Financial Energy Review
………by Ben Ndubuwa…….
The Chairman Society of Petroleum Engineers (SPE), Nigeria, Mr. Olatunji Akinwunmi has said that it is in the best interest of the oil and gas industry operators to be in phase with the rest of the world in the quest to significantly pursue the reduction of carbon intensity in their various operations..
Akinwunmi in his welcome address in this year’s Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos with the theme “The Future of Energy – a Trilogy of Determinants; Climate Change, Public Health, and the Global Oil Market” said that reduction in carbon emission can be achieved by making various oil and gas operations more efficient and reducing waste as well as disenabling fugitive emissions.
“With more focus on transition to gas exploration and development to replace coal in electricity generation, by improving technologies for capture and subsurface storage of carbon dioxide
“In addition, novel technologies as well as digital transformation initiatives should help in the direction of reducing both emissions and cost, which would render our products more accessible, more competitive, and more acceptable. Furthermore, the technological solutions that have helped to facilitate the exploration, development and production of petroleum can certainly be adapted for use as the energy mix evolves in the future” he said.
According to him the energy landscape is evolving very rapidly, with increasing share of non-petroleum energy sources and new frontiers of energy solutions being explored, especially in the more advanced economies.
He pointed out that the future of the demand for oil and gas and relatedly the supply of energy are expected be based on the tripod as captured in this year’s conference theme.
