25 November 2018, Sweetcrude, Port Harcourt — Renewable energy sources would not take the place of fossil fuels, especially oil and gas resources in the world energy market, experts have said.
This topped the panel discussion of the management session at the just concluded Nigerian Association of Petroleum Explorationists, NAPE International Conference and Exhibition in Lagos.
The panel discussants which comprised of representatives of oil multinationals including Total, Shell, Baker Hughes, and the academia, spoke on the theme “organic growth in Nigeria oil and gas industry; next phase, where and how it can be achieved.”
A panelist and geoscientist, Mr. Johnbosco Uche, said he fears that renewable energy will adversely affect the oil and gas sector was unfounded and challenged the geoscience professionals to widen their scope to break new grounds in the exploration for oil and gas.
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.
He called for concerted efforts to grow Nigeria’s oil reserve from 37 billion barrels to 40billion barrels, adding that the 40 billion barrels reserve target was achievable if exploration activities were intensified beyond known boundaries.
According to him, “The current population data indicates that world population is now at seven billion and will continue to grow exponentially in the next 20 years.
“Yes the progress made by renewables is here with us, but renewable energy sources posses 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.
“If you say that car makers are phasing out cars that run on gasoline what about the plastics components in cars which are by-products of oil and gas? What about car batteries etc? Again, the manufacturing industries are there and they use more oil and gas fuels than the transport industry.
“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,” the Geoscientist said.