The Nigerian government has opened the Nigerian Exhibition Pavilion at the 2023 Offshore Technology Conference holding at Houston, Texas, USA
The permanent secretary, Federal Ministry of Petroleum Resources Amb. Gabriel Tanimu Aduda declared the Nigerian Exhibition Pavilion open.
The Nigerian exhibition pavilion’s theme was ‘Energy Transition and AfCFTA: Key Reforms for Sustainable Development of the African Oil and Gas Industry’, organised by the Petroleum Technology Association of Nigeria (PETAN).
The Commission Chief Executive NUPRC Engr Gbenga Komolafe delivered a keynote speech themed, “Energy Transition and Nigerian Upstream Oil and Gas Landscape: The Journey, Challenges & Way Forward”, at the ongoing conference.
He said as a business enabler, the NUPRC has chosen to adopt alternative funding mechanism that leverages the technical capacity of indigenous and foreign investors.
He said, “Given the huge opportunities presented by abundant oil and gas reserves in Nigeria and against the need to optimize our oil and gas production while energy transition gathers momentum, the NUPRC as a business enabler has chosen to adopt alternative fund mechanism that leverages the technical capacity of indigenous and foreign investors to create robust synergy among the oil services providers , financing institutions commodity traders and awardees to accelerate oil and gas production while the conversation on Energy Transition continues to gather momentum.
“In the operationalization of this mechanism, the NUPRC as a regulator and on behalf of the Federal Government of Nigeria (FGN) shall provide the confidence assurance to the participants in the funding model.
“This is to ensure that all parties within the business collaboration agreement fully honour the terms of the agreement under the watch of the Regulator.”