• Friday, April 12, 2024
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Expert advocates boost in oil production ahead 2060 zero emission target

Nigeria’s economy threatened on declining oil production – World Bank

Victor Ekpenyong, an Oil Services Expert, has advocated a boost in oil production ahead of the 2060 energy transition date set by the federal government for net zero emission.

Ekpenyong, CEO of Kenyon International West Africa, made the call at the Oloibiri Lecture Series and Energy Forum, which just ended in Abuja.

The News Agency of Nigeria (NAN) recalls that Nigeria, at the 2021 COP 26 Climate Forum in Glasgow, Scotland, pledged to achieve a net zero carbon emission by 2060.

The nation also plans to use gas as its transition energy source due to its low emission of greenhouse gases.

According to a statement issued on Monday by Mr Ifechukwu Muonyili, Public Affairs Manager at Kenyon, Nigeria should leverage the current upsurge in oil prices to earn more revenue.

Read also: Oil rally, Dangote refinery brighten growth prospects – World Bank

He proposed deployment of idle well management strategy and remote well control as key solutions to combating oil theft which can equally maximise oil production to increase revenue and facilitate Nigeria’s energy transition.

The statement noted that the lecture which took place at the PTDF Towers in Abuja, has the theme ‘Global Energy Transition: Implications on Future Investments in the Nigerian Oil and Gas Industry’. It was attended by industry dignitaries.

Ekpenyong stated that oil theft has been the bane of the economy as it had led to environmental pollution and loss of revenue.

He noted that since oil accounts for the major source of revenue in Nigeria, the federal government should maximise its oil production by putting measures that deter oil theft and vandalism.

Ekpenyong explained that an idle well management strategy will enable a well to be decommissioned safely to protect it from being vandalized and restore an abandoned well to full potential when necessary.

On remote well control, he said it is a technology that can be deployed to protect oilfields facilities and environment from hazards such as blowouts.

Ekpenyong appealed to the federal government to integrate the idle well management strategy and remote well control to help reduce the number of emerging idle wells.

He said the approach will boost oil production which can in turn help fund and facilitate a smooth transition into clean energy.