Petroleum Regulatory Authority urges businesses to explore gas value chain
Aja Chukwumerije, Enugu
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA has encouraged operators and businesses to take advantage of the evolving opportunities in the gas value chain for sustainable business growth by positioning their energy needs to embrace gas derivatives so as to hedge against future global uncertainties to diesel supply.
Executive Director, Distribution Systems, Storage and Retail Infrastructure of the Regulatory Authority, Mr. Ogbugo Ukoha made this known in Enugu on Wednesday at a Stakeholders Engagement on Gas Utilisation in Nigeria.
Ukoha said that the support and collaboration of operators and businesses are enjoined to achieve a safer and cheaper energy operating environment.
“The Authority accordingly appeals to all petroleum handlers to fully comply with the provisions of the Petroleum Industry Act and NMDPRA regulations and thereby avoiding strong regulatory enforcement which may adversely impact on business operations. The Authority’s statutory mandate remains to enable industry growth”. Ukoha said.
Earlier in an address, the Authority Chief Executive, ACE, Farouk Ahmed, welcome all participants to the epoch-making engagement which seeks to encourage large consumers of petroleum products to not only operate within the regulatory space but also to become aware of the comparative advantages between the different fuels particularly gas which has been designated as Nigeria’s transition fuel.
“It is in this regard that the Federal Government has put in place various initiatives and policy framework including National Gas Expansion Programme (NGEP) and the Decade of Gas Programme (DOGP).
“The Petroleum Industry Act (2021) has also established within the Authority the Midstream and Downstream Gas Infrastructure Fund to catalyze gas investments. These efforts are yielding significant results, yet more collaborations and interventions are needed to improve domestic gas utilization,” Ahmed said
Meanwhile, the Authority empowered by the Petroleum Industry Act (2021) is poised to enable the growth of the industry.
The twelve (12) regulations recently gazetted, unlock the golden opportunities and signpost the pathway to energy security.
It is therefore the hope of Nigerians that this engagement will create the necessary awareness and make the compelling case for industry operators to foster a compliance culture which alone guarantees safer and sustainable facilities.
