Technology, capacity building vital in Nigeria’s energy transition – SPE

Nigeria’s transition to cleaner renewable energy and effective resource utilization will require the use of technology and capacity building for effectiveness and efficiency, the Society of Petroleum Engineers (SPE), Nigeria Council has said.

Felix Obike, Chairman, SPE, said this while speaking to journalists at a press conference following the just concluded 2023 Oloibiri Lecture Series and Energy Forum (OLEF) in Abuja.

Obike said although the plan is decarbonizing, but there is also a need to develop reserves and harness available opportunities and contribute to economic development in Nigeria

“In line with what we are seeing globally to reduce emission, we also need to develop our reserves and harness available opportunities and contribute to economic development in Nigeria; we will need to harness some technologies” he said.

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He added that although the mainstay of the economy is oil, transition fuel to cleaner energy is gas but there is also need to ensure that it is effective in terms of affordability, sustainability, etc.

“The transition fuel we have is gas and having modular approaches of developing gas reserves and making them available a long way to create more value for what we have and also solve power availability across the country, if all companies can do this,” he said.

“In addition, the Environmental, social, and corporate governance, is another part that can be optimized because when financiers see that you are adhering to the standards of reducing emissions, you can also get financial aids.”

Obike said the OLEF program which is held to celebrate the discovery of oil in 1956 also moves to discuss progressive ideas on how to further improve the industry and also add value to the Nigerian economy.