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April 21, 2024
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Big companies facing pressure over investment in oil and gas – Expert

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By Martha Agas

An expert in geosciences, Dr David Egya, says big companies are currently facing a lot of pressure when investing in oil and gas due to the global upsurge in energy transition.

Egya said this during his presentation at a session on ‘Opportunities and Challenges in Renewable Energy Potential of Nigeria’ at the 59th Annual International Conference and Exhibition (AICE) of the Nigeria Mining and Geosciences Society (NMGS) in Jos on Thursday.

He said that Nigeria needed to import the necessary technology needed for the global energy transition, as the demand for oil and gas would soon phase out.

Egya, who is an Executive Researcher with Petronas Research and Technology in Edinburg, said that if international oil and gas companies were not investing in Nigeria`s oil and gas, it indicated an urgent need for the country to seek and develop alternatives, similar to countries like China.

According to him, Nigeria should not wait for other countries to deploy alternatives to oil and gas before starting its contingency plans, as it may be too expensive for it to implement.

“When the alternative energies are developing other nations and we do not have this development of technology readily available we will be in trouble.

“So what am advocating is not abandoning oil and gas, no country is doing that, it is a transition, it is something that is taking place and Nigeria is linked with the global world, we do not exist in isolation.

“If we wait till the world discover the new alternative before we go in, then it means we will be buying this technology from the rest of the world.

“When we delay and buy this technology in the future, we wouldn’t be having the resources from the oil and gas, because around the world, people would not be buying oil and gas like they are buying today in Nigeria.

“So, we will be in a much more difficult position if we wait on this technology to develop, before we import them,” he said.

The News Agency of Nigeria (NAN) recalls that the Nigeria Extractive Industries Transparency Initiative (NEITI) has appealed to the Federal Government for an improved gas policy for the country, citing the global upsurge in energy transition as a reason to achieve desired results from the process.

Also, according to a report by the World Economic Forum, the energy transition in Nigeria still requires significant investment from the government and support from its citizens.

Prioritising economic development, along with proper planning and strengthening of institutional and fiscal frameworks can help Nigeria accelerate its transition.

NAN reports that the conference with theme ‘Emerging Global Perspectives, Trends and Sustainable Development of Minerals and Energy Resources’, will end on Friday. (NAN)(www.nannews.ng

Edited by Gabriel Yough

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