By Teddy Nwanunobi
Nigeria’s vast hydrocarbon field is for the exploitation of the participants at the ongoing fourth edition of the Nigerian International Petroleum Summit (NIPS), President Muhammadu Buhari said on Monday, while declaring the Summit open at the Aso Rock, Presidential Villa.
Buhari, who was represented by the Minister of State for Petroleum Resources, Chief Timipre Sylva, tasked the participants to focus more on strategies to harness and exploit Nigeria’s vast hydrocarbon field.
According to Buhari, there was a need for Nigeria to harness its potential, and join the movement for renewable energy.
This, he said, was necessary since the world is focusing on the energy transition.
“Governments around the world are now focusing more on monitoring crises caused by COVID-19 in economies than on press for the energy transition, but the energy transition is real and renewable energies are cheaper.
“Investors are aware of environmental issues, and are turning their backs on investments in hydrocarbons. But history has shown that human beings have an insatiable need for energy that renewables do not have the capacity to provide. to come up.
“Experts predict that 80 per cent of the world’s energy needs by 2040 will come from hydrocarbons,” he said.
Buhari said fossil fuels will continue to be the source of petroleum chemicals and remain a multi-trillion dollar business for decades to come.
“So, for us, as a country with vast hydrocarbon potential, the situation is an opportunity, and how we can use it is a matter of strategy,” he said.
He explained that the establishment of NIPS in 2016 was an evidence that the development of the strategy was at the heart of his administration.
He said the fundamental outcome expected of the Summit should be the strategies and new approaches to the future of hydrocarbons in the country.
“The outcome should also be on how to reverse the attractive performance of the pre-pandemic era.
“We cannot yet turn our backs on more exploration. The discovery of new fields is crucial, and we must seize the short term opportunities, using technology that can expand the fields of life.
“No one should doubt our commitment in this regard, because of our bold initiative in delivering new rewards for the fringe domain,” he said.
In his remarks, Sylva said the physical hosting of NIPS 2021 was an indication of the Federal Government’s commitment to develop the sector.
He said that Nigeria has remained focused on its willingness to make investments in the oil and gas industry, despite the negative impact of the Coronavirus (COVID-19) Pandemic on the industry.
He said that the choice of the topic was appropriate as it would help the stakeholders discuss the way forward for the industry.
Sylva said that Nigeria remains focused on transitioning its economy to a gas economy, and is relevant in the drive for global industrialisation.
He said the new direction to drive the industry was a strong collaboration among industry players.
“With increased price volatility and increased pressure to reduce costs, our industry must reinvent itself in order to use dividends and get on the path to industrialisation and prosperity.
“That’s why we need to focus on new strategies. For me the new approach is collaboration which is the paradigm shift we need to focus on.
“I know collaboration should be the watchword in the oil and gas industry,” he said.
According to the Minister, with the allocation of the marginal field, there is no better time for collaboration than now.
Valuechain reports that the theme of the Summit is: ‘From Crises to Opportunities: New Approaches to the Future of Hydrocarbons’.
The Summit will focus on technology, knowledge, sustainable and partnership that can enhance the inflow of foreign investments, while improving success rates of indigenous business engagements.
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