Stakeholders in the oil and gas industry say that Nigeria and other sub-Saharan Africa nations may not achieve decarbonisation and net-zero emission targets to save the global environment due to dearth of funds and infrastructure.
The stakeholders stated this at a luncheon and panel session at the ongoing Offshore Technology Conference (OTC) in Houston, Texas on Wednesday, with the theme “Energy Transition and the Future of Africa”.
The event was organised by the Petroleum Technology Association of Nigeria (PETAN) at the ongoing Offshore Technology Conference (OTC) in Houston, Texas and sponsored by Oilserv Group.
The Group Managing Director, Aiteo Exploration and Production, Mr Victor Okoronkwo, said Nigeria and most African countries lack strategy to generate the energy needed in the face of reduced funding for fossil fuel related projects by foreign financial institutions.
He said over 90 per cent of the funds used for oil and gas exploration as well as production comes from abroad.
He also said that the Paris Agreement on climate change had put Nigeria and the rest of the world in a dilemma in terms of where to raise funds from.
Responding, the moderator of the session and Vice Chairman of Platform Petroleum, Mr Austin Avuru, said all the funding that came into the industry in the last 60 years in Nigeria was gotten because the country was provided energy security for the geographies that provided the funding.
