The Director of Petroleum Resources, Engr. Sarki Auwalu, has stated that oil and gas will still be relevant as energy source for decades despite ongoing global campaign for the embrace of energy transition.
He disclosed this in his address at the 45th edition of the Society of Petroleum Engineers Nigeria Council (SPE) Nigeria Annual International Conference and Exhibition which held in Lagos last week
He said: “For the foreseeable Future, we would continue to see a mix of all energy sources – coal, oil, gas, nuclear, renewables – in the supply equation. Whereas renewable sources will make steady in-roads in the global mix, oil and gas will be relevant in decades to come”.
He explained that the development was informed by the outcomes of market analysis and forecasts based on demand-supply equilibrium, socio-economic fundamentals, climate change & environmental considerations as well as technology and innovation that is shaping the dynamics of global outlook.
According to him, the character of Petroleum as an energy resource, which include availability, accessibility, affordability, reliability, and efficiency, gives it a measure comparative advantage over emerging energy alternatives for secured and stable energy supply.
He said: “However, we would not delude ourselves that change is not happening; we must continually re-invent the industry and find ways to improve the environmental credentials of oil and gas by deploying technologies for carbon reduction and management to maintain its acceptability as fuel.
“I dare say, though, that the ongoing narratives of the relative significance of each energy type and the clamour of “end of oil era” is not informed by technical and economic considerations alone but by global geopolitics and the vagaries of neo-colonialism as well.
“In this, Africa and other petroleum resource rich countries, including OPEC members, must have a seat on the table of global energy discourse and have their clear voices heard. Indeed, as Africans must take its destiny in hand and rewrite history by leveraging abundant human and natural resources which nature has bequeathed on this great continent to create wealth for its people, eliminate poverty, improve social-economic conditions while driving value for the globe. Only Africa can grow Africa!
“Today, Nigeria, under the stewardship of Mr. President is rising to the occasion as the ‘trigger’ for continental growth and economic transformation using its oil and gas resources to drive value for national development while recognising the challenges of energy transition and global dynamics”
He said the DPR continues to foster innovative ideas and create of opportunities for investments and sustainability in the industry in Nigeria.
He expressed enthusiasm of his agency to collaborate with all relevant stakeholders, including the SPE, towards the realization of governments’ aspirations for the oil and gas sector.
He added that the DPR will continue to promote efficiency to meet the needs of the industry, creating value, enhancing transparency, reducing barriers and transaction costs, and promoting maximum value delivering for the government, industry, and investors.
SOURCE: independent.ng