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Rough draft ventures invests in acenna8/10/2023 ![]() ![]() Available records indicate that Nigeria’s oil joint venture partners prioritized profits through increase in oil production without relating oil production to the capacity of gas utilization facilities required to meet policy deadline. However, oil joint venture partnerships between Nigeria’s NNPC and international oil corporations (IOCs) from the United States of America, Britain, France and the Netherlands in oil production flared 514,779,616 standard cubic feet (scf) of associated gas out of 619,032,858 scf of total associated gas flared in 2011. This has led to the adoption of zero-gas flaring policy in 2003 in line with the domestication of related international initiatives and treaties in Nigeria. The act of gas flaring in Nigeria began with production of crude oil in 1958, and has since engendered serious trans-boundary environmental, energy, economic and health implications. Thus, by adopting the rentier state theory, and qualitative method that relied on secondary sources of data, the study concludes that inadequate funding of NNPC's participation in oil joint venture partnerships constrained the financing of associated gas (AG) utilisation facilities resulting in the failure of enforcement of the zero-gas flaring policy in Nigeria. Regrettably, flaring of associated gas has global and local environmental, economic and health implications. Available records indicate that NNPC and its partners in the oil joint ventures prioritised profits and revenues through increase in oil production without limiting oil production to the gas utilisation capacity required to meet policy deadline. This is because NNPC lays emphasis on maximisation of oil revenues over adequate financing of gas utilisation facilities. NNPC in joint venture partnerships with international oil corporations (IOCs) from the United States of America, Britain, France and the Netherlands flared 514,779,616 standard cubic feet (scf) of associated gas out of 619,032,858 scf of total associated gas flared in 2011. ![]() The paper concludes that equity arrangements of the oil joint operation agreements hindered the implementation of zero-gas flaring policy in Nigeria. This study focused on the assessment of the impact of oil joint venture partnerships on the enforcement of zero-gas flaring policy in Nigeria. Available records indicate that Nigeria's oil joint venture partners prioritised profits through increase in oil production without pegging oil production to the capacity of gas utilisation facilities required to meet policy deadline. NNPC and international oil corporations (IOCs) from the United States of America, Britain, France and the Netherlands in oil production flared 514,779,616 standard cubic feet (scf) of associated gas out of 619,032,858 scf of total associated gas flared in 2011. Consequently, gas flaring in Nigeria began with production of crude oil in 1958 resulting in serious trans-boundary environmental, energy, economic and health implications. ![]() How is RDV connected to General Catalyst?Oil is indeed the 'devil's excreta'. RDV represents General Catalyst’s continued commitment to responsible innovation across tech - in other words, tech with the potential for massive growth but also immense good. GC’s longstanding support of Rough Draft Ventures underscores its commitment to finding and backing outstanding founders from all walks and stages of life–to help build the next generation of market-leading and life-enhancing companies. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. ![]() General Catalyst is a venture capital firm that invests in powerful, positive change that endures - for our entrepreneurs, our investors, our people, and society. ![]()
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