Nigeria needs to harness gas resources for national development – IOCs

By Solomon Asowata

Lagos, Feb. 22, 2022 (NAN) TotalEnergies Nigeria and Chevron Nigeria Ltd. on Tuesday stressed the need for concerted efforts to harness the country’s abundant gas resources for national development.

The International Oil Companies (IOCs) also pledged their support to the Federal Government’s quest to make gas the country’s transition fuel in the face of the global energy transition to cleaner sources of energy.

They made these known during a panel session at the sixth Edition of the sub-Saharan African International Petroleum Exhibition and Conference organised by the Petroleum Technology Association of Nigeria (PETAN) in Lagos.

The News Agency of Nigeria (NAN) reports that the session had the topic: “Dynamics of Sub Saharan Africa’s Energy, Oil and Gas Sector as We Strive to a Low Carbon Future, an IOC Perspective.”

Mr Victor Bandele, Deputy Managing Director, Deep Water, TotalEnergies Nigeria, said the company was committed to achieving carbon neutrality in its operations by 2050.

According to him, TotalEnergies in line with its new profile as an energy company is investing in all energy sources including biofuels, solar, gas electricity and hydrogen.

He said: “We have reduced our carbon footprint to a good level but not yet to zero.

“We have taken that on board and we are aligning with the Nigerian government because government itself has demonstrated that this is where it is heading to.

“TotalEnergies is partnering with all our partners and aligning with the government to make gas Nigeria’s transition fuel.”

Bandele noted that the Petroleum Industry Act (PIA) had brought clarity to the fiscal terms and would help attract more investment to drive the development of Nigeria’s gas resources.

Also, Mr Rick Kennedy, Managing Director, Chevron, Nigeria/Mid Africa Business Unit, said Africa’s young, skilled and large population as well as abundant gas resources provide a huge opportunity for investors.

Kennedy, represented by Mr Bobby Heuliet, Director, Deepwater/Production Sharing Contract, Chevron, said the company would continue to invest and make significant contribution to the Gross Domestic Product of the region.

He said the company’s vision was in like with the aspiration of African countries, including Nigeria to use gas as a transition fuel and would continue to make investment that would promote gas development. (NAN)