Oil & Gas

Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Ltd, has assured global investors that Nigeria is committed to eliminating gas flaring by 2030. This ambitious goal will be achieved by converting the flared gas into useful resources, particularly for use in automobiles and power generation. Kyari emphasized that these efforts are part of the country's broader strategy to address both environmental concerns and growing energy demands, which are critical to Nigeria’s economic future.

Kyari made this declaration during a Strategic Panel Session on "Decarbonising Operations across Upstream, Midstream, and Downstream" at the ongoing Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC 2024) in the United Arab Emirates. Represented by Mrs. Oritsemeyiwa Eyesan, NNPC Ltd’s Executive Director of Upstream, Kyari called for greater collaboration and transparency within the global energy industry. As the world faces mounting pressure to achieve net-zero emissions, he stressed the importance of cooperative efforts among all stakeholders to make meaningful progress on decarbonization.

Addressing the unique challenges faced by Africa, Kyari noted that the continent is grappling with both the urgent need for decarbonization and widespread energy poverty. To tackle these issues, Nigeria has introduced two key policy shifts: declaring the "decade of gas" to transition from a fuel-dependent economy to a gas-driven one, and removing fuel subsidies. These initiatives are seen as pivotal steps in Nigeria’s commitment to decarbonization, with gas positioned as a cleaner energy alternative in the country’s energy mix.

In his remarks, Kyari also highlighted Nigeria's significant gas reserves, estimated at 209 trillion cubic feet (tcf), which could play a central role in the country’s energy transition. However, he pointed out that accessing the necessary capital for gas infrastructure projects remains a challenge, as funding is primarily sourced from international oil companies (IOCs) that focus on gas exports. To address this, Kyari urged for greater access to capital for countries in the global south, ensuring they can tackle their unique energy and environmental challenges. He concluded that solving these problems requires a nuanced understanding of the disparities between nations, despite a shared goal of sustainable energy development.