The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has shortlisted 139 companies out of 300 firms that applied to be involved in the Nigerian Gas Flare Commercialisation Programme (NGFCP) 2022.
In an announcement yesterday, the upstream petroleum regulator said 300 companies indicated interest including those who had submitted proposals before.
NUPRC had in November opened the request for companies to apply to the gas buying and trading scheme to reduce the flaring of gas from oil production facilities.
It said with the Petroleum Industry Act 2021 (PIA), the NGFCP was restructured to curtail gas flaring by providing revenue generation incentives.
The Finance Bill 2022, yet to be signed into law, provides for incentives for gas flare trading where firms can convert the flared gas into Liquefied Petroleum Gas (LPG) for cooking, melting and heating purposes.
This will also help to reduce the effects of the flared gas on the climate especially in the oil producing Niger Delta.
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