Nigeria hopes to attract $2 billion through an initiative to permit certain companies to access flared natural gas, a byproduct of the oil production process that currently goes to waste.
The estimate comes from the Nigerian government agency that oversees oil producers and which last week granted licenses to 28 firms to access natural gas lost to flaring from oil production facilities.
The move is part of Nigeria’s plans to take a market-driven approach toward achieving a net zero emissions target, the agency said, hoping the initiative will remove 6 million tonnes of carbon dioxide yearly while creating more than 100,000 jobs. The licensed companies will be expected to capture and commercialize between 250 and 300 million standard cubic feet per day of flared gas, turning it around to produce 170,000 metric tons of liquefied petroleum gas annually, the agency said.