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Oil earnings will drop as US, others back out of fossil fuels

Nigeria’s earnings in oil and gas are going to fall drastically, in the event that countries in developed markets carry out their plans to stop financing production of fossil fuels in 2030.

 

That is unless the Federal Government discovers alternative source of revenues, stakeholders have said. This is coming on the heels of climate conference, held in United Kingdom.

 

At the meeting, 20 countries, including United States, UK, Canada and 17 others agreed to stop financing production of fossil products outside their borders in 2030, as parts of efforts to successfully migrate to low carbon source of energy.

 

Since a week ago, when the issue was deliberated upon, unusual calmness has greeted Nigeria, which relies on earnings from crude oil and gas for sustenance of her economy.

 

This is evident, by the views of stakeholders, who were drawn from the downstream and upstream segments of the country’s oil and gas industry. In an interview with Sunday Telegraph, the Chairman, Stam Group, Mr Adekunle Ali, said that the decision by countries in Europe and beyond to end funding of production of fossil fuels in the next 10 years, would have far reaching consequences on Nigeria.

 

According to him, the issue is going to have long-term effects on the finances of the Federal Government, in view of the fact that it generates the bulk of its revenues from crude oil exports.

 

Continuing further, the development, he said, would hurt the nation’s economy, as the government would find it difficult to finance many of its critical projects. He said: “The development means that, International Oil Companies (IOCs) operating in Nigeria would wind down their operation. Even if they continue to produce upstream, they are going to so for a limited period of time.”

 

Ali said that, if Nigeria failed to look forward, by going to other sources of energy production, like renewables, the country would suffer for it.

 

Also, the Director, Business Development, Petrolog Group, Mr Tunde Olaniyan, said the government knows the negative consequences, which the issue is going to have on its oil and gas sector and resorted to asking for extension of the date for Nigeria to transit from fossil to low carbon means of energy production.

 

Citing the State Minister for Environment, Ms Sharon Ikeazor, the Minister, according to him, requested that Nigeria should be allowed to transit from fossil fuels to other sources in the next 60 years.

 

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