Minister of State Petroleum Resources, Chief Timipre Sylva has disclosed that the European Union’s decision to label natural gas resources as green energy has given Nigeria hope of successfully benefiting from its 207 trillion cubic feet of gas resources valued at over $803 trillion.
Sylva disclosed this at the 2022 Annual Public Lecture of The Nigerian Society of Engineers, NSE, Bwari Branch, Abuja, yesterday.
He said: “Nigeria is one of the world’s last energy frontiers, a nation brimming with enormous opportunities. As a nation, we are following a transition pathway that combines technology, investment, business strategies, and government policy that will enable Nigeria to transition from its current energy system to a low-carbon energy system with natural gas playing a pivotal role over the next generation, roughly between now and 2060.
“Natural gas is a key resource for a just energy transition and has all the credentials to support Nigeria to meet up with her commitment with the UN 17 Sustainable Development Goals (SDGs).”
Pointing out that natural gas would play a critical and long-term role in achieving energy security and enhancing environmental outcomes for Nigerians as the global energy sector undergoes unprecedented change, he added that Nigeria was well positioned to pioneer future natural gas technology and compete in global markets that are constantly changing. Nigeria has huge natural gas reserves and a highly skilled workforce.
Sylva said the Federal Government’s declaration of the Decade of Gas policy last year was aimed at using its abundant gas resources to boost economic growth and create jobs in the country.
He called for just global energy transition, saying “for me, achieving an inclusive energy transition whilst tackling key issues to attract investment opportunities with a view to achieving the Decades of Gas initiative alongside the SDGs will need integrated engineering solutions that provide resilient infrastructure, sustainable energy, and access to the latest innovative technologies”.