SPE harps on investment in renewable energy

The Society of Petroleum Engineers (SPE), Nigeria Council, has called for more investment in renewable energy, as the threat to global demand for oil gradually dwindles.
  
Speaking on Monday at a news conference on the annual Oloibiri Lecture series in Lagos, SPE Chairman, Chikezie Nwosu, said more investment in fossil will lead to greater reliance on gas, and lesser reliance on oil, and especially coal.
  
Nwosu added that the association is already preparing stakeholders towards the changes in the oil sector, which informed the choice of this year’s theme: “The Nigerian Oil Industry in a World of Changing Energy Supply: Are we prepared?”

“Add to this the growing investments in renewable sources of energy such as solar and wind, and it becomes evident that Nigeria must rethink its energy policy to solidify the gains in the oil and gas industry (the 7 Big Wins). It must leverage on these to prepare for an energy mix that will become less reliant on the more polluting fossil fuels.

“The pressure from the next generation of leaders will drive technological advances that will result in less reliance on environmental damaging energy, and we (Nigeria), must be ready now,” he warned.
  
Alluding to many opinions on how long reliance on fossil fuels will last, which are predicated on the huge remaining reserves of oil and gas, Nwosu noted that “the stone age did not end because mankind ran out of stones, as such, the oil age will end long before we run out of oil.”
  
He maintained that fate has played a major role in ensuring that Nigeria stayed ahead with abundant energy from the sun, and wind in many northern parts, and an estimated 190 trillion cubic feet (TCF) of gas and prospective resources that could be as high as 600Tcf).
  
As an advocacy group, he disclosed that SPE will continue to play a strong role in policy direction and execution through ensuring that the outcomes of its engagements are well documented and presented to the authorities.