The Nigerian National Petroleum Company (NNPC) Ltd has emphasized the necessity for increased collaboration and transparency within the global energy sector as stakeholders work towards phasing out carbon emissions and achieving net-zero targets by 2050. This call to action was made by Group CEO Mele Kyari during a Strategic Panel Session titled “Decarbonising Operations across Upstream, Midstream and Downstream” at the ongoing Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC 2024) in Abu Dhabi, United Arab Emirates, on Tuesday.
Represented by NNPC Ltd’s Executive Director for Upstream, Mrs. Oritsemeyiwa Eyesan, Kyari highlighted that achieving decarbonization in the oil and gas value chain requires a collective effort, stressing the importance of transparency and openness in discussions. “It is crucial not to vilify those who are lagging behind but to ensure that the gaps between all parties are bridged,” he stated.
Kyari pointed out the dual challenge facing Africa: the need to decarbonize while simultaneously combating energy poverty. In response, Nigeria has implemented two key policy shifts aimed at supporting its decarbonization efforts. The first is the declaration of a “decade of gas” to transition from a predominantly diesel and fuel-driven economy to a gas-based one. The second policy involves the removal of fuel subsidies, which Kyari noted are instrumental in driving the nation’s decarbonization agenda.
As a signatory to the Oil & Gas Decarbonisation Charter (OGDC), Nigeria has set ambitious goals, including achieving gas flare-out by 2030 through the utilization of gas for automotive and power generation. With significant gas reserves estimated at 209 trillion cubic feet (tcf), Kyari acknowledged the challenge of accessing capital for funding gas projects, as financial resources primarily come from international oil companies with robust balance sheets.
Kyari’s remarks underscore NNPC’s commitment to leading the charge in the transition towards cleaner energy practices while addressing the pressing issue of energy access for millions of Nigerians. The company is poised to play a pivotal role in ensuring that Nigeria not only meets its decarbonization goals but also supports economic growth and energy security for its citizens.
The ADIPEC 2024 conference serves as a crucial platform for industry leaders to discuss strategies and innovations in energy sustainability, providing an opportunity for collaboration among countries and companies aiming to create a greener future in the energy sector.
