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Government tasks oil companies on renewable energy


PHOTO: Aera Group

The Federal Government has emphasized the need for oil companies in Nigeria to invest heavily in research and development initiatives focused on renewable energy.
This, the Vice President, Yemi Osinbajo believes would help the country lay the foundation for a post-oil world.
Speaking last week during the at the 55th anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), said: “Let me reflect briefly on the issue of the slow but steady emergence of a post-oil world order. All around us there is evidence along these lines, of a world that is coming to terms with the fact that fossil fuels are going out of fashion. I’m certain that this is an issue you’ve had to agonise over and grapple with as oil producing companies.

“Around the world, countries are increasingly setting deadlines to wean their cars and machines off petrol and diesel, in favour or clean, renewable energy. It is no longer a question of if but when. And it is for this reason that so-called ‘oil-rich’ countries have an obligation to prepare for a destiny beyond oil. It is in this context, that the mantra of ‘we need oil to set ourselves free from oil’ makes maximum sense.”

He urged oil producers to stay abreast with the challenges of global changes in the use of fossil fuel by partnering with government in its drive for renewable energy.
Osinbajo said there is still work to be done in reducing bureaucratic bottlenecks in the award of contracts, and generally in obtaining approvals –from National Petroleum Investment Management Services (NAPIMS).
“It is for this reason – the creation of a business environment that catalyses business activity and investment that this year alone, we have issued an Executive Order focusing on improving the business environment, and launched two National Action Plans designed to be short-term interventions aimed at implementing specific business environment reforms.
“The second National Action Plan is ongoing, and we expect that it will yield results across every sector of the economy, including the OPTS,” he added.
Speaking also at the event, the Chairman, Dubri Oil Company Limited, Uduimo  Itsueli, said renewable energy would soon replace  hydrocarbons in transportation.

“I see hydrocarbons still playing a major role in the society. Hydrocarbons, hydrocarbon explorers, producers, refiners’ processers, transporters and dispensers will still be around in the future,” he added.

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