Energy - NOGSpeed - Energy-Affair

The Nigeria Liquified Natural Gas Limited, Nigeria oil and gas, has stated its determination to leverage cutting-edge technologies to reduce emissions towards climate action and enhance sustainable energy development.
The Deputy Managing Director of Nigeria LNG, Olakunle Osobu gave this assurance while speaking at a panel session on ‘Stimulating early-stage investment into climate technologies to meet net zero goals’, at Gastech Climatetech & AI strategic and Technical Agenda held at George R Brown Convention Center, Houston, Texas, USA, with the theme ‘Transforming Energy Through Vision, Innovation, and Action.’
Speaking on Audience insight to explore investment solutions needed for startups to reach commercial viability and maturity, Osobu joined other stakeholders to call on governments to provide financial guarantees for climate tech investments.
“Also, government initiatives should offer tax credits or deductions for climate tech investments, provide early-stage funding for climate tech startups, streamline regulations, provide clear policies and standards,” he stated.
Like in Norway, where the government makes the technology work, Osobu pointed out that the Nigerian government must take the lead in creating an enabling environment that would make venture capital funds to focus on climate tech investments.
He stressed the need to establish carbon markets to incentivize emissions reduction.
Highlighting what NLNG is doing so far, he noted that NLNG potentials are great. ‘’we are looking at Carbon capture and storages”.
According to him, NLNG was looking at the prospect of biofuel, noting that the company is also committed to addressing climate change challenges through the implementation of its GreenHouse Gas (GHG) and Energy Management Plan.
He said that NLNG takes Climate Change seriously and various actions have been proposed and taken to mitigate the impact of its operations on the environment adding that the company continues to assess possible impact as well as mitigation actions needed for its port and facilities.
He noted that Nigeria LNG is a significant player in global energy industry, contributing to Nigeria’s energy transition and global efforts, which include Cleaner fossil fuel; efficient LNG production process; minimising energy consumption and emissions; Carbon Capture and Storage; exploring solar power for electricity generation and Greenhouse Gas (GHG) Emissions Reduction; targeting 20 per cent reduction by 2030.
Other members of the panel include were Patricia Melcher , Co-founder and MD EIV Capital; Bruece Niven, Head Strategic venturing Aramco Ventures; Marc Guilbert, Managing Partner BX Ventures; Bobby Tudor, CEO and founder Artemis Energy Partners; and Moderator , Timmeko Moore Love , Gm & SVP Greentown Labs.

Lagos — The oil and gas industry has pursued energy transition avenues to decarbonize its operations. However, heightened energy security fears amid the Ukraine war have brought back the focus on fossil fuels, which has led companies to scale down their energy transition pursuit. This will likely continue in 2024, but the switch towards low-carbon energy is expected to proceed, albeit at a slower pace, says GlobalData, a leading data and analytics company.
GlobalData’s thematic report, “Energy Transition in Oil and Gas,” highlights the energy transition related developments in the oil and gas industry. Companies are switching towards renewable power and other low-carbon options in their energy transition efforts. Most leading industry companies have adopted 2050 as the long-term goal for net-zero carbon emissions. A lot of promises made by them hinge on the successful implementation of their respective interim targets for 2030.
Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “Energy security has been a concern for most countries following the outbreak of the Russia-Ukraine war. The resultant supply chain disruption drove countries towards the readily available fossil fuels, thereby boosting oil and gas demand. On the other hand, the push for energy self-reliance and high inflation have somewhat derailed the clean energy adoption.”
Leading oil and gas companies have set themselves decarbonization targets for both the medium and long-term, relying on the existing and emerging technologies. Firstly, companies are increasingly investing in renewable power generation, with wind and solar power being a particular area of focus.
Puranik continues: “In 2020, several oil and gas companies announced ambitious energy transition targets. However, the hype around energy transition has somewhat subsided going into 2024. Profitability issues and inflation, along with high interest rates are causing uncertainties in undertaking renewable projects.”
The share of fossil fuels in global power generation mix is dwindling by the year. This space is increasingly being occupied by the renewable energy sources, especially solar and wind energy. Oil and gas companies are venturing in renewable power generation as part of their energy transition endeavor.
Efforts like carbon capture predominantly work to mitigate emissions, while hydrogen production, renewable power, and low-carbon fuels offer end-consumers alternatives to fossil fuels. Energy storage, mostly in the form of batteries, is another transition avenue being explored by the oil and gas industry.
Puranik concludes: “The oil and gas industry’s energy transition requires long-term planning to reduce or eliminate carbon emissions. In the short to medium-term, companies must incorporate transition fuels as well as low-carbon and zero-carbon energy sources in their portfolios. Despite periodic slowdowns, energy transition in oil and gas industry will take place and pave way for new global energy mix in the future.”

The Nigerian Institution of Petroleum Engineers (NIPetE) has stressed the importance of domesticating codes and standards to ensure world-class operations within Nigeria’s petroleum sector.
The National Chairman of the Institution, Engineer Prisca Kanebi, while outlining NIPetE’s goals, called for stronger collaboration between industry and academia in petroleum engineering so as to promote activities in the sector.
She spoke when she led her management team to Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources, in Abuja.
She said the Institution acts as a watchdog for educational and professional practices, and encouraging major industry operators to sponsor training equipment and laboratories at universities.
Additionally, she highlighted NIPetE’s initiative to facilitate sabbaticals for academic petroleum engineers with leading Nigerian exploration and production companies, enabling them to provide fresh insights into operational challenges
Lokpobiri, in response reaffirmed the ministry’s commitment to a strong partnership with the NIPetE to advance the oil and gas industry.
The Minister reiterated the ministry’s commitment to collaborating with NIPetE in key areas, including capacity building in universities and enhancing professional practices to boost and sustain oil production in Nigeria.
He expressed concern over current low production levels and emphasized the need to leverage the expertise of NIPetE members to tackle the challenges of increasing oil output, crucial for the nation’s economic growth.
The Minister acknowledged significant investments in industry capacity but noted a lack of tangible results, calling for a new approach to ensure Nigeria’s success.
He committed to attending the upcoming NIPetE conference and proposed establishing a collaborative agenda, to be reviewed quarterly, to guide their partnership moving forward.
At the meeting, Kanebi, formally invited the Minister to the Institution’s 3rd annual conference holding at the Abuja Continental Hotel on October 31 and November 1.