The Nigerian National Petroleum Company (NNPC Ltd.) has called for more collaboration and transparency among parties in the global quest to phase out carbon emissions across the oil and gas value chain.
The NNPC Ltd. said more collaboration in the global energy industry was paramount to achieve net-zero emissions by 2050.
Malam Mele Kyari, the Group Chief Executive Officer, NNPC Ltd, said this at the on-going Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024) in Abu Dhabi, United Arab Emirates on Tuesday, November 5, 2024.
Kyari, represented by NNPC Ltd’s Executive Director, Upstream, Mrs Oritsemeyiwa Eyesan, addressed a Strategic Panel Session titled: “Decarbonising Operations across Upstream, Midstream and Downstream.”
Kyari said beyond collaboration, transparency and openness, there was the need to ensure that the gaps between all parties were bridged.
“Africa is currently facing the challenge of tackling the twin problem of decarbonisation and energy poverty and to deal with such challenge, Nigeria made two fundamental policy shifts to support the nation’s decarbonisation process.
“One is declaring the decade of gas as transition fuel from a predominantly diesel and fuel economy to a gas-driven economy, while the second is the removal of fuel subsidy.
“The NNPC Ltd. has relied on these two policies to drive the nation’s decarbonisation agenda,” Kyari said.
He said that as a signatory to the Oil and Gas Decarbonisation Charter (OGDC), Nigeria was focused on achieving gas flare-out by 2030 through the utilisation of gas for automotive and power generation.
According to Kyari, Nigeria sits on huge gas reserves of up to 209 trillion cubic feet (tcf), and access to capital for funding gas projects has been a challenge.
He said that the balance sheet which could be easily used for raising money to fund gas projects, comes mostly from the International Oil Companies (IOCs), which was also largely focused on export gas.
“If we must solve this existential problem, then, there should be a provision for the global south (less energy endowed countries) to access capital to enable them address their problems,” he said.
Kyari decried all parties being placed in the same bracket in the quest to decarbonise, because the pace of progress was based on current state of the countries.
According to him, the OGDC must continue to provide a level playing field.
With more than 180,000 participants in attendance, ADIPEC is adjudged to be the world’s largest and most inclusive gathering of energy professionals.
This year’s edition, the 40th in the series of the annual event, holds under the theme, “Connecting Minds. Transforming Energy”.
By Emmanuella Anokam
