By Udeme Akpan
THE Minister of State for Petroleum Resources, Timipre Sylva, Tuesday, disclosed that the Federal Government has adopted gas as a strategy to meeting the nation’s climate-change-net-zero-emission target.
Speaking at the Annual International Conference & Exhibition of the Society of Petroleum Engineers in Lagos with the theme: “The Future of Energy – A Trilogy of Determinants: Climate Change, Public Health, and the Global Oil Market”, he expressed the government’s concern about joining the rest of the world to transit from oil to cleaner fuels.
Specifically, he said: “Let me state categorically that our approach towards the climate-change-net-zero-emission debate is to optimize the use of our abundant gas resource domestically as a transition fuel option towards meeting our Nationally Determined Contributions to climate change.
“As a Government, we are 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.”
The Minister of State, who reflected on current issues in the global oil market, said: “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 the extraction of carbon-laden resources. The COVID-19 Pandemic has further exacerbated the investment decline.
“The Government of Nigeria in collaboration with global partners are exploring policies, technologies, and investments to address the current global challenge that will support migration from our reliance on carbon dependent fuels to meeting our commitment to the Paris Agreement.”
He, however, added: “It is our belief that the distinguished Society of Petroleum Engineers (SPE) will be at the forefront of our quest to achieve the desired balance of a clean environment, safe public health, and a renewed global oil market. This SPE Annual International Conference and Exhibition 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.”