The Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari has said that Nigeria, requires a more gradual and flexible approach to achieve its energy transition goal.
Kyari, in his address at the just conclude 40th annual international conference and exhibitions of Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, said there was need for the continent, particularly Nigeria to shift attention to renewable energies.
The NNPCL chief who was represented by Mr Adokiye Tombomieye, the Executive Vice President (Upstream) of NNPCL, said:“ Interestingly, as the transition to cleaner energy gains momentum, it is comforting to discover that Africa is especially endowed with abundant sunshine that can support massive development of renewable energy enough to put Africa on the map of energy sufficient regions of the world” he said.
Kyari said currently, the energy transition is moving very aggressively, and major fund providers for petroleum upstream investment are now activists and anti-fossil.”
According to him, there is a need to recognize that while aggressive energy transition programmes are being pursued in developed countries, many emerging countries, especially those with hydrocarbon dependent economies like Nigeria, require a more gradual and flexible approach to the energy transition mantra.
He also disclosed that about 970 million Africans are currently lacking access to clean cooking gas.
According to him, with heightened campaigns on the use of sustainable energy sources and a match into a net-zero word, the energy mix becomes more diverse, but Africa’s current energy mix is still dominated by fossil fuel with hydropower making the only meaningful renewable energy contribution.
“Rapid demographic change will continue to drive up demand for energy services across Africa in the coming decades. Population growth rate has been consistently over 2.45 per cent and real GDP is projected to keep a stable and constant growth trend of around 4%. Oil demand in Africa stood at an average of 4.36 million barrels per day in 2022. Even though Africa has the world’s lowest eves of per capita use of modern Energy, its demand is set to increase with growth in population and incomes. As its population and incomes grow, demand for modern energy expands by a third between 2020 and 2030,” he said.
The Chief Executive Officer of Seplat Energy Plc, Mr. Roger Brown, said Seplat Energy believes that increased gas production and penetration in Nigeria presents huge opportunity for the Nigerian state and people.
He assured that Seplat’s ANOH and upgraded Sapele gas projects could fuel another 2000 MegaWatts (MW) of electricity by 2024.
Brown said: “The global quest to reach net zero emissions means energy companies must start to shift away from a heavy reliance on fossil fuels and invest in lower carbon alternatives. Banks are also facing their own pressure to cut back on fossil fuel investments and have started to pull back from financing the industry
