- Timipre Sylva speaks on FG’s investment in renewable energies.
The Minister of State for Petroleum Resources, Timipre Sylva, has stated that the Federal Government (FG) is investing in renewable energies. According to him, the government is particularly investing in solar to reduce carbon emissions while also exploring hydrocarbon resources such as natural gas- recognised as Nigeria’s energy transition fuel.
The Minister stated this at the 45th Nigeria Annual International Conference & Exhibition (NAICE) hosted by the Society of Petroleum Engineers (SPE), Nigeria Council, in Lagos, which has as its theme “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa”.
Sylva said the country has the most extensive gas resource in Africa, with over 200 trillion cubic feet of proven gas reserves. According to him, with the Petroleum Industry Act 2021 in full implementation across the broad spectrum of the oil and gas industry, Nigeria is well positioned for a reformed oil and gas industry that could sustain the local demand for natural gas and a high export income.
He said the campaign for reduced funding of fossil fuels explorations has led to a gale of divestment by the international oil companies in Nigeria. “I strongly believe this is an opportunity for oil and gas exploration in the country because Nigeria’s independent producers have developed the capacity to fill the gap.”
Sylva acknowledged that transition to low carbon energy sources would ]improve the global climate condition adding that energy transition is better viewed as providing clean energy and not as abandoning some energy sources.