Engineers advocate energy mix, buffer for global shocks
With global priorities shifting from oil to renewables, the Society of Petroleum Engineers (SPE) Nigeria Council, has urged the Federal Government to create structures that assist the nation in mitigating shocks arising from changes in the global economy and demand, as well as develop efficient energy mix.
Specifically, the Council called for development of competencies by operators to be able to play in the renewable energy space.
According to the Council, global shift to renewable sources of energy is bound to have a ripple effect on Africa, noting that the cumulative power generation of sub-Saharan Africa currently stands at 40 GW if South Africa is excluded.
The implication of this is that African countries, particularly the new kids on the block would need to invest a significant portion of their windfall from oil sales into power generation, transmission and distribution projects.
Besides, the SPE called for enabling infrastructure that will link the upstream and midstream sector in order to effectively deliver more gas for domestic consumption, and reduce the amount of gas being flared.
Preparatory to the yearly Oloibiri Lecture and Energy Series themed, ‘Way forward to accelerate access to sustainable energy in Nigeria”, Chairman, SPE Nigeria, Debo Fagbemi, told journalists that there is a need for government to create an enabling environment to attract key investment in the oil and gas sector.
He said the objective of SPE’s Oloibiri Lecture and Energy Forum (OLEF) 2019, is to stimulate discussions on how Nigeria’s energy sector can move forward along a path to sustainability.
“Through OLEF, SPE is providing the platform for government, regulatory agencies, captains of industry, and practitioners at all levels to sit together to discuss and come up with ways Nigeria can develop energy that has little or no carbon footprint, develop efficient systems that require lesser energy to run and on how we can use Nigeria’s oil and gas resources to support the nation’s economic growth for the benefit of all stakeholders.
“We believe that when Nigeria’s energy mix is developed and efficiently utilised, we will have energy security, green jobs, greater national wealth for the people and foster sustainable growth and development in Nigeria,” he added.
On the need to address energy deficit in the country, Fagbemi noted that Nigeria’s energy generation remains very low to meet the demand of its growing population, hence the need for a policy that drives socio-economic development and its sustainability to enable efficient business operations.
He said: “Citizens of all nations as well as businesses require access to reliable energy at affordable prices on a sustainable basis with minimal risk and supply interruptions.
“From this standpoint, Nigeria remains in a situation of serious energy deficit, and the key to unlocking the power potential of a country blessed with abundant resources required to deliver on its power needs is hinged on policies that would sufficiently drive investments, and enforce transparency, accountability and sound management of its resource base.”
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