ODAHIEKWU OGUNDE, Yenagoa
An oil services expert, Mr Victor Ekpenyong, has advocated a boost in oil production ahead of the 2060 energy transition date set by the Federal Government for net zero emission.
Ekpenyong, who is the Chief Executive Officer, Kenyon International West Africa, gave the advice in a statement issued on Monday by the Public Affairs Manager, KIWA, Mr Ifechukwu Muonyili.
The proposal followed the decisions reached at the just-concluded Oloibiri Lecture Series and Energy Forum held in Abuja.
Recall that Nigeria at the 2021 COP 26 Climate Forum in Glasgow pledged to achieve a net zero carbon emission by 2060.
The country also plans to use gas as its transition energy source because of its low emission of greenhouse gases.
Ekpenyong urged the government to leverage the current upsurge in oil prices to earn more revenue for the country.
He proposed the deployment of idle well management strategy and remote well control as key solutions to combating oil theft which could equally maximise oil production to increase revenue and facilitate Nigeria’s energy transition.
He noted that the lecture, with the theme, ‘Global Energy Transition: Implications for Future Investments in the Nigerian Oil and Gas Industry’, which had in attendance industry dignitaries, took some far-reaching decisions.
He stated that oil theft had been the bane of the nation’s economy as it had led to loss of revenue and environmental pollution.
Ekpenyong said that since oil accounts for the major source of revenue in Nigeria, it was incumbent on the Federal Government to maximise its oil production by introducing measures that would deter oil theft and vandalism.
He explained that an idle well management strategy would enable a well to be decommissioned safely to protect it from being vandalized and restore an abandoned well to full its potential when necessary.
On remote well control, he said it was a technology that could be deployed to protect oilfield facilities and environment from hazards such as blowouts.
Ekpenyong appealed to the federal government to integrate the idle well management strategy and remote well control to help reduce the number of emerging idle wells.
He said the approach would boost oil production which could in turn help fund and facilitate a smooth transition into clean energy.