Soaring oil and gas prices still present opportunities in the oil and gas sector despite the global energy transition.
The former Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, gave Nigerians and stakeholders this admonition during the just concluded 2022 Nigerian International Energy Summit (NIES) in Abuja.
According to him, that the country needs to get optimal accruals from oil in the next 15 years, is to add value to the black gold.
The former ExxonMobil Executive Director said: “We must hold on to the base. For oil production, make sure we take advantage of good oil prices that are coming before everybody takes a bow out.
“The second is value added. We have attempted to export crude oil in perpetually. It is now time we add value.”
Kachikwu was excited that in addition to the Dangote Oil refinery, other modular ones have crystalised in the country.
He explained that in oil crude, is the opportunity to develop gas, as the transition energy.
The former minister noted that opportunity of raising funds to develop renewable energy- wind, solar etc, abides in the crude oil.
He advised Nigeria that the bandwagon exit of the multinationals avails the opportunity to thrive. His words: “The bandwagon of exit. Everywhere you go, the big boys are saying it is because we want to focus on energy Dynamics. But the truth is something is wrong somewhere. I think we begin to conversations as to why are you exiting in droves. I can understand one or two exits but all the multinationals are taking a walk out on assets. It is a fantastic opportunity for Nigeria.”
Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC) has sustained the campaign for more investment in the industry.
At the Nigeria Energy Forum’s CERAWeek, OPEC’s Secretary-General, Dr. Sanusi Barkindo, buttressed his support for more investments, and that energy demand would expand by 28 per cent till 2045.