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 at the weekend, 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 (PIA) 2021, the NGFCP was restructured to curtail gas flaring by providing revenue generation incentives.
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“Following the successful conclusion of the SOQ evaluation exercise conducted by the Bid Evaluation Team (BET), 139 applicants were deemed successful and awarded the Qualified Applicant status,” NUPRC said.
The successful firms will follow through the process to become Permit Holder or Flare Gas Buyer duly granted by NUPRC.
The Finance Bill 2022, yet to be signed into law, provides 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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