The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has emphasized the company’s commitment to vigorously pursue its gas development and gas transportation projects.
This declaration was made on Monday during a keynote address at the Society of Petroleum Engineers’ Annual International Conference and Exhibition, which centers around the theme “Balancing Energy Accessibility, Affordability, and Sustainability: Strategic Options for Africa.”
Represented by the Executive Vice President, Upstream, NNPCL, Mr. Adokiye Tombomieye, the CEO expressed that the gas projects will significantly enhance energy accessibility, affordability, and sustainability for Nigerians.
Nigeria holds vast natural gas reserves, totaling about 209.5 trillion cubic feet, with the potential for up to 600 trillion cubic feet.
This abundant resource is expected to drive a cleaner and more affordable energy vision.
While acknowledging alternative energy sources like solar and wind, the CEO pointed out their technological limitations, high cost, and inability to meet the robust energy demands of industries, cities, and remote areas.
Gas, on the other hand, holds the potential to address these challenges effectively.
The CEO appreciated the Society of Petroleum Engineers for consistently leading the way in assembling pivotal industry professionals.
However, he highlighted the trilemma situation faced by African countries, striving to balance energy accessibility, affordability, and sustainability while aligning with the United Nations Sustainable Development Goals.
He emphasized that achieving this delicate balance requires political will, technological innovation, effective market mechanisms, well-crafted policy interventions, and capacity building.
A multi-stakeholder approach, involving government, the private sector, civil society, host communities, and the public, will be pivotal in achieving these goals.
The Nigerian energy industry has witnessed strategic transformation in recent years, leading to viable industry legislation with the Petroleum Industry Act (PIA) and a long-term gas-centered energy transition plan.
Additionally, the PIA has enabled NNPC Limited to venture into the renewable energy business, while the Nigerian Climate Act has mainstreamed climate change actions for sustainable development.
The proactive measures undertaken by the Nigerian energy sector hold the promise of bringing affordable, cleaner energy to the nation while ensuring a greener and sustainable future.
