The President, NGA, Mr Dada Thomas, said the government and operators recognised that the first step towards attracting huge gas investments was to provide a legal and regulatory framework that would enable the removal of all the other obstacles.
“As we all know, the passed gas policy proposes reforms are so profound that almost every new investment is on hold awaiting the resolution of the questions raised by this legislation,” he said in Lagos at a press briefing ahead of the association’s bi-annual gas conference slated to take place in Abuja next month.
According to him, turning natural gas into a profit-making venture requires huge investments in infrastructure that address the five component areas of gas availability, gas affordability, deliverability, funding and the legal and regulatory framework.
Thomas stated, “At no time in the history of our industry has natural gas been poised to play a more important role in our country and sub-Saharan African energy picture. The natural gas revolution is the most significant energy thing in decades of the region’s development.”
“The implications of this revolution, with a particular focus on what it means for the West African region, are important for our industry and the region’s economy to grasp. The benefits of natural gas in meeting our future energy needs are well documented. Its supply is increasingly abundant and diverse, which means greater energy security.”
Source: The Punch