By Chinwendu Obienyi
The Federal Government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Society of Petroleum Engineers (SPE) Nigeria Council has stated that the penalties for gas flaring for oil companies will increase.
This was even as it revealed that it is engaging with the Nigerian Maritime Administration and Safety Agency (NIMASA) on strategies to see how oil theft can be reduced in the shortest time.
Fielding questions from newsmen during the press conference of the 2022 NAICE by the SPE Council, Chairman of the council, Prof Olalekan Olafuyi, said there is a need for Nigeria to use its natural gas more instead of flaring.
Olafuyi said the SPE is in constant discussions with NIMASA to assist the agency in terms of addressing oil vandalism as well as theft by providing surveillance while adding that some companies have actually resulted into barging instead of passing through the pipeline.
Whilst stating that President Muhammadu Buhari is committed to making Nigeria a world player in terms of energy transition, Olafuyi noted that the penalties for flaring gases will increase.
He also noted that the oil sector will continue to play an important role in the economy amid the challenges confronting the oil sector globally.