The Nigerian oil regulator got props from the International Energy Agency for making companies factor in climate goals when they apply for new drilling projects. NUPRC boss Gbenga Komolafe met with IEA reps in Abuja and talked up how the 2021 Petroleum Industry Act has made things more predictable for investors. The commission has rolled out 17 different regulatory frameworks since then.
IEA's Rita Maderia said she was impressed that Nigeria is baking emissions reduction into field development plans because that's what global investors want to see. The agency pointed out that African gas development is key to getting power to the 600 million people on the continent who don't have electricity. Even if Africa taps all its known gas reserves, global emissions would barely budge.
The two sides agreed to team up on market data sharing, host workshops about gas projects and energy transition stuff, and get Nigeria into more international energy conferences. Komolafe mentioned they're upgrading their digital systems to keep upstream data secure and valuable.
IEA's Rita Maderia said she was impressed that Nigeria is baking emissions reduction into field development plans because that's what global investors want to see. The agency pointed out that African gas development is key to getting power to the 600 million people on the continent who don't have electricity. Even if Africa taps all its known gas reserves, global emissions would barely budge.
The two sides agreed to team up on market data sharing, host workshops about gas projects and energy transition stuff, and get Nigeria into more international energy conferences. Komolafe mentioned they're upgrading their digital systems to keep upstream data secure and valuable.
