An African-oriented energy security approach that would provide sustainable energy for the development is sacrosanct, stakeholders said at the 12th Emmanuel Egbogah Legacy Lecture Series in Port-Harcourt.
Amidst push away from fossil fuel into renewable energy sources, the stakeholders noted that buying into a global agenda at the detriment of available natural resources may guarantee the needed development.
The Managing Director, Newcross Petroleum Limited, Victor Sodje, who disclosed that climate change is fundamentally intertwined with geopolitics and global energy landscape, said that choices regarding energy production, distribution, and consumption would shape the geopolitical landscape for decades to come.
Sodje, who said there was need to recognise that transition is a double-edged sword, noted: “on one hand, it offers a path to reducing greenhouse gas emissions and mitigating the worst impacts of climate change. On the other hand, it presents complex challenges related to resource competition, energy security, and international relations.”
This comes as stakeholders believe that it was high time to review the one side fit all approach to energy transition.
Some stakeholders at the event also noted that the country must not waste so much time but the Principal Consultant, Reservoir & Surface Facilities Solutions, Oluseyi Afolabi, said Africa must be dragged but should be able to do what it intends to do instead of dancing to the drums of colonial masters.
Afolabi said the refineries must not delay, adding that Nigerians have always had the capacity to run the refinery.
“There is a lot that we can do. We need to take our destiny in our hands and understand that the people’s issues remain critical,” Afolabi said.
She noted that while the petroleum sector is critical, Nigeria must pursue energy mix and develop skills and technology to leverage clean energy.
Afolabi equally noted that investment goes to a place where there is a return on investment, adding that the Petroleum Industry Act (PIA) created a siege in terms of taxation.
She said the fiscal terms in the PIA are not good enough, stressing that there is a need to reduce taxation in the sector while canvassing for tax holidays, stressing divesting may continue as the main reason the IOCs has been in Nigeria is primarily because of volume.
Iledare said divestment in the sector could be primarily security issues instead of the PIA, noting that the fiscal of PIA remained one of the best.
Lead promoter at EnergyHub Nigeria, Dr. Felix Amieyeofori, does not believe that fossil fuel would be phased out as projected.
“Demand for oil is still increasing. I do not see the demand for oil, coal and others disappearing. The world will still depend on oil and gas. I cannot see the United States, China and India complying overnight.
“But we should not ignore the fact that there is serious pressure on us to shift to clean energy. Africa should come together to decide on what to do.
“We can decide to produce more oil and gas, while embarking on research and development required for the energy transition,” he said.
