The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has organized a Bidders Conference/Investor Forum for industry stakeholders, to accelerate the implementation of the Nigerian Gas Flare Commercialization Program (NGFCP).
The chief executive of NUPRC, Mr. Gbenga Komolafe, who made this known in a statement in Abuja, said the conference would offer stakeholders and investors in the country’s upstream oil sector an opportunity to seek clarification on the programme.
The forum announced for February 2, 2023 in Abuja would take place just a month after a similar conference in Lagos on January 16, for stakeholders and investors in the proposed mini round of bids for offshore oil fields. .
Komolafe said forum participants would include qualified applicants, funders, technology providers, equipment manufacturers, service providers, funders and other interested entities.
He said it would also facilitate qualified applicants’ engagements with technology providers, potential lenders, financial institutions, and foster business relationships and partnerships for the overall success of the program.
According to Komolafe, the NUPRC in August 2022 relaunched the NGFCP 2022, to boost Nigeria’s commitment to end routine gas flaring within the decade, support the imperatives of Nigeria’s Energy Transition Plan (ETP) and create value. from waste.
He said the NGFCP 2022 had been restructured to reflect the current gas flaring situation, prevailing operating realities in the industry, and changes in the socioeconomic landscape due to the passage of time since the NGFCP was originally conceived in line with the Law on the Oil Industry of 2021. (PIA).
“Therefore, the 2022 NGFCP is amended to deliver end-to-end value from flare gas trading to existing and new entrants.
“Pursuant to Section 105(2) of the PIA and similar provisions allowing the Commission to do so, the Commission initiated the Request for Qualification (RFQ) stage of the 2022 NGFCP.
“This was through the issuance of the Statement of Qualification (SOQ) to allow existing applicants to validate their status and new investors to register to participate via the NGFCP website/portal.
“NGFCP 2022 registered significant interest from stakeholders, including existing participants, new investors, multilateral institutions, equipment manufacturers, and the broader investment communities, both domestic and international.
“As of the SOQ submission deadline, 300 companies/entities had registered their interest in revalidating their prequalification status as existing entrants or submitting the Statement of Qualification (SOQ) as new entrants.
“In addition, in accordance with the provisions of the RFQ, the Commission conducted the SOQ screening exercise, in which a total of 139 applicants were deemed successful and granted Qualified Applicant status,” it said.
To that end, and based on Section 105(2) of the PIA and similar provisions that allow the Commission to do so, he said that the Commission had published the list of qualified applicants who will proceed to the Request for Proposal (RFP) phase. ) of the NGFCP 2022.
He further said that details of the SOQ assessment exercise could be accessed on the NUPRC website and the NGFCP portal via www.nuprc.gov.ng and ngfcp.nuprc.gov.ng, respectively.