20 September 2017, Sweetcrude, Port Harcourt – Indigenous oil company, Belemaoil Producing Limited, says it will end flaring of gas within its operations by 2019.
Managing Director of the company, Mr. Boma Brown, who gave the timeline at an event for the introduction of the Belemaoil model to host communities held in Port Harcourt, said the company has it on its business model to monetise gas from its oilfields instead of flaring.
Brown said projects lined up by the company to end gas flaring include converting the gas to power and compressing the gas for sale in the domestic market.
According to him, “In the area of gas flaring, it is necessary to do the needful. We have already set up a team to monetise our gas. It means basically, we are going to turn the gas that is currently flared to revenue. It is in our business model.
“We are saying that in two years’ time, we will not flare gas in our host communities. We will achieve it through the execution of the projects we have earmarked to stop the flaring. By 2019, we are ending gas flaring.
“There are series of projects that we have brokered and they are already at the concept-select phase and this is purely our own business model. We have the commercial framework to make sure that the end customer picks up this gas.”
Brown also stated that the company’s gas-to-power project would be designed to power the host communities of the company.
He reiterated the need for the federal government to fully deregulate the power sector just like it did to the telecommunications sector in order to attract more investment to the sector.
He explained that the engagement to end gas flaring by Belemaoil was already ongoing as the company have to look at it from “the source to the sink.”