NIPS: Buhari tasks participants on strategies to harness Nigeria’s vast hydrocarbon

President Muhammadu Buhari urged participants at the fourth Nigerian International Petroleum Summit (NIPS) to focus on strategies to further exploit the country’s vast hydrocarbon field.

The president gave this charge by declaring open Monday the Abuja conference on the theme: “From crises to opportunities”.

Represented by the Minister of State for Petroleum Resources, Chief Timipre Sylva, Buhari said that as the world focused on the energy transition, there was a need for the country to harness its potential and join the movement for renewable energy.

“Governments around the world are now focusing more on monitoring crises caused by COVID-19 in economies than on press for the energy transition, but the energy transition is real and renewable energies are cheaper.

“Investors are aware of environmental issues and are turning their backs on investments in hydrocarbons, but history has shown that human beings have an insatiable need for energy that renewables do not have the capacity to provide. to come up.

“Experts predict that 80% of the world’s energy needs by 2040 will come from hydrocarbons,” he said.

Buhari said fossil fuels will continue to be the source of petroleum chemicals and remain a multi-trillion dollar business for decades to come.

“So for us as a country with vast hydrocarbon potential, the situation is an opportunity and how we can use it is a matter of strategy,” he said.

According to him, the development of the strategy is at the heart of the current administration by establishing the NIPS in 2016.

He said the fundamental expected outcome of the summit should be the strategies and new approaches to the future of hydrocarbons in the country.

“The outcome should also be on how to reverse the attractive performance of the pre-pandemic era.

“We cannot yet turn our backs on more exploration, the discovery of new fields is crucial and we must seize the short term opportunities using technology that can expand the fields of life.

“No one should doubt our commitment in this regard because of our bold initiative in delivering new rewards for the fringe domain,” he said.

In his remarks, as Minister of State for Petroleum Resources, Sylva said the physical hosting of NIPS 2021 was an indication of the government’s commitment to developing the sector.

He said that although COVID-19 has had a negative impact on the oil sector, Nigeria has remained focused on its willingness to make investments in the sector.

He said the choice of topic was appropriate as it would help stakeholders discuss the way forward for the industry.

Sylva said Nigeria remains focused on transitioning its economy to a gas economy and is relevant in the drive for global industrialization.

He said the new direction to drive the sector was a strong collaboration between industry players.

“With increased price volatility and increased pressure to reduce costs, our industry must reinvent itself in order to use dividends and get on the path to industrialization and prosperity.

“That’s why we need to focus on new strategies. For me, the new approach is collaboration which is the paradigm shift we need to focus on.

“I know collaboration should be the watchword in the oil and gas industry,” he said.

According to the Minister, with the allocation of the marginal field, there is no better time for collaboration than now.

In his remarks, Senate Speaker Senator Ahmed Lawan said lawmakers have a major role to play in ensuring an efficient oil and gas sector.

He said the 9th National Assembly would continue to support all efforts to secure passage of the Petroleum Industry Bill (GDP).

“We will give Nigeria a righteous act; we will listen to everyone, we have a cooperative approach, so we work with all stakeholders to get it right.

“We have been able to consult on the GDP and we are working with the joint committee and we hope that the bill will be passed in June.

“We are aware that we need to give Nigeria a legal framework that will help guide the efficient use of the huge hydrocarbon field for growth,” he said.

Lawan assured that the bill to be passed would be a win-win for all, adding that all demands of everyone, especially host communities, would be met. (NAN)