The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri has said that Nigeria will maximise fossil fuel resources and disregard global campaigns for energy transition and reduction of carbon emissions.
The minister said this at the 30th anniversary of the Petroleum Technology Association of Nigeria (PETAN) in Lagos on Friday.
The minister stressed that fossil fuel is here to stay regardless of the campaigns against carbon emissions and calls for improved global investments in renewable energy.
He said Nigeria is focused on attracting more investments in the oil and gas sector and improving its oil production.
“Ignore the rhetoric of fossil fuels going away. Historically, no source of energy has gone away. Our struggle for energy security globally still lies with oil and gas.
“While the world may be shifting towards energy transition, fossil fuels remain indispensable, as such, attracting investments to maximize our resources and generate prosperity is paramount,” the minister said.
Appraising Nigeria’s oil and gas industry, he noted that the involvement of indigenous investors and professionals has improved productivity and generally impacted the industry positively.
“Our drive for indigenous players in the oil sector has proven immensely productive, drawing the attention of other nations eager to learn from our model. This system has been a cornerstone of our sector’s success, showcasing the strength of local expertise in driving growth and innovation.”
The Minister congratulated PETAN, which is a statutory member of the Nigerian Content Development and Monitoring Board (NCDMB), on its 30th anniversary.
He said, “I charge PETAN to view this milestone not as a destination but as the beginning of a greater journey, urging them to aim beyond national boundaries, leveraging their experience and competence to expand their impact globally.”
He urged the association to sustain its partnership with the Federal Government for growth in the industry.
PETAN is an association of Nigerian Indigenous Technical Oilfield service companies in the upstream and downstream sectors of the Oil industry.
What you should know
- The minister has expressed Nigeria’s commitment to exploring its fossil fuel resources amidst the global campaign for energy transition.
- Climate change activists have intensified campaigns against the emission of greenhouse gases from the burning of fossil fuels. A major talking point in the just concluded Cop29 is about achieving global energy transition, through improved investment in renewable energy sources.
- While many experts are calling for energy transition for the protection of the planet and environment, others have argued for African countries especially to focus on improved industrialisation for economic growth.
- Exploring fossil fuels which are deposited in large quantities in Africa is cheaper for accelerated economic growth.