Page 24 - Nigeria one mag en-21

PIA will increase Nigeria’s oil production by 317% To 4M BPD

Gas would be central to
Nigeria’s plan for energy
transition

The Federal Government has
said that the implementation
of the newly enacted Petro-
leum Industry Act (PIA) will
boost the oil production capa-
city of Nigeria by about 317
Industry in the city of Port Harcourt, Nigeria
percent to four million barrels
per day (bpd) from the current global endeavor to alleviate le pushing for the use of gas as
level of 1.2 million bpd. Disclo- energy poverty as envisioned transition fuel.
sing this in his keynote speech in the United Nations Sustai- He explained that gas would be
at the 2021 Seplat Energy Sum- nable Development Goal 7.” central to Nigeria’s plan for
mit in Abuja yesterday, Minis- According to the minister, Ni- energy transition. “First is the
ter of State for Petroleum Res- geria will continue to explore focus on gas, for us, this is at
ources, Chief Timipre Sylva, and invest in the development the heart of the energy transi-
stated that this would enable of hydrocarbon resources whi- tion and represents the first
the oil and gas sector to cont- step in the journey to renewa-
ribute more to the economy. bles, away from oil. Already, we
He said that government has have declared that gas is our
rejected a single pathway con- transition fuel, and also repre-
cept for the energy transition sents a destination fuel, as we
and net zero carbon, explai- envisage that it will be part of
ning that the energy transition our energy mix by 2050, given
is a process, rather than an the vast resources that can be
instant result. He stated: “The commercialized and utilized”
PIA 2021 will undoubtedly as- he added.
sist in harnessing Nigeria’s po- Meanwhile the chairman of
tential to achieve its plan of in- Seplat Energy plc, Dr. ABC
creasing oil production to Orjiako, said the company has
4mbpd and oil reserves from set 2024 as the target to end
37b barrels to 40b barrels, whi- gas flaring in all of its opera-
le also drawing on the coun- tions. He stated: “Seplat Energy
try’s estimated 600TCF of natu- delivers over 50 percent of gas
ral gas reserves to provide cle- supply in Nigeria. Seplat is to
an and efficient energy. These remove gas flares in 2024. Our
resources will be crucial in plan is to replace all of the
supplying world markets with a wood we use in homes with the
broad portfolio of energy op- use of Liquified Petroleum Gas,
tions, as well as supporting the which is a cleaner energy.”
fuel pump: illustrative picture

Investment 24