139 Investors to Commercialise Gas Flares – FG

The Federal Government said that a total of 139 investors had shown readiness to monetise the gas flares from the 48 flare sites across the country.

It disclosed this at the 2022 Nigerian Gas Flare Commercialisation Programme Bidders Conference and Investors Forum, organised to intimate all qualified applicants, partners, sponsors and technology providers on the structure of the ‘Request for Proposal”, for the flare sites.

The forum also provided further guidance on upcoming programme of activities, while it gave the government an opportunity of listening and collating feedback from all participants towards optimising the RFP phase.

In his address at the event, the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, congratulated all the qualified applicants for their successful performance during the Statement of Qualification phase of the bid process, as he stressed on their capacity to monetise gas flares.

He said, “It might interest you to note that the programme received over 300 applications from interested applicants but only 139 were adjudged qualified/successful following the evaluation exercise conducted in line with the RFQ published criteria.
“Therefore, for all qualified applicants, your success on the SOQ stage is no mean feat. However, that was only a start of the journey as the real deal is in making a robust and competitive proposal, with demonstrable evidence for capacity to deliver on the flare monetisation projects, in line with the terms of the RFP, would be your desired destination.”

Komolafe described the programme as a very defining moment in the history of Nigeria’s oil and gas industry, “because the NGFCP checks the box in many fronts.”
He added, “Apart from forestalling the deleterious impacts of gas flaring on the environment, the programme also ends the wanton wastage of our premium economic resource.

“In today’s carbon constrained world, where fossil fuel is becoming less and less popular, in view of issues of climate change, natural gas has assumed a stature of significant importance as the bridging fuel for many oil and gas producing nations.”