July 23, 2024
Energy transition: Nigeria must work to become Africa’s Energy hub — HEOSL
Energy transition: Nigeria must work to become Africa’s Energy hub --- HEOSL
– By Alison_Godswill

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Energy transition: Nigeria must work to become Africa’s Energy hub — HEOSL

By Eyo Nsima

The Chief Executive officer, Heritage Energy Operational Services Limited (HEOSL), Ado Oseragbaje, has called on Nigeria to work towards becoming a major energy hub in Africa.

Speaking at the ongoing 44th Nigeria Annual International Conference and Exhibition, NAICE, organised by Society of Petroleum Engineers, Nigeria Council, he said: “Nigeria must work to position itself as the energy hub of Africa.”

He said: “With the world seeking to transition to zero net emission by 2050, it is a matter of existential imperative for the Nigerian energy industry to appropriately contextualize its place in the fast-evolving scheme of things.

“At Heritage Energy Operational Services Limited (HEOSL) we believe the Nigerian industry holds a prime place in the global energy landscape. It is our expectation that today’s discussions will explore thoughts and ideas on how to best make the Nigerian industry realize its fullest potentials.”

He also called on industry players to engage in open minded conversations on how best to position the Nigerian energy industry for sustainable profitability and relevance in the global energy space.

Speaking earlier at the same event, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said: “Nigeria, as the oil and gas industry leader in Africa, is committed to pursuing the energy transition to promote economic growth, and is gradually investing in renewable energies, primarily solar, to reduce carbon emissions, whilst continuing to exploit hydrocarbon resources, especially natural gas – recognized as the energy transition fuel for Nigeria.

“Nigeria has the most extensive gas resource in Africa with proven gas reserves of over 200 trillion cubic feet. It is envisaged that with the Petroleum Industry Act 2021 in full implementation across the broad spectrum of the oil and gas industry, Nigeria is well positioned for a reformed oil and gas industry that could sustain the local demand for natural gas and a high export income.

“On a relevant note, the campaign for reduced funding of fossil fuels explorations has led to a gale of divestment by the international oil companies in Nigeria. I strongly believe that this is an opportunity for oil and gas exploration in the country because Nigeria’s independent producers have developed capacity to fill-in the gap.

“It must however be admitted that the risk of limited international financing of oil and gas projects could jeopardise Africa’s energy transition and roadmap to attaining net-zero.”

Similarly, the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, said: “Gas producers in Africa to embrace the reality of energy transition and take strategic position to leverage on the opportunities presented by the unfolding era have become more pressing. However, recent events around the globe indicate that fossil fuels will continue to be a core part of the global energy mix well into the future, even beyond the 2050 targets for achieving net-zero that has been set by most countries.”

He added: “The recent increase in the price of energy, mostly occasioned by the conflict between Russia and Ukraine and the ensuing energy disruption has reawakened the call for geopolitical energy security and sustainability. For instance, in the United Kingdom, the North Sea Transition Authority (NSTA) – formerly the Oil and Gas Authority – is envisaging a leasing and licensing round for oil and gas exploitation and future projects.”

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