The Federal Government has taken a huge step towards boosting its gas sector regulatory framework by collaborating with the United Kingdom’s Office of Gas and Electricity Markets (OfGEM).
The government is looking to tap into OfGEM’s experience to promote investor confidence while aiding emissions management.
The partnership was wrapped up during a meeting in the United Kingdom between the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, officials from OfGEM, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Ekpo, speaking via his spokesperson, Louis Ibah, said that Nigeria collaborated with OfGEM to improve regulatory innovation and capacity. Ekpo maintained that effective collaboration between both nations will attract the type of investments needed to boost Nigeria’s gas infrastructure. The Minister also emphasised how vital the development of regulatory frameworks is to aid the integration of renewable gases like hydrogen into the country’s energy mix.
“By fostering partnerships between Nigerian entities and UK-based firms, we can attract investments that will bolster our gas infrastructure, ensuring efficient delivery and utilisation.
Nigeria is committed to reducing methane emissions and promoting decarbonisation in our upstream operations,” he said.
Also speaking, NMDPRA’s Chief Executive, Farouk Ahmed, described the partnership as a crucial intervention that has happened at the right time. According to him, seeking global expertise is a wise way to guarantee an investor-friendly midstream framework in the coming years.
His words, “With osprey investments bridging the gap, we are tapping into global expertise to build a resilient, transparent, and investor-friendly midstream framework.”
The Ministry of State Petroleum Resources (Gas) and NMDPRA insist that their relationship with OfGEM will initiate reforms that will align the nation’s gas sector with global practices to sustain Nigeria’s economic goals.
