Stakeholders in the Nigerian oil and sector have argued that despite the posed by use of alternative energy sources like electricity, solar and other renewables, fossil fuels will be relevant as ever.
There have been fears expressed by some stakeholders that the intention of some advanced economies like Norway, Germany, China, Netherlands, amongst others, to replace fuel powered vehicles with electric vehicles will make crude oil to be less relevant in the global energy mix in near future.
Speaking with the Nigerian Tribune on the issue, the General Manager, Nigeria Exploration, Mobil Producing Nigeria Unlimited, who also is the President -elect, Nigerian Association of Petroleum Explorationists (NAPE), Mr. Andrew Ejayeriese, argued that in the next 40 years, hydrocarbon will still be relevant in the global energy mix due to increase in population.
According to him, “for Nigeria to diversify, it needs money. It must continue to sustain the revenue in order to sustain the economy and invest in areas of diversification. So investment in the oil and gas sector must be sustained. In the next 40 years, hydrocarbon will still be relevant in the global energy mix due to increasing population.
“Hydrocarbon exploration goes beyond extraction of premium motor spirit (PMS) otherwise called petrol and automotive gas oil (AGO) otherwise called diesel whose consumption is being threatened by the use of electric cars. Petrochemical industry, polythene industry, Liquefied Natural Gas (LNG) and other byproducts of crude oil are facing increasing demand due to increase in population.”
According to a Professor of Energy Economics, Prof. Adeola Adenikinju, the Federal Government should put in place legal structure that will ensure that the country sets targets for non usage of fossil fuel and join its counterparts across the globe to embrace cleaner energy.
“Unfortunately, government officials have made pronouncement in this direction but in reality, with all we are seeing regarding supporting the transition, we are not ready.
“This makes me to wonder if the whole world is moving towards a direction, what is keeping us back? It is important for government to put in place actions that will make Nigeria to also join the rest of the world,” he said.