The Society of Petroleum Engineers (SPE) on Thursday urged the
Federal Government of Nigeria to create Free Trade Zone (FTZ) that would
develop renewable energy and increase investment opportunities.
Federal Government of Nigeria to create Free Trade Zone (FTZ) that would
develop renewable energy and increase investment opportunities.
The Chairman, SPE Nigeria Council, Mr Chikezie Nwosu, made the
plea at a press briefing ahead of the SPE’s Nigeria Annual International
Conference and Exhibition 2018 slated to hold in Lagos from Aug. 6 to 8.
plea at a press briefing ahead of the SPE’s Nigeria Annual International
Conference and Exhibition 2018 slated to hold in Lagos from Aug. 6 to 8.
The theme of the conference is entitled: “Diversification of the
Nigerian Economy- the Oil and Gas Industry as an Enabler’’.
Nigerian Economy- the Oil and Gas Industry as an Enabler’’.
Nwosu said that diversification of the Nigerian economy from
conventional crude oil to renewable energy would go a long way in addressing
the threat on dwindling global demand for oil.
conventional crude oil to renewable energy would go a long way in addressing
the threat on dwindling global demand for oil.
He said: “The National Gas Policy must open the vast
opportunities to deliver energy and earn significant revenue from our abundant
gas resources.
opportunities to deliver energy and earn significant revenue from our abundant
gas resources.
“We are the regional giants in gas and the entire West African,
possibly sub-Saharan Africa; the region’s economy will boom, if Nigeria gets it
right.’’
possibly sub-Saharan Africa; the region’s economy will boom, if Nigeria gets it
right.’’
He said it has become clear that, with anticipated growth in
energy demand, the world was rapidly moving toward an age of cleaner sources of
energy.
energy demand, the world was rapidly moving toward an age of cleaner sources of
energy.
According to him, with the demand for fossil fuels, this will
mean a greater reliance on gas and less reliance on oil and coal.
mean a greater reliance on gas and less reliance on oil and coal.
He said that hydroelectric and gas powered cars would replace
diesel engines and with time, gasoline engines.
diesel engines and with time, gasoline engines.
“With our population, a booming West African region will create
huge opportunities in just about any industry.
huge opportunities in just about any industry.
“Nigerian companies in the renewable energy space, solar, wind,
biomass, among others, will also benefit from the human capital we have
developed,’’ Nwosu said.
biomass, among others, will also benefit from the human capital we have
developed,’’ Nwosu said.
He said that creating the right business environment for the
industry to thrive would give room for the much-needed diversification.
industry to thrive would give room for the much-needed diversification.
According to him, the need for Nigeria to get a FTZ that will
concentrate on developing the renewable energy, the better for the country to
grow the sector.
concentrate on developing the renewable energy, the better for the country to
grow the sector.
“The growing investments in renewable sources of energy such as
solar and wind, becomes evident that Nigeria must rethink its energy policy to
solidify on the gains in the oil and gas industry.
solar and wind, becomes evident that Nigeria must rethink its energy policy to
solidify on the gains in the oil and gas industry.
“We must leverage on these leanings to prepare for an energy mix
that will become less reliant on the more polluting fossil fuels,’’ he added.
that will become less reliant on the more polluting fossil fuels,’’ he added.
Nwosu said that there was need to urgently implement the
National Gas Policy and maximise the huge gas reserve in a bid to facilitate
the diversification of the nation’s economy.
National Gas Policy and maximise the huge gas reserve in a bid to facilitate
the diversification of the nation’s economy.
“We have a potential to produce over 20 billion standard cubic
feet per day, that is only leveraging on the known contingent 180 trillion
cubic feet of gas reserves.
feet per day, that is only leveraging on the known contingent 180 trillion
cubic feet of gas reserves.
“There is 600Tcf of prospective gas resources, he said.
The chairman said the nation’s current gas production stood
around 8.5 billion standard cubic feet, adding that government needs to
urgently implement the national gas policy.
around 8.5 billion standard cubic feet, adding that government needs to
urgently implement the national gas policy.
“If we can leverage on that, energy will be abundant, and there
will a lot of impact on gas-based industries. We have to stop treating gas the
way we treated oil as a commodity,” he said.
will a lot of impact on gas-based industries. We have to stop treating gas the
way we treated oil as a commodity,” he said.
