NUPRC Recommits To Upstream Decarbonisation Drive, $410bn Needed For Net-zero

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed its commitment to decarbonising the country’s upstream oil and gas sector, aiming for net-zero emissions by 2060.

This ambitious goal requires significant investment, estimated at $410 billion, to transform the energy landscape.

Chief executive of NUPRC, Gbenga Komolafe delivered a keynote address at the Decarbonisation and Energy Sustainability Forum (DESF) in Abuja on Tuesday, said the commission is already spearheading this effort through strategic initiatives such as the Nigerian Gas Flare Commercialisation Programme (NGFCP) and a dedicated carbon credits policy, which aligns with global climate goals while ensuring energy security and economic growth.

Komolafe, while emphasising the urgency of the global energy transition, however stressed the need for a just transition that balances climate goals with economic realities.

According to him, with 37.5 billion barrels of crude oil and  209.26 trillion cubic feet of natural gas and life indices  of 70 and 90 years, respectively, the stakes are even  higher for Nigeria.

“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. As we navigate this transition, we must

strike a balance that fosters sustainability, ensures energy security, and promotes economic prosperity for all,” he said.

The CCE, also declared March 18th as Upstream Decarbonisation Day: “a day that will stand as a symbol of our commitment, a rallying point for action, a reminder of our responsibility to reinforce our sustainability efforts, and accelerate our drive toward a cleaner, more resilient future,” he said.

Key initiatives include leveraging natural gas as a transitional fuel, reducing methane emissions, and developing carbon markets to incentivise sustainable practices. The Commission is also enhancing regulatory frameworks and collaborating with international partners to advance these efforts.

He reaffirmed Nigeria’s commitment to achieving net-zero emissions by 2060, leveraging natural gas as a transitional fuel.

Key initiatives include the Nigerian Gas Flare Commercialisation Programme (NGFCP), the Decade of Gas Initiative, and the establishment of a dedicated Energy Sustainability and Carbon Management department.

Komolafe also highlighted the importance of regulatory reforms, such as the Petroleum Industry Act (PIA), to enhance transparency and attract investments.

On energy security and sustainability, he stressed the need for energy security, affordability, and sustainability, emphasising Nigeria’s role in the global energy landscape.