Energy - Environmental Business - Oil & Gas - November 30, 2021

Energy transition: Shell advocates optimization of Nigeria’s renewable energy, natural gas resources

MEDIATRACNET

To realize the energy transition agenda, Nigeria must consider optimization of her renewable energy resources and the development of natural gas potentials, the Country Chair of Shell Companies in Nigeria, Osagie Okunbor, has said.

Okunbor said this was part of a two-pronged strategy the company is proposing for the country’s energy transition programme.

The proposal, he said, was necessitated by the need to respond to the global call to reduce the exploitation of fossil fuels and production of Green House Gases.

“To tackle climate change, power generation, for example, must evolve the use of a combination of more renewable sources of energy, as well as natural gas – the cleanest-burning of hydrocarbon fuels,” Okunbor said.

Okunbor is quoted by Shell’s Media Relations Manager, Bamidele Odugbesan, to have made the proposal on Monday while delivering the 51st Founders’ Day lecture of the University of Benin titled: “The Global Energy Transition and The Imperatives for Nigeria’’.

He called for an urgent optimisation of Nigeria’s energy resources for a speedy economic and industrial development, adding that with about 202 trillion cubic feet of proven gas reserves and about 600 trillion cubic feet of unproven reserves, Nigeria sufficient capacity to realize her energy transition goals.

“Harnessing these vast gas resources in the country, and on time too, is key in the next decade of Nigeria’s existence,” Okunbor said.

He said the second approach for Nigeria’s successful energy transition would be an intentional growth of off-grid power and renewables industry taking advantage of foreign financial support and technology transfer.

“The on-going energy transition is here with us. As with other transitions, it is a journey that will involve multiple approaches, collective action and undoubtedly present new challenges and opportunities.

“Nigeria is well positioned to ride the wave of the current energy transition with its abundance of natural fossil fuels and renewable solar energy.

“We need to move with a greater sense of urgency and a clear sense of direction,” he stressed.

Nigeria, as a country with abundant natural fossil fuel resources, he said, cannot afford for international and multilateral agencies to stop funding the development of fossil fuels, particularly gas development projects.

Although he acknowledged the transition was already underway, he said it would move at different paces and produce different outcomes in different countries, depending on local factors.

“Society, as a whole, faces a dual challenge to transition to a low-carbon energy future, dealing with how to manage the risk of climate change, while also extending the benefits of energy to everyone on the planet.

“This is a challenge that requires changes in the way energy is produced, used and made accessible to people.

He said in spite of the efforts at decarbonisation, oil and gas would remain in the energy mix for some decades to come, adding that this was partly a consequence of the time needed for renewables to reach the necessary level of materiality.

In part, he said it was also a consequence of the lack of substitution options in some parts of the economy, adding that while the world would need to meet its energy needs, it would at the same time tackle the impact of climate change.

To make the Federal Government’s Decade of Gas agenda a success, Okunbor said the country would need to unlock the domestic gas-to-power value chain.

This would be done by accelerating infrastructural development; drive gas-based industrialisation, and deepen domestic liquefied petroleum gas penetration.

Okunbor said there was a need to build a stable regulatory environment anchored on a willing-buyer-willing-seller pricing regime.

He said there was also the need to grow the export and regional gas markets and to build local capacity and content for contractors and professionals in the gas sector.

Also, he said a transformation of the global economy was required, especially in the power, transport, buildings, and industry sectors of the economy.

These four main areas, he said, are where energy is consumed, and produces a significant proportion of energy-related emissions of carbon dioxide.

Okunbor also advocated a significant shift in the consumption of energy in power, transportation, buildings and industry as key areas that would determine the long-term energy mix. (NAN)

1 Comment

  1. Thanks for sharing your ideas on this blog. Also, a fairy tale regarding the finance institutions intentions while talking about foreclosure is that the loan company will not have my installments. There is a certain quantity of time in which the bank can take payments every now and then. If you are far too deep within the hole, they should commonly call that you pay that payment 100 . However, i am not saying that they will not take any sort of installments at all. In case you and the financial institution can seem to work one thing out, your foreclosure practice may end. However, if you continue to miss out on payments under the new program, the property foreclosures process can just pick up where it left off.

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