The Nigerian Association of Petroleum Explorationists (NAPE) has said with about 30 billion barrels of crude oil undiscovered in Nigeria, the country needs to do more in its quest for energy security.
The association, which stated this at atraining on “Trends in Energy Transition and AI-Assisted Oil and Gas” for energy journalists in Lagos, disclosed that it is the reason NAPE yearly international conference and exhibition slated for November 10 to 14, 2024 at EkoHotels, Lagos would be considering crucial issues in the sector. The conference is themed “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability.
Chairman,Board of Trustee, NAPE, George Osahan, expressed concerns that Nigeria oil production and revenue have continued to dwindle since 2006, stressing the need for policy framework and incentives that would drive investment to the sector.
He listed the critical issues in the sector to include; limited local funding capacity, global warming, inadequate technical capacity, poor data availability among others
Osahan, however, insisted that there are opportunities in the sector with abundant basins and huge potentials for oil and gas, both onshore and offshore. The President-elect, NAPE and Chairman, Conference Organising Committee, Johnbosco Uche, said the demand for energy in Africa, particularly in Nigeria is rising as the population increases.
Noting that energy security is a serious challenge in Nigeria, Uche said about 55 per cent of Nigerians has access to electricity. He, therefore, said the nation needs to have more grid enhancement, increase Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), reduce flare and utilize gas.
NAPE President, Abiodun Ogunjobi, said production shortfall, funding challenges, gas flaring, and government policy and uncertainty are some challenges faced by the industry, though there are still several gains that have kept the industry thriving.
On the forthcoming conference, Ogunjobi, said that the group is expecting about 2,000 delegatesand 125 golfers.
