Posted by News Express | 4 December 2018 | 700 times
Mr Johnbosco Uche, a geoscientist, has allayed fears that renewable energy sources would take the place of oil and gas in the world energy market and called for concerted efforts to grow Nigeria’s oil reserve from 37 billion barrels to 40 billion barrels.
He said that the 40 billion barrels reserve target was achievable if exploration activities were intensified beyond known boundaries.
Uche noted that the fears that renewables will adversely affect the oil sector was unfounded and challenged the geoscience professionals to widen their scope to break new grounds in exploration for oil and gas.
Uche made the call while speaking as a panelist at the just concluded Conference of Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
Uche who spoke alongside oil industry experts enjoined members of NAPE to intensify efforts in the search for oil as the demand for energy driven by population growth will make oil and gas to remain relevant in the world energy mix.
According to him current population data indicate that world population is now in excess of 7 billion and continues to grow.
“Renewable energy sources possess no threat to the oil and gas industry because the demand for energy is increasing, renewables can only compliment oil and gas, the narrative that renewables will take over is not factual.
”Yes the progress made by renewables is here with us and they have increased the choices open and will definitely alter the market share held by oil and therefore compliment it.
“If you say that car makers are phasing out cars that run on gasoline what about the plastics components which is still a bye product of oil and gas? The industries are there and they even use more oil and gas fuels than transportation.
“We need to drill deeper than the 10,000 feet beneath the seabed that we have done in Nigeria, in the UK basin, they have drilled to 19,000 feet and there are rigs designed to go up to 30,000 feet we need to work harder because the future is bright for the energy world.
“The potential is there and we just have to push the frontiers,” Uche said.
The panel discussants comprising representatives of International Oil Companies concluded that developments in the renewable energy sectors would realign their operations as some oil and gas firms have transformed to energy firms to retain market share.
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