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Sunday, December 4, 2022

NNPC: FG intends to use gas to reduce fuel deficit in Nigeria

Federal Government says it is focused on gas exploitation to cover the gap that might be caused by reduced usage of petrol, diesel, and other fossil fuels, following the gradual exit from fossil fuels in Nigeria.

According to news reports, Mrs. Margery Chuba-Okadigbo, Chairman of the Board of the Nigerian National Petroleum Company Ltd. announced this on Wednesday during her speech at the current Offshore Technology Conference (OTC) in Houston, Texas, United States. 

The Petroleum Technology Association of Nigeria (PETAN), the umbrella group for all indigenous oil service businesses in Nigeria, hosted the conference.  

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According to Chuba-Okadigbo, using gas as a transition fuel will not only bridge the energy gap produced by the depletion of fossil fuels, but will also boost economic development. 

Chuba-Okadigbo stated that the conference will provide the Nigerian team the necessary expertise and cutting-edge technologies. 

This, she added, will assist to address energy concerns as energy industry participants seek greater clarity on the effects of energy transition on their operations and business models. 

According to NNPC board chairman, the conference also intends to clarify the contributions required to decrease greenhouse gas emissions and accomplish the goals and commitments of the Paris Agreement and the COP 26.  

She also stated that rising social and environmental constraints on many energy firms create difficult considerations regarding the role of oil and gas in a changing energy economy, as well as the businesses’ roles in the many countries in which they operate. 

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According to her, as the world shifts away from fossil fuels in favor of cleaner energies, Nigeria faces numerous challenges in ensuring energy security, deepening domestic gas utilization, and maximizing revenue from hydrocarbon resources. 

According to her, as world and corporate leaders engage in global solidarity against climate change and carbon emissions reduction, NNPC Ltd. is making significant advances in decreasing her carbon footprints, preserving energy security, and boosting prosperity in Nigeria.  

She said: “We believe that achieving and sustaining a carbon neutral economy requires inclusive policy actions that guarantee access to finance and low carbon technology. 

“Recently, Nigerians saw the passage of the Petroleum Industry Act (PIA) 2012, which ensures a decent return on investment, encourages commercial and operational openness, and provides better fiscal regimes than in the past.” 

“In effect, this Act provides the legal foundation and assures investors’ trust”. 

“As a result, it is projected that a substantially larger adjustment in total capital allocation will be necessary to expedite energy transition, particularly in bringing several critical capital intensives, clean energy technologies to maturity.”  

 

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