The Chairman, Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya, says Nigeria’s energy independence hinges on effective utilization of its abundant gas reserves.
This, he said, can be achieved by implementing strategic initiatives that will propelthe country towards energy self-sufficiency.
He urged the government and other critical stakeholders in the energy sector to focus more on gas as Nigeria does not have enough energy in circulation, hence the need for gas independence to improve its economy.
The PETAN Chairman who is also the Managing Director of Geoplex Drillteq Limited, spoke during the first panel session titled ‘Actualising Nigeria’s Energy Transition: Driving Investment, Energy Security and Sustainable Development’ at the 2024 Annual Strategic International Conference, organized by the Association of Energy Correspondents of Nigeria (NAEC) in Lagos.
Engr. Ogunsanya, who noted that gas ought to be a more efficient and less carbon form of energy, said that the world was currently advocating for a cleaner energy.
He further explained that with the nation’s abundant gas reserves of approximately 200 trillion cubic feet, domestic gas utilization could reduce reliance on imported fuels, generate significant revenue and create jobs
“Today, the United States is the highest producer of oil and gas. They produce more than Saudi Arabia. They invest in their renewable energy, solar.
“This is what Nigeria needs, we don’t have the technology to produce battery powered cars, not that we will not do it in future, but right now. If we don’t produce our oil and gas and ensure that the value chain is sustained within the country. Gas is supposed to be a more efficient and less carbon form of energy. Nigeria needs to focus more on that.” the oil expert said.
Engr. Ogunsanya further stressed the need to increase the nation’s production capacity, in order to reduce imports which would strengthen the naira.
His words: “we must understand the basic economic principle that your balance of trade is the difference between what you produce and what you import. We have always been negative in the balance of trade. When you import more than what you are producing, you have a negative balance of trade, this makes your currency suffer. This is what Nigeria is going through today.
“We want to power our economy and ensure the country has enough foreign earnings that can be deployed to develop infrastructure and create jobs for the people.
“Essentially, when you talk about sustainable development, you need that oil and gas revenue to invest in infrastructure, then you can have an economy that will thrive.”
