Energy Transitioning: Our Focus Is To Develop Natural Gas For Exports—Wunti, NAPIMS Boss
The Group General Manager, National Petroleum Investment Management Services, Bala Wunti has said that the focus of the federal government in its quest for energy transitioning is to develop its natural gas for the export market.
Wunti said this during an interview with Reuters which focused on global energy transition
The NAPIMS boss explained that Nigeria intends to export natural gas as Liquified Natural Gas to generate revenue.
He also said that as the global community embraces energy transitioning, the plan of the NNPC for Nigeria is to focus on gas usage to power industries and create power for the over 200 million population.
He said, “All of our focus now is on natural gas and we intend to use natural gas to export as LNG or pipe gas to generate revenue. We intend to use gas for gas-based industry and we intend to use gas to create power and also intend to also use gas to participate in blue hydrogen.”
When asked about his thoughts on the shift to energy transition. Wunti called for a balance whereby there won’t be need to sacrifice reliability and security of energy for the aspirations of getting to net zero or to cleaner energy.
He said, “When we see a lot of investment in trying to propose how to replace hydrocarbons, I think in my view this is misdirected. The focus should be on how hydrocarbons are delivered in a clean, reliable and affordable way.
“We need to be able to create a balance whereby we don’t sacrifice reliability and security of energy for the aspirations of getting to net zero or to cleaner energy – there has to be a balance. An imbalance would lead to social destabilization across the region.”
He put Nigeria’s crude oil production target at 1.8 million barrels per day, adding that there is a strong correlation between oil prices and investment.
“Investment comes when the oil price is high. However, when the investment comes, it takes a cycle of 18 to 24 months to bring that barrel out,” he added.