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President Muhammadu Buhari said on Monday that tenders on marginal fields remain a big problem for Nigeria despite the gradual global shift in the use of fossil fuels.
He said the allocation of the marginal fields gives Nigeria the opportunity to accelerate its exploitation of fossil fuels before they are eventually abandoned as the fuel of choice.
The President said as much during the opening of the Nigeria International Energy Summit (NIES) 2022 at the Presidential Banquet Hall, Abuja.
According to him, with the rise in crude oil prices which had plunged in 2020, this represents an opportunity for the country especially since it now has a PIA.
“The favorable investment environment that has plagued the industry has been taken care of by the provisions of the PIA.
“There is now a level of certainty for the regulatory, administrative and tax framework and the legitimate grievances of the host committee communities most affected by the industry’s activities have been addressed by law to demonstrate our seriousness”, a- he declared.
While underlining the various major achievements of his administration in the energy sector, the President who was represented by the Minister of State for Petroleum, Timipre Sylva, declared that the tenders on the marginal fields as well as the passage of the Petroleum Industry Act “overcame more than a decade of Jins before seeing the light of day.
“The year 2021 was a milestone for Nigeria’s power sector as it witnessed a number of record activities. oil industry and the declaration of the years 2021 to 2030 as the year of the gas decade,” he said.
He further reiterated the government’s commitment to transforming Nigeria into an industrialized gas-based nation through an enhanced accelerated gas revolution.
“We will ensure optimal exploitation and utilization of the country’s vast natural gas resources given the country’s potential of around 600 TCF natural gas reserves as the huge potential for diversification and growth in the Nigerian economy,” he said. he assured.
He pointed out that the government is already putting in place measures to ensure a smooth energy transition as the country joins the race to net carbon emissions.
His words: “We are already building the blocks and bricks that will ensure a seamless energy transition as the country joins the race to net zero carbon emissions. This is why this administration has declared natural gas as a transition fuel for Nigeria.
“Without a doubt, natural gas ticks all the boxes, we are ready to meet the challenge of growing global demand for cleaner energy sources.
Meanwhile, earlier in his address, Minister of State for Petroleum Resources, Sylva revealed that the Federal Government (FG), in partnership with Afreximbank, has established a $50 million energy fund for gas from Liquefied Petroleum (LPG) with the aim of further deepening Nigeria’s use of domestic gas.
He said that in line with the National Gas Flaring Commercialization Program, as well as specific provisions of the new Petroleum Industry Law that elevate LPG as the fuel of choice above all other competing fuels, FG also established a 20 million cylinder injection program. .
Sylva explained that 5-10 million of them are to be introduced in pilot states in 2022.
“LPG would be part of the destination as it is used as a precursor to zero emission green hydrocarbons and the eventual switch to bio LPG will enable countries like Nigeria to keep existing infrastructure in place by capitalizing on supply and already existing distribution. chains and achieve net zero at a much lower cost.
“This, no doubt, will help overcome the worry of stranded assets and consumers not having to reinvest in inexpensive electrical solutions if their gas appliances can be repurposed for zero carbon LPG,” he said. Explain.
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