The Nigerian Midstream and Downstream Petroleum Regulatory Authority is urging businesses to consider opportunities in the gas value chain to prevent future uncertainties regarding diesel supply and other challenges.
According to The Punch, this was shared on Tuesday by the authority’s Chief Executive, Farouk Ahmed, during the ‘South-West Stakeholders Engagement on Gas Utilisation in Nigeria’ one-day event in Lagos.
The event, which drew industry players, has been planned to take place in all six geopolitical zones of Nigeria.
Its goal is to educate end-users about the importance of obtaining a storage license and transitioning from white products to gas at the last mile.
The CEO said, “This epoch-making engagement seeks to encourage large consumers of petroleum products to not only operate within the regulatory space but also to become aware of the comparative advantages between the different fuels particularly gas which has been designated as Nigeria’s transition fuel.”
Ahmed, who was represented by the Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, Ogbuko Ukoha, highlighted the Federal Government’s various initiatives.
These included the National Gas Expansion Programme, Decade of Gas Programme, and the Petroleum Industry Act (2021), and emphasized the need for collaboration and intervention to enhance domestic gas utilisation.
The South-West Regional Director, Lukman Cardoso, also encouraged businesses to take advantage of the opportunities in the gas value chain to hedge against future uncertainties in diesel supply.
Speaking on behalf of Ukoha, said, “We encourage operators and businesses to take advantage of the evolving opportunities in the gas value chain for sustainable business growth by positioning their energy needs to embrace gas derivatives in order to hedge against future global uncertainties to diesel supply.”
