The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has outlined strategies aimed at achieving stability in Nigeria’s energy sector.
Lokpobiri said this on Thursday during the Society of Petroleum Engineers (SPE) 2024 conference held in Abuja.
The minister during the event themed ‘Stability in the Nigerian Energy Sector: Integrated Strategies for Infrastructure, Transportation, and Security’ emphasized the role of stakeholders in driving sustainable growth and security within the energy industry.
While highlighting President Bola Tinubu’s commitment to revamping the energy sector, Lokpobiri announced robust efforts to diversify the economy and attract both domestic and international investors.
He noted that the government aims to strengthen the investment environment in alignment with the Petroleum Industry Act (PIA), positioning Nigeria as the preferred energy destination.
Lokpobiri further outlined comprehensive strategies for infrastructure development, emphasizing the utilization of fossil fuels while transitioning to renewable energy sources like solar and wind.
He noted that smart grid technologies and digitalization would enhance efficiency and reliability in energy delivery, alongside policies that will promote cost efficiency and local content development.
Acknowledging the critical role of transportation in facilitating energy distribution, Lokpobiri advocated seamless integration between the midstream and downstream sectors.
He emphasized the importance of optimizing transportation routes, promoting cleaner energy modes, and implementing innovative solutions such as intermodal transportation systems.
The minister, while addressing pervasive security challenges, called for proactive measures to combat pipeline vandalism, oil theft, and sabotage.
He revealed that the Integrated security strategies encompassed advanced surveillance technologies, strengthened collaboration between government agencies, and addressed underlying socio-economic drivers of insecurity.
He said that with a focus on renewable energy and collaboration between stakeholders, Nigeria aims to transition towards carbon neutrality by 2060.