The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, has challenged members of the Society of Petroleum Engineers (SPE) to come up with a blueprint for energy security and sustainability in Nigeria.
Dr. Baru gave the charge at the 2019 annual Society of Petroleum Engineers (SPE) Oloibiri Lecture Series and Energy Forum in Abuja on Thursday.
In a presentation entitled “Energy Security and Sustainable Development in Nigeria: The Way Forward”, the GMD recounted the huge national energy deficit, stressing that as the second largest economy in Africa, demand for energy was growing at a very rapid rate.
“Despite abundant Oil and Gas reserves, Nigeria experiences shortages in electric power. Based on Nigeria’s Energy consumption current and forecast, available statistics showed an increase from 6 GW in 2015 to 30 GW by 2025 with the primary source of the current power supply being from hydro and gas. The future consumption which is expected to drive growth by 2025 would need aggressive development of gas and renewables projects to meet the exponential demand”, he stated.
He listed efforts by the corporation to bridge the energy supply-demand gap to include accelerated development of gas resources and facilities, rehabilitation of existing refineries, investments in renewable energy projects, and focus on exploration of the frontier basins to boost reserves.
The NNPC helmsman noted that Nigeria was facing a new challenge in the form of competition from new oil production centres across the globe, particularly Africa, adding that there was need to “unlock new barrels as quickly as possible to stay relevant in the new emerging world”.
He, therefore, called on the SPE and its member to “proffer an industry road map to guarantee energy security and sustainability for the nation”.
The Oloibiri Lecture Series which is organized by the Society of Petroleum Engineers (SPE), Nigerian Council, is an annual event focused on contributing to oil and gas policy development for Nigeria.
The event was attended by top government functionaries, officials from industry regulatory agencies, operators at all levels as well as other key stakeholders from around Africa.