Nigerian regulator: Applicants for oil licenses must demonstrate low carbon emissions

Nigerian applicants for oil licenses and permits will be required to provide evidence of low-carbon emissions and a program of renewable energy starting on Wednesday, before they are approved. This was announced by the head of Nigeria's upstream regulatory agency.

Gbenga Kmolafe said that the Nigerian Upstream Petroleum Regulatory Commission's policy is to meet the country's target of zero net carbon emissions by 2060.

The template is called the Upstream Petroleum Decarbonisation Template.

Komolafe stated that enforcement would begin on Jan. 1, 2025 and cover all approvals, including divestments, in the upstream industry.

The commission will continue to work towards aligning the upstream oil industry with the national priorities, international climate goals and ensuring the sustainable creation of value from the oil and gas resources in Nigeria for its energy security and economic growth.

The new requirement will also force operators to implement programs for methane management, such as leak detection and repair, optimise their operations using energy-efficient technology and integrate renewable sources of energy into projects. Reporting by Camillus EBOH Editing by Chijioke OHuocha and Alexandra Hudson

(source: Reuters)