The Nigerian Upstream Petroleum Regulatory Commission has selected 139 companies from a total of 300 applicants to participate in the Nigerian Gas Flare Commercialisation Programme 2022.
The upstream petroleum regulator announced on Friday that 300 companies had expressed interest, including those who had already submitted proposals.
In order to prevent gas flaring from oil production facilities, NUPRC had launched the application period for businesses to participate in the gas purchasing and selling plan in November.
The NGFCP was reorganized, according to the statement, with the Petroleum Industry Act 2021, to reduce gas flaring by offering incentives for revenue production.
The Finance Bill 2022, which has not yet become law, offers financial incentives for businesses that turn flared gas into liquefied petroleum gas for heating, melting, and cooking.
Additionally, this will lessen the climate impact of flared gas, particularly in the oil-producing Niger Delta.
