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Oil rig

‘Fuel still profitable despite energy transition’


The Society of Petroleum Engineers (SPE) has said that there are still freedoms for the beneficial advancement of the nation's oil and gas area, notwithstanding the arising energy change.


As indicated by the Chairman, SPE, Tunji Akinwunmi, there are loads of capacities concerning transformation. He noticed a tremendous headroom for the country's hydrocarbon assets as petroleum derivative remaining parts the energy decision for transportation, flight, and feedstock for petrochemicals.


"The oil and gas industry is as yet dynamic, and there is undoubtedly a change in progress where there is a development from fossils to renewables. The colossal supporter of energy according to current demand is from petroleum derivatives. However long we have great arrangements set up that will increase the value of the upstream oil and gas area, there is an extension for proceeded with oil and gas advancement," the SPE said.


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Preliminary to its yearly talk booked to hang on March I8th, 2021 in Abuja labelled 'Operational Excellence and Portfolio Optimization, Way Forward for the Oil and Gas Industry Post Covid 19', Akinwunmi projected that the business would encounter more significant divestment as the vast majority of the resources in the company are maturing. He said new players are going ahead board to drive portfolio improvement in the area.


He said: "We are in a cycle of change, and gas is a lot cleaner than oil. Nigeria has bountiful gas assets. On the off chance that we move towards improving our gas assets, it is still inside what we do. We have a general oil demand. Regardless of whether sustainable flourishes, there is even more space than would be filled in the short, medium, and long haul by oil which is the energy of decision for transportation, avionics, and feedstock petrochemicals.


"We have not seen a divestment for a significant quite a while in the business and a major one occurring toward the start of the year even at a time where the company is battling.

"There could be greater divestment on the cards since loads of these resources are maturing, and a portion of these resources are better overseen by structures that have more modest overheads. There are loads of new players going ahead board, and we anticipate that there will be a few exercises in portfolio improvement."


He depicted the PIB as an invite advancement as it will assist with changing, given the number of years that have been spent to audit the bill. He communicated trust that the bill would upgrade and animate more exercises in the oil and gas industry.


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