Energy-mix Innovative Solutions; Transition to Gas Value-chain in Nigeria’s Oil & Gas Industry

Abstract

Energy generation, production and consumption relating to petroleum industry, demand a multidimensional approach that focuses on future cleaner energy for the energy-mix portfolio. This demands prudence to manage operations in sourcing these rich deposits of natural resources (crude oil and gas) in a very effective and efficient manner; for the nation’s economic benefits and wellbeing; in growing the economy from the financial gains in the hydrocarbon business. Energy is the ability to do work, and it is also the fuel that drives economy and prosperity. For the extractive operations on this energy resource capital-stock (crude oil and natural gas), the oil deposits and gas reserves have great economic potentials that avail enormous financial opportunities to enrich the economy, if these richly endowed abundant resources are innovatively managed and optimally harnessed locally. The recent hyperinflation and the exorbitant pump price of petrol/gasoline in Nigeria induces the current innovative solutions in energy transition process, necessitating a switch over from consumption of petrol to compressed natural gas (CNG). The three objectives of this product-shift in Nigeria and the sub-Saharan Africa (SSA) primarily include; supporting the global quest for “energy security” in an ever rising world population. To comply with the ongoing United Nations’ net-zero carbon emissions target by 2050 through provision of “green fuel” from the proven huge gas reserves (estimated to last 94 years). Most importantly, to alleviate the sufferings of the vulnerable poor masses within the economy by sustainable energy supplies that is economically cheap, reliable and affordable.