Nigeria can’t abandon oil yet – Sylva
Minister of State for Petroleum Resources, Chief Timipre Sylva says Nigeria can’t abandon its hydrocarbon yet.
He said this while giving his opening remarks at the 21st Nigeria Oil and Gas conference in Abuja.
According to him, the commodity will constitute the country’s energy mix.
“The oil producing countries are currently having conversations around moving away from fossil fuels to an energy mix dominated by low carbon sources of energy, renewables.
“For us in Nigeria, fossil fuel will always have a share in our energy mix for the foreseeable future, and we will not at this time abandon our fossil fuels. We have however, adopted our vast gas resources across the country as transition fuel,” he said.
The Minister noted that with a proven gas reserve of over 200 Trillion Cubic Feet (TCF), the right policies and regulations to expand the utilization of her gas resources, Nigeria has huge potential to become an industrialised nation.
He added: “This shift to gas underscores President Muhammadu Buhari’s seriousness and determination in
the development of Nigeria’s vast gas resources, not just as a major exporter but also as a major gas-consuming nation.
“The President will continue to strengthen the gas value chain as it is vital in transforming the economy of our great country.
“This initiative will create over two million jobs per annum, promote skills acquisition, enhance technology transfer in addition to growing the nation’s Gross Domestic Product (GDP).”
Speaking at the conference, the OPEC Secretary General, Malam Mohammad Sanusi Barkindo said there were distorted conversations against hydrocarbon.
“Unfortunately, the policy narrative in the run-up to and during COP26 last year in Glasgow, UK was heavily distorted against hydrocarbons and divorced from the reality of the world’s energy needs.
“Developing countries were urged to turn their backs on their own hydrocarbon assets, even though their right to sovereignty over the use of these natural resources is carved in the Paris Agreement’s principle of equity in the context of sustainable development.”
According to him, efforts to unwisely encourage divestment in the Hydrocarbon industries are unfortunately, becoming more pronounced.
