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SPE OLEF 2023
OLOIBIRI LECTURE SERIES AND ENERGY FORUM 2023
Thursday, April 06, 2023 | 09:00 am - 03.00 pm
Auditorium, PTDF Tower, CBD Abuja FCT
Effective Gas Resources Utilization: A lever for Enhancing Energy Security and Achieving Net-Zero Emission Goals in Nigeria
The Oloibiri crude oil discovery birthed the production and export of fossil fuel (oil & gas) in Nigeria, which became the main source of income and paved the way for development. Today, that source of wealth is threatened with the recent appetite for renewable sources of energy (wind, solar etc.). Non-renewable fuels (coal, oil, and natural gas) supply about 80% of the world's energy. There is a global craving for cleaner alternative sources of energy, aggravated by the outbreak of the global COVID-19 pandemic, thereby making IOCs and Multi-national Energy companies to cut investments in fossil fuels in favour of other renewables. This has made access to funds for developing fossil fuels more difficult. With the outbreak of the Russia-Ukraine crisis, there was a drop in the supply of fossil fuel and the market forces dynamics led to increasing in the prices of energy. Contrary to expectation, Nigeria with its huge gas reserves base is not benefiting much from this high product price. The reason for this is multifaceted - decline in production from lack of funding, aging reservoirs & facilities and more frequent unavailability of production facilities and pipelines due to vandalism, security, and crude theft.
It is forecasted that natural gas, which is a cleaner energy source than coal and oil, can help meet the growing global energy demand and limit CO2 emissions. The International Energy Agency forecasts that the global demand for natural gas will more than double by 2040. However, not all natural gas sources are being actively mined in the world. Nigeria’s current proven gas reserve has gone up to 210 trillion cubic feet. With the right policy framework, roadmap, and investment, these reserves can be turned around into the much-needed wealth to develop the nation. Additionally, these reserves present an opportunity to meet the country’s energy security goals and contribute to meeting the global energy demand. Realizing this feat will cast in stone the legacy that this erstwhile little sleeping town in the Niger Delta region symbolizes in Nigeria.
The Oloibiri Lecture Series and Energy Forum of 2023 targets to explore all the areas that can provide very innovative approaches, leveraging diverse industry experts and policy leaders expected to be in attendance. Together a roadmap towards ensuring Energy Security for Nigeria and other 3rd World Economies can be advocated.
EnergyForum/Panel Session Sub-themes:
Attracting Foreign Investment - New Era Funding Strategies and Business Models to Support Efficient Gas Resources Development.
Putting in Place Effective Policies & Regulations to actualize Energy Transition Plan.
Gas Supply Security and Sustainability for Nigeria's Economic Development.
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