THE Federal Authorities has mentioned that the implementation of the newly enacted Petroleum Trade Act (PIA) will enhance the oil manufacturing capability of Nigeria by about 317 per cent to 4 million barrels per day (bpd) from the present stage of 1.2 million bpd.
Disclosing this in his keynote speech on the 2021 Seplat Power Summit in Abuja yesterday, Minister of State for Petroleum Assets, Chief Timipre Sylva, acknowledged that this is able to allow the oil and gasoline sector to contribute extra to the economic system.
Sylva additionally mentioned that the federal government has rejected a single pathway idea to vitality transition and net-zero carbon, explaining that vitality transition is a course of, not an prompt vacation spot.
He acknowledged: “The PIA 2021 will undoubtedly help in harnessing Nigeria’s potential to attain its plan of accelerating oil manufacturing to 4mb/d and oil reserves from 37bbls to 40bbls, whereas additionally drawing on the nation’s estimated 600TCF of pure gasoline reserves to supply clear and environment friendly vitality.
“These assets might be essential in supplying world markets with a broad portfolio of vitality choices, in addition to supporting the worldwide endeavour to alleviate vitality poverty as envisioned within the United Nations’ Sustainable Improvement Purpose 7″.
In keeping with the minister, Nigeria will proceed to discover and spend money on the event of hydrocarbon assets whereas pushing for using gasoline as a transition gas. He defined that gasoline could be central to Nigeria’s plan for the vitality transition.
“First is the give attention to gasoline. For us, that is on the coronary heart of the vitality transition and represents step one within the journey to renewables, away from oil. Already, we now have declared that gasoline is our transition gas, and in addition represents a vacation spot gas, as we envisage that it will likely be a part of our vitality combine by 2050, given the huge assets that may be commercialised and utilized,” he added.
In the meantime, the chairman of Seplat Power Plc, Dr ABC Orjiako, mentioned that the corporate has set 2024 because the goal to finish gasoline flaring in all of its operations.
He acknowledged: “Seplat Power delivers over 50 per cent of gasoline provide in Nigeria. Seplat is to take away gasoline flares by 2024. Our plan is to switch all the wooden we use in properties with using Liquified Petroleum Fuel which is a cleaner vitality.”