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December 12, 2023
4 minute read
Calgary-based greenhouse gas (GHG) services provider will work with Nigeria’s leading independent energy company to eliminate gas flaring, reduce GHGs and accelerate the country’s energy transition.
Calgary, Canada and Lagos, Nigeria, December 12, 2023 – CarbonAi Inc. (CarbonAi) and Oando Energy Resources (OER), the upstream subsidiary of Oando PLC (Oando), are pleased to announce that they have entered a memorandum of understanding (MOU) to collaborate on several initiatives that will reduce greenhouse gas (GHG) emissions in Nigeria and accelerate the country’s energy transition.
The MOU includes supporting Oando on a range of initiatives including flared gas capture and usage projects as well as its sustainable transport programme. Under the MOU, CarbonAi will provide financing and technical services to flared gas capture and usage projects, as well as manage the quantification, verification, and sale of resulting GHG reduction credits. On the sustainable transport side, CarbonAi will provide its suite of software tools to quantify and verify GHG reductions and other benefits generated by the clean energy drive.
These initiatives are an important part of Oando’s overall sustainability commitments. Gas flaring is common practice in the Nigeria oil and gas sector, resulting in significant GHG emissions and contributing to poor air and water quality. Nigeria has committed to eliminating gas flaring by 2030 and has emphasized the commercialization of gas to create critical socio-economic benefits, including increasing electrification in the country. The flare-down projects being developed by Oando and CarbonAi will contribute to those goals.
“We are excited at the prospects of our partnership with CarbonAi. Our goal is to utilise this opportunity to enhance our decarbonization efforts by capturing the value in curbing gas flaring across our oil and gas operations. Furthermore, this MOU reinforces our commitment to support the government in realizing the country’s net zero ambitions through our ESG initiatives and targets,” said Dr. Ainojie “Alex” Irune, Chief Operating Officer of Oando Energy Resources.
CarbonAi is a world-leading provider of full-cycle GHG reduction services. The company finances, designs and constructs large-scale GHG emission reduction projects, focusing particularly on flare gas conservation projects in Africa and the Middle East. CarbonAi has also developed a suite of software tools to better measure and manage emissions data and monetize emissions reductions.
“We are tremendously excited to work with an industry-leading company like Oando as strategic partner in Nigeria,” stated CarbonAi’s Chief Carbon Officer, Yvan Champagne. “We are strongly aligned in our shared vision to leverage Nigeria’s tremendous natural and human resources to lead the energy transition by accelerating high impact projects that deliver immediate results.”
The MOU was announced by the parties at a side event in the Nigerian Pavilion at COP28, Dubai. The event was dedicated to the topic of advancing gas flare commercialization in Nigeria and was co-hosted by CarbonAi and the Gas Aggregation Company of Nigeria (GACN), a government-funded agency with the mandate of promoting partnerships to commercialize flared gas in the country.
About Oando Energy Resources and Oando Clean Energy
Oando Energy Resources (OER) is a leading African exploration and production company. Based in Lagos, OER is an independent oil and gas company with world-class operations, Oando has significant interests in a portfolio of oil and gas fields in Nigeria, Sao Tome and Principe.
Oando Clean Energy Limited (OCEL) is the renewable energy business subsidiary of Oando Energy Resources, a part of the Oando PLC group of companies. Our agenda is to invest in climate friendly and bankable energy solutions across the African continent, meeting our demand through the exploitation of green and renewable sources.
For more information visit: www.oandoplc.com and / or www.oandocleanenergy.com