According to the latest report from the International Energy Agency (IEA), Nigeria will require up to $1.5 billion by 2030 to decrease methane emissions in the country’s oil and gas operations. The report highlights that oil and gas majors operating in Nigeria must contribute $300 million towards this target, while the Nigerian National Petroleum Company Limited and other investors in the oil and gas industry should contribute $700 million and $500 million, respectively, during the same period.
The IEA report identifies various challenges in mobilizing the necessary investment, such as limited funds, economic and institutional barriers, and inadequate infrastructure. The report also stresses the significance of reducing methane emissions in the global oil and gas industry for sustainable economic development.
Reducing methane emissions is considered one of the most cost-effective methods to mitigate greenhouse gas (GHG) emissions. Implementing abatement measures can generate revenue through the sale of captured methane. The IEA emphasizes that addressing methane emissions from oil and gas operations is crucial for limiting near-term global warming.
To achieve the emissions reductions outlined in the report, an estimated cumulative spending of over $75 billion by 2030 is required. The distribution of spending varies across geographies, operators, and different stages of the value chain. Approximately $55 billion is needed for upstream oil and gas facilities, while just over $20 billion is required for downstream operations.
Methane abatement in the oil and gas industry is considered one of the most economical options for reducing GHG emissions throughout the economy. The report indicates that abatement measures could generate approximately $45 billion in revenue from the sale of captured methane. The average cost of methane reductions until 2030 is estimated to be less than $5/tonne CO2-equivalent. Even without considering the value of the captured gas, most available abatement measures would still be cost-effective with an emissions price of approximately $20/tonne CO2-equivalent.
Oil and gas companies bear primary responsibility for reducing methane emissions, with the required spending amounting to less than 2 percent of the industry’s net income in 2022. While private financing options are limited, external sources of finance can support the industry. The IEA highlights the importance of regulations and policies on methane abatement, which can be complemented by public financing from governments or multilateral development banks to attract private investments and fill potential funding gaps.
The report emphasizes that around $15-20 billion of the total spending requires special attention to ensure sufficient sources of finance. This includes funding for emissions reduction in low- and middle-income countries, facilities owned by national oil companies and smaller independent companies, and measures with limited financial returns over their lifetimes. Targeted international efforts are deemed necessary in this area.
The IEA mentions various previous initiatives to finance methane abatement, including international emissions pricing schemes, regional emissions trading markets, sustainability-linked financing, and direct public funding. It emphasizes the need for tailored financing initiatives aligned with specific projects and reduction goals, accompanied by clear accountability frameworks.
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