The Nigerian National Petroleum Company Limited(NNPCL), has stressed the urgent need for partnership among nations in Africa, especially, in knowledge sharing to attain energy security and achieve transition to cleaner energy.
The group chief exchange officer(GCEO) of the company, Mele Kyari, while addressing the 7th edition of the Sub Saharan Africa International Petroleum Exhibition and Conference(SAIPEC) in Lagos, with the theme ‘Harnessing a Sustainable African Energy Industry through Partnerships’ noted that, the event is coming at an opportuned time when the Nigerian Oil and Gas industry is experiencing a significant transformation following the passage of the Petroleum Industry Act (PIA 2021).
Kyari explained that the Act has provided role clarity in Governance, Rule- based Administration, Attractive and Flexible Fiscal Terms and Direct benefits for the Host communities.
All these, he said. are targeted at creating enablers for investor confidence in the Nigerian Oil and Gas sector, where ample opportunities exist.
He however, pointed out that, the restructuring is happening at a time when the Energy transition discussion is gaining momentum, and major fund providers for petroleum upstream investment are now activists and anti-fossil fuel.
“As I have always canvassed, decreasing investments in hydrocarbon ventures cannot guarantee global energy security in the near future. Rather, an inclusive policy that guarantees access to finance and low-carbon technologies are key to sustaining global energy security and equitable growth,” he stressed.
He said, Nigeria, being geographically situated in the sub-African region and also a foremost leader in the oil and gas industry in sub-Saharan Africa, there is the need to capitalise on the advancements made in the industry to meet the country’s energy demands, guarantee energy supply, expand economies and overall build a sustainable future for millions of people beyond our shores.
In the next 20 years, energy demand in Africa is expected to increase in the order of 30-35 per cent to support the projected increase in population and industrialization which presents an enormous opportunity for us to form partnerships across the continent and build a sustainable future, he said.
But to achieve this, the GCEO said, synergy is required as more African countries continue to make hydrocarbon discoveries, adding, “we should collaborate and share knowledge and help each other in critical areas including technology, exploration and production, research and development, technical expertise and human capacity development to spread the wealth within the continent.
“This would in no small measure assist in achieving energy independence and also aid the transition to cleaner energy sources such as gas to sustain the region.”
He said the NNPC fully understands the importance of partnerships in achieving a sustainable energy industry in Africa and that is why the firm is working closely with countries, companies and other stakeholders to develop innovative solutions that meet the energy needs of the continent.