The Federal Government said it would optimise the country’s abundant gas resource to achieve transition to low carbon energy sources.
Chief Timipre Sylva, Minister of State for Petroleum Resources, said this assertion at the 2021 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos, said 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.
“I believe so too, likewise the Government of Nigeria.”
He, however, faulted the assumption that the transition to the use of low carbon energy solutions must happen simultaneously across the globe.
The minister noted that those pushing for the move failed to take into account the different socio-economic, political and developmental peculiarities of individual nations.
“Let me state categorically that our approach towards the climate-change-net-zero-emission debate is to optimise the use of our abundant gas resource domestically as a transition fuel option towards meeting our Nationally Determined Contributions on climate change.
“As a government, we are determined to encourage more penetration of natural gas and its derivatives for domestic utilisation, 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,” said Silva.
He said it was obvious that the world was migrating from a fossil fuel-based economy to renewable energy.
This, he added, had engendered a corresponding decline in hydrocarbon including possible divestiture in the sector as deliberate frameworks were being championed to discourage extraction of carbon-laden resources.
The minister noted that the COVID-19 pandemic had further exacerbated the investment decline.
Sylva said the government was, therefore, collaborating with its global partners in exploring policies, technologies and investments.
He said this was aimed at addressing the challenge of migrating from carbon dependent fuels in order to meet its commitment to the Paris Agreement.
“It is our belief that the distinguished Society of Petroleum Engineers (SPE) will be in the forefront of our quest to achieve the desired balance of clean environment, safe public health and a renewed global oil market.