Featured, Oil & Gas
By Anthony Isibor
THE Minister of State, Petroleum Resources, Gas, Ekperipe Ekpo, has wondered why Nigeria with its huge gas resources should be regarded as poor in energy resources.
Speaking at the 7th Nigeria International Energy Summit on Tuesday in Abuja, the minister called on the industry leaders to leverage the country’s advantages to become a key player on the global energy transition and a regional power house for geo-processing and industrialization.
The minister, who spoke on the theme of this year’s summit; Navigating the new Energy World Order: Security, Transition and Finance, explained that energy security extends beyond geopolitical stability to include energy infrastructure, residence, diversity and reliability
He said that the gas industry with abundant proven reserves of more than 281 cubic feet and further exploration potential was crucial for enhancing energy security.
“With the proven reserves, Nigeria has no business with energy poverty.
“In our transition to a sustainable energy future, Nigeria has chosen gas as our transition fuel, facilitating the shift from more conventional to new and renewable energy sources.
“With the global carbon uncertainties, natural gas aligns with the global energy alternatives, while providing solutions for a sustainable energy mix,” he said.
The minister also added that finance is essential for transformative endeavours, noting that the gas sector is not an exemption and called for investors to finance the industry
“Attracting domestic and foreign investment is important in unlocking the full potential of our gas resources, collaboration with international partners, financial institutions is pivotal to securing funding for gas infrastructure development.
He said that the challenges currently faced in the energy sector should be seen as a unique opportunity to define our future.
“Without a doubt, the gas industry plays a crucial role in shaping the country’s energy future. The nation is rich in natural gas reserve, it is now necessary to strategically utilize these resources to drive economic development, job creation, poverty eradication and environmental sustainability.
“As we are all aware over dependence on oil revenue poses a significant economic risk to our nation.
“Despite efforts to diversify the economic away from dependence, we have faced numerous challenges, however, innovation and strategic vision has become imperative in times of challenge.
“Today I stand before you to advocate for a shift towards the potentials in our gas sector. A shift towards gas is not mainly an option, but a necessity for economic resilience.
“The gas industry presents a unique opportunity to diversify our revenue streams, reduce dependence on oil and create a more robust and sustainable economic foundation,” he said.
According to him, to revitalize the economy through natural gas should stand on four key pillars; Re-accelerating the development of gas fired plants and working with the ministry of power to ensure the reliability of gas supply, to enhance the optimal availability of electricity nationwide. This goes hand in hand with encouraging private sector participation with the power sector through attractive investment, frameworks and incentives.
“Secondly, we are promoting the use of natural reef as feed stocks for the industry, reducing digressional cost and enhancing competitiveness by establishing gas based industries to create more economic opportunities and boast economic growth.
“Thirdly, we will continue the development of domestic infrastructure to ensure wide scale access to clean and affordable natural gas for domestic consumption and encourage the adoption of compressed natural gas, CNG, and liquefied petroleum gas, LPG, for transportation and households use respectively.
Tags: Ekperipe Ekpo NIES2024
