The Director, Department of Petroleum Resources (DPR), Mr Auwalu Sark on Tuesday, says players in the oil and gas sector must adapt to the COVID-19 impacts for the industry to continue to thrive.
He stated this at the virtual opening of the Energy Industry Transformation Summit (NEITS), organised by the Society of Petroleum Engineers (SPE), council Nigeria.
According to him, the changes in the global energy landscape has made it imperative for the oil and gas industry to adapt accordingly in order to maintain relevance, remain competitive and thrive.
He said the agency on its part, had adopted several approaches and streamlined its processes to deepen its influencing role as an opportunity house and business enabler for the industry.
The approaches according to him include cost control and management, strategic partnership, vertical integration and diversification, portfolio rationalisation and operational resilience.
Sarki noted that DPR was proud to be associated with the SPE, which had the ideals and vision of enabling the industry to meet the world’s energy demand in a safe, environmentally responsible and sustainable manner.
In his remarks, Mr Joe Nwakwue, Chairman, SPE Council Nigeria, said the world was gradually shifting to cleaner sources of energy due to environmental impacts of oil and gas activities.
Nwakwue said: “Awareness and policy geared toward renewable energy use and energy efficiency are spreading. These places a potential cap to oil and gas demand in the future.
“The impact of this transition toward a low carbon economy on energy-deficient and energy-hungry countries like Nigeria (where enhanced energy access and availability is crucial to human wellbeing and country’s economic growth and development), is a subject of great concern for sustainability.
“Consequently, there is a tendency of having rapid evolution and adoption of renewable energy technology (solar and wind), thereby reducing energy costs, changing lifestyles and habits by our large youth population.”