Komolafe: Gas flare commercialisation programme could unlock $2.5bn investment for Nigeria

Gbenga Komolafe, chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the country’s gas flare commercialisation programme (NGFCP) has the potential to unlock $2.5 billion investment in the oil and gas sector.

Komolafe spoke at the African upstream forum held on the sidelines of the ongoing 2025 Nigeria International Energy Summit (NIES) on Wednesday in Abuja.

In addition to huge revenue generation, he said the NGFCP would create a significant amount of jobs.

“As the global focus shifts toward a low- carbon future, NUPRC is embedding sustainability into seven upstream operations, mitigating environmental risks and protecting communities,” Komolafe said.

“Key actions include: managing methane and GHG emissions; fostering energy efficiency and carbon credits, promoting investments in Carbon Capture Utilisation and Storage (CCUS) and enforcing Environmental Social and Governance (ESG) goals.

“Through the Nigeria Gas Flare Commercialisation Programme (NGFCP), approximately $2.5 billion in investment will potentially be unlocked, generating huge revenue, and creating a significant number of jobs.

“We have been deliberate in efforts at social inclusiveness for enhancing host community development.”

‘HYDROCARBON RESERVES CONTRIBUTE TO FG’S REVENUE’

The NUPRC boss said the industry is contributing 95 percent of foreign exchange (FX) earnings and 70 percent to government revenue, unlocking employment opportunities, and positioning Nigeria as a formidable leader in the global energy arena.

“At the heart of NUPRC’s efforts is the growth of Nigeria’s hydrocarbon reserves and production in a cleaner manner for enhanced revenue generation,” Komolafe said.

“In the short-term, we have set new benchmarks for oil and gas production and significantly strengthened the nation’s energy security.”

Komolafe said the commission is also committed to enriching domestic gas utilisation and expanding gas infrastructure to meet Nigeria’s growing energy demands.

The NUPRC, he said, would ensure that every field development plan (FDP) includes a firm commitment to fulfilling gas delivery obligations and increasing gas supply to the domestic market to meet rising local demand.

“As part of our plan to advance deep-water development, we will promote the creation of deep-water clusters, fostering synergies in facility use to unlock the vast potential of Nigeria’s deep-water resources, while reducing costs and leveraging economies of scale,’’ he said.

Komolafe also said the commission would hold the maiden ‘Nigeria Upstream Oil and Gas Decarbonisation Forum’ in March 2025.

He said the organisation’s governance and regulatory framework for decarbonisation in the Nigerian upstream sector will be presented at the forum.

The NUPRC boss said the forum would provide a platform for key stakeholders to engage in meaningful discussions on decarbonisation and carbon monetisation.