NNPC Is Pursuing Commercially Viable, New Energy Ventures In Line With Nigeria’s Net Zero Aspirations–Kyari

The Nigerian National Petroleum Company Ltd has said it will pursue new and profitable energy ventures to deliver the country’s net zero transition by 2060.

The Group Chief Executive Officer of the NNPC Ltd, Mele Kyari, said this on Wednesday at the public launch of the Nigeria Energy Transition Plan by Vice President Yemi Osinbajo.

Nigeria Energy Transition Plan showcases the country’s pathway to achieving net-zero emissions by 2060 and its leadership role in enabling a just and equitable climate future for Africa, with the ultimate objective of mobilizing the finance required to jumpstart implementation of the Plan.

Specifically, the global launch highlighted Nigeria’s commitment and ambition in achieving carbon neutrality while also ending energy poverty, which will lift 100 million people out of poverty, drive economic growth, and bring modern energy services to the entire population.

The drive for Nigeria’s energy transition is in line with Sustainable Development Goal 7 (SDG7) which advocates for “affordable, reliable, sustainable and modern energy for all” by 2030.

The SDG 7 targets three areas of access to energy (SDG 7.1), renewable energy (SDG7.2) and energy sufficiency (SDG7.3)

Nigeria is a signatory to both the Cop26 agreement and the Paris Climate Accord which advocates for net zero emissions, but Africa’s biggest economy seeks more transition time.

Speaking at the event, Kyari said the country has an increasing young population which needs a stronger economy that would be powered by reliable energy options.

He said, “This event is coming after the historic presidential unveiling of the NNPC Ltd with a clear vision and a renewed commitment to upscaling NNPC’s relevance in the global energy market while ensuring energy security for our country.

“With NNPC Ltd as a fully commercialized enterprise, Nigeria is well positioned to lead the African continent in a just and gradual energy transition.

“Nigeria, like other African countries, is endowed with an increasing young population which needs a stronger economy to continue to generate beneficial employment, relieve citizens from poverty to prosperity.”

Nigeria and other African continents have adopted 2060 as a suitable date for its net zero transition as the leaders seek energy justice in the transition process.

For Nigeria, gas has been adopted as its transition fuel which would help to fund other renewable infrastructure.

As the tension between Russia and Ukraine has worsened the global energy crisis, the NNPC Ltd has announced plans to exploit the European market through building pipelines into the new market.

Kyari said, “NNPC recognises the activities of the oil and gas sector as a significant contributor to carbon emission and the consequent adverse impact on the climate.

“We have taken steps to decarbonize our operations by primarily exquisite gas flares from our operations, pursuing carbon capture initiative and technology that supports low carbon operations while focusing on gas as a transition fuel.

“Subsequently, NNPC is taking advantage of Nigeria’s huge natural gas reserves of over 200 trillion cubic feet of gas with the potential to grow to 600Tcf as more investment is expected due to the recent resolution of the production sharing contracts with our partners and the empowerment of the NNPC by the Petroleum Industry Act to take full responsibility for commercial operation of the Joint Venture assets.

“These significant reserves will provide the resources for a low carbon energy alternative that will support growth in the power and industrial sector and reduce energy poverty, carbon footprints and create more employment opportunities.”

The NNPC Ltd boss said the company supports the government’s National Gas Expansion Programme which would deepen natural gas utilization as alternative transportation fuel.

He revealed that progress is being made to complete the Abuja, Kaduna and Kano gas pipeline corridor.

Kyari said progress has also been recorded on the planned Nigeria -Morocco and the trans-Saharan pipelines.

The NNPC Boss said, “We are working assiduously to ensure timely delivery of major domestic gas pipeline infrastructure projects including the Abuja, Kaduna, Kano gas pipeline corridor and the associated power plants.

“NNPC is also making progress on the planned Nigeria -Morocco and the trans-Saharan pipelines that will enable access by West African countries to the enormous gas resources in our country and to also deliver gas beyond West Africa.

“Going forward, NNPC will leverage partnership with the industry, government, research institutions and the academia to strengthen its renewable energy division to pursue commercially viable, new energy ventures in line with Nigeria’s net zero aspirations by 2060.”