Lagos – Mr Antigha Ekaluo, Deputy Director, Gas Monitoring and Regulation, Deportment of Petroleum Resources (DPR), says that effective gas policies would leverage the nation’s ability to harness opportunities in the sector.
Ekaluo said that proactive policies will make the country to maximise value from its stranded gas resources.
He provided the insight on Wednesday in Lagos at the 2015 Business Forum and Annual General Meeting of the Nigeria Gas Association (NGA) on the theme: “Harnessing and monetizing the potential of stranded gas fields.’’
According to him, Nigeria is endowed with abundant gas resources and the sector holds huge potential for unprecedented growth.
“The existing legal and regulatory framework, written primarily for oil, does not provide a 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,’’ he said.
The DPR Deputy Director said that effective gas sector development remained a strong catalyst for growth and the needed multiplier effects 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 vigorously pursue the completion of gas gathering and utilization projects.
He said that there was an urgent need to address gaps in regulatory and commercial frameworks across the gas value chain.
Mr Emeka Ene, Chairman, Society of Petroleum Engineers (SPE), Nigeria Council, said that an effective strategy for monetising stranded gas is to Identify and secure the 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 accelerated monetisation of stranded flare gas.
Mr Bolaji Osunsanya, President, Nigerian Gas Association, said the association was at the vanguard of promoting the gas paradigm as the best option for meeting the energy imperatives in the most affordable condition.
Osunsanya said that Nigeria had 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 infrastructure, are key enablers for the Nigeria gas industry to realise its full potential.
“Enhancing the capacity of the NGA to work in full synergy with other institutions by offering our members the best technical know-how to fasten the development of industrial growth and electricity generation, amongst others.
He also called for more investment and business promotion activities that will add value to the association’s members and their businesses. (NAN)
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