…We invest $3 billion annually on renewable energy – Total
By Prince Okafor
As the world transit to a cleaner energy source, the federal government has insisted that it would continue to advocate for gas utilization across the country.
This is according to the Minister of State for Petroleum Resource, Timipre Sylva, further enhance the current administration move toward the implementation of the nationwide gas infrastructure plan.
Also, Total Nigeria disclosed that it has been investing $3 billion annually on renewable energy in Nigeria and across the world to maximise its global presence to transition.
While speaking delivering a keynote address at the 5th Edition of the Sub-Saharan African International Petroleum Exhibition and Conference, theme: ”Post COVID-19: From Global Crises to Global Opportunities.” Sylva stated that, as the world was transiting to cleaner sources of energy, Nigeria’s focus was to use its vast natural gas resources to help battle global warming and foster national development.
In his word: “As you are aware, we recently declared 2021 to 2030 ‘the Decade of Gas’ development in Nigeria after making laudable achievements and successes in 2020 ‘the Year of Gas’.
“This represents another formidable opportunity point post-COVID-19, for industry players to add significant value for sustained growth and development.
“Developing domestic gas utilisation will not only cushion the effects of deregulation of the downstream sector, but also stimulate economic growth.
“It will also improve Nigeria’s energy mix, drive investments and create enormous job opportunities for Nigerians.
“To this end, despite the global COVID-19 challenges, we have embarked on the most aggressive implementation of the nationwide gas infrastructure blueprint, constructing critically integrated gas pipeline system across the nation.
” We have commenced the construction of the major 614km Ajaokuta-Kaduna-Kano (AKK) gas pipeline project and have completed the Escravos-Lagos Pipeline System Phase-2 to boost industrial activities across the country.
“Also, in order to effectively develop our gas sector, we have proposed fiscal incentives that would attract investments in the Petroleum Industry Bill.
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”We can assure you that these fiscal provisions will be one of the most attractive in Africa,” he said.
We invest $3 billion annually on renewable energy – Total
Also speaking on his company’s plan towards the global energy transition, during a panel session, the Managing Director, Total Upstream Companies in Nigeria, Mr Mike Sangster noted that, the world was gradually moving towards renewable energy in line with the Paris Agreement of Climate Change, Total has set a target to be carbon neutral by 2050.
“We will change from an International Oil Company, IOC, to an International Energy Company in the next few weeks, which is in furtherance of this objective.
“Total has been investing $3 billion annually on renewable energy across the world as it moves to maximise its global presence to transition into a key player in the sector.
“The electricity sector in Nigeria was challenging and there was a need for stability to encourage investors.
“Despite the push toward renewable energy, fossil fuels would continue to play a huge role in the energy mix in the years to come.
“Nigeria, with its abundant oil and gas resources could utilise this window for economic development through the passage of the Petroleum Industry Bill currently before the National Assembly.
“PIB is the opportunity to put this right to help Nigeria develop its abundant oil and gas resources as the world moves to energy transition.
“Gas has a key role to play in reducing carbon emissions. This is another opportunity for Nigeria as a country to benefit from its abundant gas reserve.
“Total has been supportive of the Nigerian Government in its quest to boost gas utilisation and we are currently involved in the multi-billion dollar Nigerian Liquefied Natural Gas (NLNG) Train 7 project.
“We are also supplying gas to power and fertiliser plants and had deployed drone technology and other innovations to reduce gas flaring and carbon emissions in the country.”