*The Federal Government has tasked the national, international and other indigenous oil companies to design workable and accelerated energy transition strategies for the West African country

Isola Moses | ConsumerConnect

The Federal Government has challenged the National, International and Indigenous Oil Companies to come up with workable and accelerated energy transition strategies for the country.

ConsumerConnect learnt the Nigerian Government noted these include focusing on critical factors that could make them happen, whether these factors relate to the government, society, policy makers, technology, investors, or the industry itself.

The summit has its theme as “Revitalising the Industry: Future Fuels and Energy Transition”.

The roundtable, which engaged top Chief Executive Officers (CEOs) from the National Oil Company, International and Indigenous Companies focused on “Strategies for Confronting the Energy Transition” in the country, agency report said.

H.E. Chief Timipre Sylva, Honourable Minister of State for Petroleum Resources, disclosed this development Tuesday, March 1, 2022, at the CEO Roundtable Session at the ongoing fifth Nigeria International Energy Summit (NIES 2022), in Abuja, FCT.

The Minister, in his address, stated that NIES 2022 assembled the companies on session in the bid to drive a new narrative and make energy transition the cornerstone of the country’s industry policy.

Chief Sylva said: “What is obvious from this energy transition journey is that the oil and gas industry will face more scrutiny in their operations and business models.

“They will have to explain more often the impact of their activities to the environment, their contributions to reducing greenhouse gas emissions and their efforts towards achieving net-zero carbon emissions.

“While we pursue the country’s energy transition agenda, let us also recognise that fossil fuels will continue to play a critical role in our energy and economic systems,” he said.

While the role might appear to be in contradiction with the energy transition agenda, fossil fuels would still remain important and would remain integral part of the vision in our energy transition journey, said the Minister.

He gave the assurance that the ministry in discharge of its mandate would become an enabler to make a seamless energy transition in Nigeria happen.

Sylva further observed that the Ministry of Petroleum Resources had strived to ensure an enabling environment to improve the Oil and Gas value chain, driven by modern technology, industry, best practices, stakeholders’ engagement and innovations in alternative energy.

The Minister as well said: “No energy company will be unaffected by this energy transitions. Every part of the industry needs to consider how to respond.

“Doing nothing is simply not an option,” Sylva said, quoting the International Energy Agency (IEA).