Kyoto Protocol backs Pan Ocean Corporation gas reduction strategy
Nigeria’s quest to ensure effective gas utilisation received a major boost with the announcement that the gas utilisation project at the Ovade-Ogharafe oil field in Delta State has been successfully registered under the United Nations (UN) Clean Development Mechanism (CDM) of the Kyoto Protocol.
The project is designed to reduce greenhouse gas emission by more than two million tons of carbon dioxide annually.
The CDM allows for greenhouse gas emission reduction from projects in developing countries to be registered, and monitored under the UN so that these reductions can be sold to developed countries that have emission limits.
The Chairman, Pan Ocean Oil Corporation, an indigenous oil and gas company, and operator of the project, Festus Fadeyi, said it is the largest CDM project in Africa, and when at full capacity will provide 135 million standard cubic feet per day for electricity.
He said that this gas, which otherwise would have been flared, will be sold to developed countries to generate revenue for Nigeeria.
“The CDM registration has taken more than four years of efforts that were led by Carbon Limits of Norway. The credits will be sold to NUON, the Dutch state utility, so that the carbon emissions reductions that occur in Nigeria will help the Netherlands meet its obligation under the Kyoto Protocol,” he said.
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