In Lagos, at the 41st annual international conference of the Nigerian Association of Petroleum Explorationists, the Nigerian National Petroleum Company Limited’s (NNPCL) Managing Director, Mele Kyari, raised concerns over the affordability of renewable energy. Represented by Oritsemeyiwa Eyesan, Executive Vice President of Upstream NNPCL, Kyari emphasized the sustainability challenges facing countries with limited economic resources like Nigeria. He highlighted the critical balance between adopting clean energy and managing energy poverty.
According to a report by The Guardian, Kyari explained that renewable energy’s cost and technological limitations pose significant barriers. Issues such as intermittency, reliability, and predictability due to natural constraints limit the adoption of clean technologies. Despite advancements like battery storage, renewables still face significant challenges in meeting global energy demands sustainably.
The NNPCL head acknowledged the indispensable role of the oil industry, which has driven progress for over a century. However, he noted the finite nature of fossil fuels and the environmental impact of their extraction and consumption. Kyari urged the petroleum sector, particularly explorationists, to innovate and discover new reserves while navigating technological and economic challenges.
Kyari also addressed the geopolitical implications of oil dependency, highlighting the need for diverse energy sources. He projected increasing global energy demands and emphasized the importance of companies developing balanced energy portfolios. Innovations in digitization, AI, robotics, and data analytics, according to Kyari, are reshaping the energy sector.
Echoing Kyari’s sentiments, Simbi Wabote, Executive Secretary of the Nigerian Content Development and Monitoring Board, stressed the importance of addressing the energy trilemma of security, sustainability, and affordability. He underscored the significant role of petroleum exploration in establishing the reliability and sustainability of oil and gas reserves.
Furthermore, Wabote pointed out Nigeria’s proven and unproven gas reserves, emphasizing the potential of gas as a key energy source. He highlighted the Nigerian government’s initiatives in gas development and the importance of diversifying the nation’s energy mix.
The conference also heard from the AMNI Chairman and CEO, represented by Wake Olafisan, Group Managing Director. He stressed the need for security, fiscal competitiveness, and regulatory ease to attract investments and reposition Nigeria’s oil and gas industry. He also called for a strategic diversification of Nigeria’s energy portfolio to address carbon emissions and promote sustainable growth.
SNEPCO’s Managing Director, Mrs. Elohor Aiboni, also spoke at the event, addressing Nigeria’s vulnerability due to its reliance on fossil fuels. She emphasized the country’s energy gap and the urgency of harnessing renewables to meet Nigeria’s carbon neutrality target by 2060. Aiboni highlighted the role of technology in oil and gas exploration and the need to address Nigeria’s growing energy demands in light of its expanding population.
