The Society of Petroleum Engineers (SPE), Nigeria Council, has encouraged the government to implement adaptable measures that shield Nigerians from socioeconomic impact of the energy crisis, along with oil theft and the global transformation agenda which the country suffers with.
This was said at a news conference prior to the Nigeria Annual International Conference and Exhibition (NAICE) in Lagos in 2022 by Olalekan Olafuyi, Chairman, SPE, Nigeria Council.
The SPE hosts the NAICE every year, and the 2018 version will take place in Lagos from August 1 to August 3.
The conference’s theme, “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa,” according to Olafuyi, is quite pertinent and in keeping with the times.
Nigeria has enormous oil and gas reserves, yet it still has a significant energy shortage that contributes to severe poverty and widespread unemployment.
The globe is struggling to strike a balance between the pressing need to switch to greener energy and the clear energy crisis and recent economic hardships, he said.
“It is anticipated that Africa will develop adaptable energy transition solutions. The focal point of the conference is this.
He contends that in order to overcome the country’s energy shortage, Nigeria’s plentiful natural gas resources must be fully utilized.
He claimed that in order to achieve this goal and stop the practice from negatively impacting the nation, oil corporations must adhere to the penalty for gas flaring.
Olafuyi claimed that President Muhammadu Buhari had informed the international world that Nigeria was committed to and actively working toward reaching a net zero carbon emission by the year 2060.
Additionally, he called for creating laws that would assist the production and utilization of gas, as well as investments in gas infrastructure across the nation.
Regarding the recent spike in oil theft in the nation, Olafuyi stated that SPE was prepared to work with the government to propose measures that could end the problem.
He continued by saying that oil theft and vandalism were reducing Nigeria’s earnings and posing a serious threat to the sector.
Timipre Sylva, a minister of state for petroleum resources, and Mele Kyari, the group CEO of the Nigerian National Petroleum Company Ltd., will both present at the 2022 NAICE, according to Olafuyi.
Other speakers were Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission.