OGRepublic August Edition

NIGERIA OIL AND GAS
Nigeria will Utilise its Abundant Gas Resources and
it’s Derivatives, says Sylva, MSPR
to the use of low carbon energy solutions, is an
assumption that all national economies are
driven by the same parameters and does not
take into account the different socioeconomic,
political and developmental
peculiarities of individual nations.
He stated categorically that Nigeria’s
approach towards the climate-change-netzero-emission
debate is to optimize the use of
its abundant gas resource domestically as a
transition fuel option towards meeting
nationally determined contributions on
climate change. As a government, the country
is determined to encourage more penetration
of natural gas and its derivatives for domestic
utilization, power generation, gas-based
industries and propulsion in all aspects of the
national economy. This would in a
fundamental manner address the great
challenge posed by volatile oil market, the
environmental issues and public health
concerns.
Chief Timpre Silva, Nigeria’s Minister of State for Petroleum Resources
Th e N i g e r i a n F e d e r a l
Government is determined to
utilise its abundant gas
resources and its derivatives for
domestic utilization, power generation,
gas-based industries and all aspects of
the economy.
Speaking at the 2021 SPE NAICE, with
the theme: “the Future of Energy – A
Trilogy of Determinants: Climate
Change, Public Health and the Global
Oil Market”, The Minister of State for
Petroleum Resources, Chief Timiprye
Sylva, said that the petroleum industry
i n 2 0 2 0 w a s c h a l l e n g e d b y
unprecedented crisis as a result of the
COVID-19 pandemic.
He continued, “It is also true that the
c r i s i s h e r a l d e d u n p re d i c t a b l e
challenges, uncertainties and low crude
oil price that led to global economic
shutdown; thanks to the timely
development of vaccines, we are now on the
pathway to recovery.”
“The questions facing us then become:
Should we wait for another unwanted crisis
before we act on securing sustainable
energy for the future? Can we deliberately
influence public health, climate change and
ultimately global oil markets? That is why
the trilogy of determinants which form the
crux of this year’s theme is key” he said.
The Minister pointed out that the scenario
being projected by some energy experts is
that energy transition to low carbon energy
sources would make the world a better
living place with a cleaner climate. The
government of Nigeria aligns with this
thought.
However, that this process of change has to
happen by way of a simultaneous global
effort of transitioning national economies
Regarding the global oil market in the
foreseeable years, it is becoming obvious that
a global migration from a fossil fuel-based
economy to renewable would engender a
corresponding decline in hydrocarbon
including possible divestiture in the sector as
deliberate frameworks are being championed
to discourage extraction of carbon-laden
resources. The COVID-19 Pandemic has
further exacerbated the investment decline.
Sylva posited that the government of Nigeria
in collaboration with global partners is
exploring policies, technologies and
investments to address the current global
challenge that will support migration from its
reliance on carbon dependent fuels to
meeting its commitment to the Paris
Agreement.
He encouraged SPE to be in forefront of quest
to achieve desired balance of clean
environment, safe public health and a
renewed global oil market. The SPE NAICE will
be an appropriate platform to bring to the
front-burner the critical discussions that
would forge a robust and implementable
clean energy solutions pathway for Nigeria.
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