Petroleum Africa
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Friday, February 20, 2015
The World Bank and Nigeria are set to join forces to decrease gas flaring from oil fields in the Niger Delta. The partnership is part of an initiative to reduce flaring and monetize Nigeria’s natural gas resources which will stimulate economic growth and development in the region. The World Bank/Nigeria partnership is also encouraging significant investments in gas-to-power initiatives to aid the country’s lagging power sector.
World Bank said it has set aside more than $1 billion in risk financing to back the use of flared gas from oil fields across Africa to generate power.
The Bank hopes that new gas finds across East Africa can boost power generation across sub-Saharan Africa, where currently two-thirds of the population do not have access to electricity.
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