…Says award of ‘Gas Monetizing Development Award of the Year’ is well deserved
The executive secretary of the Nigerian Content Development and Management Board NCDMB, Mr. Simbi Wabote, has described the ‘Gas Monetizing Development Award of the Year,’ clinched by Nigeria’s ‘Decade of Gas Initiate’ as well deserved
He NCDMB boss spoke on the sidelines of the award event which held at the 2022 African Energy Week in Cape Town, South Africa early this week.
The federal government had declared January 2021 to December 2030 as Nigeria’s Decade of Gas, a period the government aspires to industrialize the country using gas as an enabler
President Muhammadu Buhari had on 29 March, announced “The Decade of Gas”, an initiative designed to ensure Africa’s biggest oil producer can take advantage of the global energy transition.
Wabote said the Initiative was one of the forerunners of the Petroleum Industry Act [PIA], a phenomenon that has opened the doors wide for investors to come into the energy sector in Nigeria.
“The ‘Decade of Gas Initiative’ came just as government was pushing through some major reforms for the sector, notably, the long-awaited Petroleum Industry Bill, that has seen the biggest transformation of Nigeria’s energy industry in decades,”
The award was received a high powered delegation led by the petroleum minister’s acting chief of staff/governor of OPEC for Nigeria, and special adviser, international energy relations, Dr Adedapo Odulaja
He was accompanied on the stage by the technical adviser (TA) on gas business & policy implementation to the honorable minister of state, petroleum resources, Dr. Justice O. Derefaka.
Others were the executive secretary, Nigerian Content Development and Monitoring Board, (NCDMB), Mr. Simbi Wabote, NNPC group executive director (GED) downstream, Adetunji Adeyemi amongst others.
The NCDMB boss said the award is a clear endorsement of Nigeria’s government commitment to natural gas monetization and development under the President Buhari administration and supervision of minister of state, petroleum resources, Mr. Timipre Sylva.
According to him, with the mass natural gas resource in Nigeria, the ‘Decade of Gas Initiative’ will transform the country, stressing however that this requires the collaboration of government with the necessary stakeholders; the international oil companies, the indigenous oil companies and financial companies.
Receiving the award the minister’s aide, Dr Adedapo Odulaja, said Nigerian government must deal with the energy poverty in the country. “We must find a way to unlock the natural gas potential of this great nation and drag over 120 million people out of energy poverty,” he said
The Nigeria gas sector holds enormous investment potential from a resource perspective with about 209Tcf of discovered natural gas reserves with probable potential of 600Tcf.