With over 200 trillion cubic feet of proven gas reserves, Nigeria has a wonderful chance to transition to greener energy sources, according to Society of Petroleum Engineers Nigeria Council Chairman Olatunji Akinwunmi.
He told reporters on the sidelines of the 2021 SPE Nigeria Annual International Conference and Exhibition (NAICE) in Lagos that Nigeria’s oil and gas industry should join the global energy transition race.
Efficiencies in operations and a shift to gas exploration and development to replace coal might reduce carbon emissions, he says. He added the PIB would help Nigeria’s energy transition by utilizing its enormous gas resources.
“We submitted during the public presentations,” he continued. We approved the final draft. We think it will help us develop our oil and gas resources. In summary, the current PIB is a very useful document. The PIB is a gas development bill, according to NNPC Group Managing Director Mele Kyari.
“That means it will help us switch to a cleaner energy source by exploring and developing our vast gas reserves.
We are aware of some concerns. Hopefully they will be finished and the president will sign the measure. It is a useful tool that the industry can harness to really bring some energy into the oil and gas sector.”