With 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday said that Nigeria will leverage on its abundant mineral resources, while ensuring decarbonisation for long-term sustainability.
Speaking at an event in Abuja themed: “Towards an Energy-Secured and Decarbonised Future”, the Chief Executive of NUPRC, Gbenga Komolafe, disclosed that the life indices of Nigeria’s oil and gas resources remain at 70 and 90 years respectively.
“As you are aware, the oil and gas sector contributes nearly 90 per cent of our foreign exchange earnings and 70 per cent of national revenues.
“The key question before us today is: How do we leverage our vast hydrocarbon resources while embracing decarbonisation to ensure long-term sustainability and competitiveness? “ Komolafe stated.
Stressing the need for a ‘just transition’, he acknowledged the unique economic realities of different regions and countries, stressing that the United States acknowledgement of the essential role of oil and natural gas in ensuring energy affordability and reliability, as against prematurely displacing these resources, aligned with Nigeria’s strategy of leveraging natural gas as a transitional fuel.
