NCMDB deepens Modular Refinery Activities as FG shops for N4tn investors in gas
The Nigerian Content Development and Monitoring Board (NCDMB) Monday in Lagos, revealed several strategic gas development initiatives it has entered into with the private sector operators to drive gas utilization across the country.
In his address at the Nigerian Content Capacity Building workshop for media stakeholders in Lagos yesterday, the General Manager, Corporate Communications and Zonal Coordination, Dr. Ginah Ginah, said aside the current running modular refinery in Imo State which the Board powered, there are others coming up in parts of the country that will begin operations by next year.
He said the agency has equally powered the growth of Compressed Natural Gas (CNG) revolution in parts of the country.
Meanwhile, the Federal Government has said it will require N4tn to drive the gas expansion plan in 10 years. A document on ‘Nigeria’s Cretaceous Basins: The Potentials for Gas’ by the Nigeria Upstream Petroleum Regulatory Commission, said the sum would be needed for incremental investments from 2021-60 to reach net zero by 2060.
A breakdown of the N4tn revealed that the plan would require about N2.7tn ($6bn) as an additional cost that would be incurred for the application of what it termed “carbon capture and storage” in refining, and then about N1.9tn ($4bn) for gas expansion. The document further stated that to achieve the plan, there would be minimal capital expenditure beyond the usual spending due to the oil sector decline despite the gas increase.
FG, however, said operational expenditure savings were expected due to efficiency improvements as part of the transition plan. The gas expansion plan is part of the Federal Government’s energy transition plan towards delivering its 2060 United Nations mandate towards reaching net zero.
