Nigeria oil licence applicants must prove low carbon emissions – Regulator

Nigeria will require applicants for oil licences and permits to show evidence of low carbon emissions and a renewable energy program from Wednesday before approvals are granted, the head of its upstream regulatory agency said on Tuesday. Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission, said the policy was to comply with the country’s goal of net zero carbon emissions by 2060. It issued a template, called the Upstream Petroleum Decarbonisation Template (UPDT), to guide applicants.

Komolafe said enforcement will start from Jan. 1, 2025, and will cover all approvals in the upstream sector including divestments. “By this, the commission is deepening its efforts to align the upstream petroleum industry with national priorities and international climate goals while ensuring sustainable value creation from oil and gas resources for Nigeria’s energy security and economic development,” Komolafe said. The new requirement will also compel operators to implement methane management programs such as leak detection and repairs, optimise operations with energy-efficient technologies and integrate renewable energy sources into projects.

Source: https://blueprint.ng/nigeria-oil-licence-applicants-must-prove-low-carbon-emissions-regulator/

Date: 2Jan25