In light of the global energy shift, Chief Timipre Sylva, Minister of State for Petroleum Resources, has urged the use of existing technology to make fossil fuels cleaner.
On Monday in Lagos, Sylva made the announcement while delivering a speech at the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE).
The conference had as its theme: “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa.”
He claimed that the conference's theme was perfectly timed given the world's changing energy environment and the call for a switch to cleaner energy sources to lower carbon emissions.
However, the minister insisted that the energy transition was better understood as offering clean energy rather than eliminating particular energy sources.
He said that the ongoing global energy crisis poses a significant threat to the sustainability and dependability of renewable energy sources as fossil fuel substitutes.
“Anticipated economic growth and rising global population, especially in Asia and Africa, will significantly push energy demand upward to a level that renewable energy sources only cannot meet by 2050.
“All these imply that the global energy mix will remain with us, amidst greater dominance by hydrocarbon energy sources, at least in the foreseeable future.
“It also indicates that energy transition will remain a gradual process, as against a rapid and radical shift as some have presented it.
“It is, therefore, necessary that more effort should be put into the use of available technologies like the Carbon Capture, Utilisation and Storage (CCUS), to make fossil fuels cleaner.
“This will encourage a win-win situation in terms of CO2 emission reduction and meeting global energy demand,” he said.
He claims that many nations have already realised how important it will be to adopt and use CCUS technology on a big scale in order to assist global energy transitions.
At this point in addressing climate change concerns, he claimed that investing in CCUS technologies was a very reasonable course of action.
African countries should create adaptive policies that take into consideration the various socio-economic, political, and developmental idiosyncrasies of particular nations, the minister who observed that energy poverty was a problem in Africa suggested.
“Africa’s energy poverty would have to be addressed by responsibly developing and utilising Africa’s abundant natural resource – fossil fuels, from where the renewable energy would be funded amidst a gradual energy transition.
“Nigeria, as the oil and gas industry leader in Africa, is committed to pursuing the energy transition to promote economic growth.”
According to Sylva, the nation is steadily investing in renewable energy sources, principally solar, to lower carbon emissions while continuing to utilise hydrocarbon resources, particularly natural gas, which is recognised as Nigeria's go-to fuel for the country's energy transformation.
For his part, Kamel Ben-Naceur, president-elect of SPE International in 2022, attributed the current global energy crisis to a substantial fall in investment in the upstream petroleum industry due to efforts to shift to a cleaner energy source.
Inflation was experienced in several nations, according to Ben-Naceur, as a result of the return to normalcy following the COVID-19 epidemic and the continuous unrest in Eastern Europe.
He claimed that predictions indicated that oil and gas would remain a key component of the energy mix for the foreseeable future, necessitating increased investment in the sector.
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