The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called for a scale up on sustainable investment in fossil fuel sector, considering the role of oil and gas in the global energy mix.
Mr Farouk Ahmed, Chief Executive Officer of the Authority, made the call in Abuja on Monday at the Fifth edition of the Nigerian International and Energy Summit (NIES 2022).
Ahmed said while geopolitical risks and the energy transition continued to destabilise oil prices, it was in our interest as a nation to scale up sustainable investment in the fossil fuel sector for global energy mix.
He called for strategic insights and ingenious approaches that must be emplaced towards promoting energy security, economic stability, growth and sustainable development of the Nigerian energy sector.
This, according to him, could be achieved by using the extensive resource of the nation, especially gas and interfacing with key stakeholders on all areas of regulatory enablement of the midstream and downstream energy value chain.
The authority’s chief executive thanked President Muhammadu Buhari and the Minister of State for Petroleum Resources, Chief Timipre Sylva, for the focused leadership that has been sustained over the energy sector of the economy.
“The outcomes of your leadership role in this sector (PIA 2021, 2021-2030 Decade of Gas, implementation of key infrastructural Projects-AKK, strategic focus on enhancing domestic refining capacity, expansion of gas utilisation, etc.) has set clear legacies.
“These will guarantee the sustainable development of this critical sector in ensuring energy security for Nigeria/Nigerians and socio-economic revitalisation using our rich hydrocarbon resource.
“This edition has clearly evolved into becoming a strategic enabler for critical energy policy definition and review, as well as a veritable investment opportunity for this Industry,” he said.
He advised all participants to use the 2022 summit to deepen the gains that have been made in the transformation of the energy sector in Nigeria.
The summit has its theme as “Revitalising the Industry: Future Fuels and Transition.’’
He said it was appropriate in both domestic and global context of ensuring clean and sustainable energy availability and could have not come at any better time in the fast-paced race of the world towards the clear aspirations of net zero emissions targets.
In an address, Mr Mele Kyari, Group Managing Director, Nigeria National Petroleum Corporation Limited (NNPC), said Nigeria was committed to net zero emission by 2050.
Kyari said companies and businesses must act and do things differently while regulators must embark on different kinds of regulations, including different policies by policy makers for us to achieve the objective.
“We are energy deficient and energy poverty and have a huge gap there to be filled.
“We also understand the necessity of converting the internal combustion engine as form of transportation to something more climate friendly and efficient engine.
“But it is very clear to the world that gas will be the transition fuel. Transition must have sanity, there must be justice in energy transition.
“As a country we must address the issue of local production,” he said.
