Despite calls from the United Nations for the abandonment of fossil fuels, the Minister of State for Petroleum Resources, Chief Timipre Sylva has insisted that the time is not ripe for Nigeria to abandon its hydrocarbon.
In his opening remarks at the 21st Nigeria Oil and Gas conference in Abuja, he said the commodity will constitute the country’s energy mix.
According to him: “The oil producing countries are currently having conversations around moving away from fossil fuels to an energy mix dominated by low carbon sources of energy, renewables.
“For us in Nigeria, fossil fuel will always have a share in our energy mix for the foreseeable future, and we will not at this time
abandon our fossil fuels. We have however, adopted our vast gas resources across the country as transition fuel.”
He revealed that globally, oil-rich countries are having conversations around moving away from fossil fuels to an energy mix dominated by low carbon sources of energy – Renewables.
The Minister noted that with a proven gas reserve of over 200 Trillion Cubic Feet (TCF), the right policies and regulations to expand the utilization of her gas resources, Nigeria has huge potential to become an industrialised nation.
He added: “This shift to gas underscores President Muhammadu Buhari’s seriousness and determination in
the development of Nigeria’s vast gas resources, not just as a major exporter but also as a major gas-consuming nation.
“The President will continue to strengthen the gas value chain as it is vital in transforming the economy of our great country.
“This initiative will create over two million jobs per annum, promote skills acquisition, enhance technology transfer in addition to growing the nation’s Gross Domestic Product (GDP).”
The Organisation of Petroleum Exporting Countries (OPEC) emphatically described the calls for divorce from fossil fuels as unfortunate.
Speaking at the conference, the OPEC Secretary General, Malam Mohammad Sanusi Barkindo said there were distorted conversations against hydrocarbon.
“Unfortunately, the policy narrative in the run-up to and during COP26 last year in Glasgow, UK was heavily distorted against hydrocarbons and divorced from the reality of the world’s energy needs.
” Developing countries were urged to turn their backs on their own hydrocarbon assets, even though their right to sovereignty over the use of these natural resources is carved in the Paris Agreement’s principle of equity in the context of sustainable development.”
According to him, efforts to unwisely encourage divestment in the Hydrocarbon industries are unfortunately, becoming more pronounced.
