Chief Upstream Investment Officer of the Nigerian National Petroleum Corporation NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, has warned that there is a need for Nigeria to carefully and properly manage the push for the energy transition to avoid the socio-economic consequences experienced over the last one year.
Wunti made this statement while featuring as a keynote speaker at the Energy Institute’s 2022 Energy Sustainability Conference, themed, “Africa: Driving a Sustainable Energy Future.”
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Wunti said the energy transition must be balanced with energy security, stressing that even in 100 years, fossil fuels will still be relevant. He stressed that though Africa cumulatively contributed three percent of global emissions, there was huge energy poverty across Sub-Saharan Africa.
While calling for the decoupling and “deglobalization” of strategy towards attaining net zero by different regions in the world, Wunti said all forms of energy would be needed towards the accomplishment of the net zero objectives. He argued that technology should be the key enabler to achieving an optimal combination of the energy mix that would balance emission aspirations without compromising the energy security of nations.
Wunti stated that in Nigeria, the use of natural gas in meeting domestic and export aspirations was a key focus of NNPC, adding that this is in line with the government’s objective of the decade of gas.
To complement the utilization of gas, he said the upstream sector of Nigeria’s oil and gas industry was rebranding itself towards enhanced gas production, monetization, and flare elimination as a means of reducing carbon emissions in the country.
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Considering that even in the next 50 years, hydrocarbon fuel will constitute over 50 percent of the global energy mix, Wunti noted that investment must, therefore, be intensified to produce enough energy to meet the growing demand.
He cautioned that the denial of investment capital to hydrocarbon infrastructure must be stopped to avoid creating a social crisis, as was seen in the last year. He added that there should not be only one approach, but several approaches to achieving Net Zero, using science and technology.
