Oscaline Onwuemenyi 09 March 2016, Sweetcrude, Abuja – Mr. Feargal Brennan, a professor from Cranfield University, London, has advised the Federal Government of Nigeria to concentrate on influencing the cost of production of oil, especially where it finds that it cannot influence the price of the commodity.
Expert urges govt to focus on influencing cost of oil production
Speaking at a seminar and lecture organised by the Petroleum Technology Development Fund, PTDF, in conjunction with the management of Cranfield University, Brennan disclosed that Nigeria can influence the cost of production of oil by shifting emphasis to renewable energy.
According to Brennan, who is also the Head of Energy Theme of the school, a number of opportunities await the country from renewable energy as it will help leapfrog the incremental developmental path of the country.
He further stated that renewable energy will ensure distributed power generation, localisation and provide hydrocarbon feedstocks for higher value products.
He also added that despite the fact that the renewable energy technology is expensive in the short term, in the long run, it is cheaper.
He, however, advocated a proper mix of renewable use, so as to safeguard the country in period of shocks, adding that with an adequate mix, a shock in one area of the mix can be cushioned by the components of the mix.
Also speaking, the Permanent Secretary of the Ministry of Petroleum Resources, Mrs. Jamila Shu’ara, disclosed that the country’s experiences had shown that all possible means of expanding energy access must be explored.
According to Shu’ara, who was represented by Mr. Yahaya Kurfi, the Director in charge of gas at the Ministry, while the power requirement to drive Nigeria socio-economic development stands at over 50,000 megawatts, the country currently generates less than a tenth of that.