During the 8th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos, Gbenga Komolafe, the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), highlighted Nigeria’s capacity to increase its daily production from the current range of 1.5 million to 1.6 million bpd to a remarkable 2.2 million bpd. It was revealed that the Petroleum Technology Association of Nigeria (PETAN) organised the conference with the theme ‘The Next Steps: Accelerating African Content’.
He furthermore explains that Nigeria claims ownership of 30% and 34% of Africa’s oil and gas reserves. However, its daily production is only 1.33 million barrels of oil and 256,000 barrels of condensate. While the country has the potential to produce up to 2.26 million barrels per day, OPEC quotas restrict it to 1.5 million barrels. The Commission is implementing measures to overcome obstacles, increase production, and maximise capabilities. The head of NUPRC confirmed that the commission’s efforts include improving transparency in hydrocarbon measurement and collaborating with the E&P company for efficient work program management.
The country has essential minerals for the advancement of clean energy.
In addition to hydrocarbon reserves, Nigeria boasts a profusion of opportunities for Renewable Energy sources like green and blue hydrogen, solar power, wind energy, biomass, and crucial minerals essential for the advancement of clean energy technologies. Furthermore, Nigeria’s population stands as a remarkable asset, characterised by a growing youth majority. Nigeria, located along the Gulf of Guinea, holds the promise of a bright future for Africa, as its vast market of over 200 million individuals is anticipated to surge even higher, reaching a population range between 390 to 440 million people by 2050.
It is noted that nearly 70% of Nigeria’s population is below the age of 30, with 42% falling below the age of 15. representing an enormous economic advantage for the country. The country holds potential in terms of its people, natural resources, and material assets. To ensure Sustainable Energy for the future and drive Economic Growth and development, it is crucial to mobilise these resources effectively. According to Komolafe, the energy world is undergoing a swift transformation due to growing climate concerns. Consequently, the oil and gas sector is undergoing pivotal transformations that will profoundly impact the future of global energy. OPEC has vehemently opposed the suggestions put forth by COP28 regarding the gradual elimination of fossil fuels.
Energy dynamics should be adjusted for inclusiveness and sustainability.
Also, during the United Nations General Assembly (UNGA) held in September 2023, President Bola Tinubu advocated a fair and harmonious transition to Alternative Energy sources. He stressed the need for Africa to align its transition pathway with unique circumstances and economic objectives. NUPRC’s leader emphasised the importance of adjusting energy dynamics to ensure justice, fairness, inclusiveness, and long-term Sustainability for resource-rich countries like Nigeria. The global energy sector’s changing landscape warrants a re-evaluation of Nigeria’s approach to align with international climate goals, especially for nations heavily dependent on oil and gas.
Furthermore, in light of these factors, the Petroleum Industry Act 2021 (PIA) presents a range of goals encompassing legal, governance, fiscal, and regulatory frameworks tailored specifically for Nigeria’s development. During his speech, the chairman of PETAN, Nicolas Odinuwe, pleaded for the government and institutions to avoid incorporating the resources of stakeholders in the oil and gas sector into their budgetary allocations. He emphasised that these funds are either excess or unutilised, stressing that the fundamental aspect of promoting local content lies in engaging and involving the community. To effectively establish sustainable local content initiatives, engaging the local community in actively generating, developing, and engaging with content that accurately reflects their concerns and principles is crucial.
Related Article: Local firms to reverse oil production decline
As PETAN Chairman, he is honoured to represent an organisation that fosters progress and expansion in the petroleum sector. PETAN recognises the influential impact of African content beyond oil and gas, embracing the potential of African stories to drive change, shape perceptions, and stimulate financial development. They strongly relate to the theme as it aligns with their determination to elevate African creativity, break barriers, and empower emerging content innovators. They firmly believe that Africa is prepared to showcase its rich Cultural Heritage and share its narratives on the global stage.