Vice president Yemi Osinbajo has called for a concerted effort by government and professional groups to exert energy on hydrocarbon search across oil bearing basins to boost the country’s reserve base.
He also sought for a dynamic synergy across industries to develop a secure and sustainable energy supply system to facilitate development agenda of government.
Osinbajo said sustainable investment in alternative energy is key to rescue Nigeria from under-development and boost industry output.
Speaking at the 38th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE); a virtual engagement themed “Accelerating Growth in Nigeria’s Hydrocarbon Reserves: Emerging Concepts, Challenges and Opportunities” in Lagos, Osinbajo however, challenged authorities on sustaining hydrocarbon search across all frontiers as oil and gas would remain fuel of choice in coming decades.
Represented by miinister of State for Petroleum Affairs, Timipre Sylva, the vice president said there is no gainsaying the fact that the growth and development of some nations is heavily dependent on energy availability and utilization, especially on crude oil and increasingly on natural gas.
Renewable energy, Osinbajo observed, is becoming a cheaper form of energy, and responses to climate change widely attributable to fossil fuel effluent keep growing.
“Therefore, reduced dependence on hydrocarbon resources over the next century seems inevitable.
That notwithstanding, technology and discussions to date suggest that hydrocarbon will remain the dominant source of energy in the immediate future.
The increased level of uncertainties about oil and gas demands and the emerging technologies in alternative energy become important elements in making decisions on optimal exploitation of petroleum resources.” he said.
According to him, “This is more critical now that abundant hydrocarbons are being discovered in the most unconventional geological basins of the world.
I therefore wish to suggest that our concepts for this very important conference should include but not limited to provision of secure and economic energy supplies to meet expanding needs, responding to climate change that may arise from our choices, responding to the new normal that is caused by the COVID-19 pandemic and coping with the economic downturn globally.”