Nigeria to create new independent agency to regulate the gas industry - Kachikwu

  • Comments   -   Tuesday, 01 November 2016 - 12:55

(Ecofin Agency) - The Nigerian Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu (photo), has announced that the country plans to establish an independent agency to control the gas industry.

According to the Minister, the government would continue to be the policy maker but the new independent petroleum regulatory authority would be created and provided with adequate capacity to regulate the industry.

He explained that the new agency would cover the activities of the current petroleum regulatory authorities as well as new responsibilities.

It will be responsible for the economic, competition, technical, and safety regulation of the gas sector and shall have licensing, investigative, monitoring and dispute resolution powers,” he said not disclosing when the new regulator would be set up.

Nigeria which has the world's ninth-largest proven gas reserves, at 187 trillion cubic feet (tcf), has lost half of it to flaring and re-injection. In the past few months the country has witnessed gas shortages due to militant attacks on gas and oil installations in the southern Niger Delta oil region.

Kachikwu added that most of the investment needed to fix the gas industry would be gathered from the private sector.

The managing director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, said the state energy company requires $51 billion of investment in the midstream and downstream gas sector, of which $35.4 billion would be needed in areas including gas exploration and production activities, power plant projects and fertilizer plants, and another $16 billion investment would also be needed for infrastructure development, port infrastructure and gas transmission.

Anita Fatunji

 
Finance


 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.