Business

IOCs say energy transition is sacrosant

International oil companies (IOCs) operating in the country have supported energy transition programmes in the world, saying that Nigeria has the right to transit from fossil fuels to zero-carbon emission at the earliest possible time.

 

The IOCs, which include Mobil, Shell, Total Chevron, lent their support to energy transition programmes being discussed globally. At a stakeholders’ forum in Lagos recently, the companies said that the energy transition required consideration by the Federal Government, stressing that it was the way to go globally.

 

The Country Chair of Shell Companies in Nigeria, Mr Osagie Okunbor, said the country needed to put in place energy transition in place before 2050 is necessary, in order to prevent Nigeria from being cut out of the programme. He said the transition was going to be gradual in Nigeria, in view of the fact that the country still has years ahead to explore petroleum, which it has in large quantities. He said that transition from fossil fuels to zero-carbon was key to the economic growth in developed and developing countries, advising the government to give it more attention. According to him, efforts must be geared towards implementing energy transition plans in the country in the nearest future, since it is very crucial for countries across the world to go for it. He said that developed countries in Europe and beyond had drawn the template for transisting to zero-carbon emission since they know how beneficial the idea would be to them in the long run. Nigeria, he said, had potential to develop its oil and allied sector greatly, urging stakeholders to see the issue of energy transition globally as a good one in view of the benefits that will accrue to them in future. Osagie, also the Chief Executive Officer, Shell Petroleum Development Company (SPDC), said the country was immensely blessed with natural gas, adding that the country could as well make use of its gas resource for greater productivity.

 

He said with 204 trillion standard cubit feet of proven gas reserves, Nigeria could achieve a lot through it. The gas reserves, he said, were huge and capable of bringing developments to the country, if well explored.

 

He said the country had a replacement for fossil fuel already, stressing that gas could be used as fuel in the country. The Federal Government, he said, should not hesitate to explore the potential in gas resources for economic growth.

 

Also, the Managing Director, Seplat Energy Plc, Mr Roger Brown, said the huge reserves in Nigeria served as an advantage for the country, adding that Nigeria is blessed with both gas and oil.

 

Represented by the Director of New Energy in Seplat, Mrs Yetunde Taiwo, at the forum, Brown said gas would serve the country for a long time, urging operators in the industry to maximise the potential in gas for the growth of the country.

 

Seplat, she said, was strongly committed to the idea of developing and promoting the use of natural gas for growth, adding that the bye- product of gas was being used greatly in homes and offices in Nigeria

 

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