Nigeria needs about 3.5 billion investments to stop gas
flaring and as well meet the
commercialisation targets by 2020, it was learnt yesterday.
The Program Manager, Nigerian Gas Flare Commercialization
Programme (NGFCP), Office of the
Minister of State for Petroleum Resources, Justice O. Derefaka, made
this known in a presentation at the “Gas Aggregation Buyers’ Forum,” which the
Gas Aggregation Company of Nigeria (GACN) organized in Abuja.
The Programme, according to him, has identified over 140
flare points that flare one billion Standard Cubic Feet daily (SCUF)
collectively.
He said, if
harnessed, these could provide ~450,000 Metric tonnes (MT) of liquefied
petroleum gas (LPG) for over four
million Nigerian households.
He said: “Of this, 65 per cent of flare points are onshore
whilst 20 of the 89 onshore sites are large enough to independently sustain a
~50MW gas turbine. With an investment of ~USD 3.5 billion, the NGFCP could
create ~300,000 jobs and have a positive impact on the environment by
eliminating ~20 million tons of CO2 emissions per year and providing clean energy
to 6 million households. It could also generate ~2.5 GW of power and unlock
~600,000 Metric Tonnes of LPG a year. The NGFCP could reduce the risk of
sabotage of facilities in the Niger Delta, by improving the quality of life and
standards of living in the area.”
Derefaka said the Programme proposed that “assuming
around 65% of the flared gas volume
meets a minimum monetization investment threshold, the NGFCP has the following
potential: Overall investment: ~ US $ 3 – 3.5 billion, Potential annual revenues:
~ US $ 0.5 billion.”
It also assumed that
an average project size of US$ 40 MM, the NGFCP has a potential of
triggering 89 projects for over a 1.5 – two year period, could generate approximately 26,000 direct
jobs (assuming an average direct labor force of 300 people per project) and
approximately 300,000 direct and
indirect jobs.
THE NATION
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