded gas resources.
According to him, Nigeria is endowed with abundant gas resources and the sector holds huge potentials for unprecedented growth.
Speaking further he noted, “The existing legal and regulatory framework, written primarily for oil does not provide robust technical and commercial framework for gas.
There is therefore the need to pass the PIB into law, which will underpin the ongoing sector reforms. The Gas Sector Policies will provide Nigeria with the opportunity to harness and get maximum value from its stranded gas resources”.
The DPR Deputy Director said that effective gas sector development remains a strong catalyst for growth and will have a multiplier effect on the Nigerian economy
He said that in harnessing and monetizing stranded gas, there is need to adopt new technologies geared towards harnessing stranded gas.
Ekaluo said that government should also deepen market penetration and sustain demand growth and also vigorously pursue the completion of gas gathering and utilization projects.
He said that there urgent need to address gaps in regulatory and commercial frameworks across the gas value chain.
Mr Emeka Ene, Chairman, Society of Petroleum Engineering (SPE), Nigeria Council suggested that for effective strategy for monetising stranded gas there is the need to Identify and secure country’s closest markets and develop an integrated flare-out model.
He advised that government should implement the pipeline network code, fast track captive power and inaugurate gas powered public transportation to ensure accelerating stranded flare gas monetisation.
Mr Bolaji Osunsanya, President, Nigerian Gas Association, said that Nigeria has prolific gas supply fields in the Niger delta, but most of the gas markets remain undeserved, adding that the onus is on the association to wreak the existing framework to mobilise all stranded reserves.
According to him, undoubtedly, the creative administration of cutting-edge technology to reach such resources and the holistic and integrated development and application of natural gas infrastructures are key enablers for Nigeria’s gas industry to realise its full potential.
“Enhancing the capacity of NGA to work in full synergy with other institutions by offering our members the best technical, faster the development of industrial growth and electricity generation amongst others.
Investment and business promoting activities that will add value to members and their businesses,” he said.
