Domestic gas utilization will reduce reliance on imported fuel – PETAN

The Chairman of Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya, has called for ample investment in unlocking the country’s gas potential, stating that domestic gas utilization would reduce reliance on imported fuel. He noted that Nigeria can achieve energy independence by leveraging on its vast gas reserves, while calling on the government to […]

The Chairman of Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya, has called for ample investment in unlocking the country’s gas potential, stating that domestic gas utilization would reduce reliance on imported fuel.

He noted that Nigeria can achieve energy independence by leveraging on its vast gas reserves, while calling on the government to focus on gas more as the country does not have enough energy in circulation.

The PETAN chairman, who is also the managing director of Geoplex Drillteq Limited, spoke during the first panel session titled ‘Actualising Nigeria’s Energy Transition: Driving Investment, Energy Security and Sustainable Development’ at the 2024 NAEC Annual Strategic International Conference which was held in Lagos.

He noted that gas ought to be a more efficient and less carbon form of energy, adding that the world currently advocates for cleaner energy.

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He said, “Today, the United States is the highest producer of oil and gas. They produce more than Saudi Arabia. They invest in their renewable energy, solar.

“This is what Nigeria needs; we don’t have the technology to produce battery-powered cars. Not that we will not do it in future, but right now. We don’t produce our oil and gas and ensure that the value chain is sustained within the country. Gas is supposed to be a more efficient and less carbon form of energy. Nigeria needs to focus more on that.”

Ogunsanya stressed the need to increase the nation’s gas production capacity, in order to reduce imports, saying that would strengthen the naira.

“We must understand the basic economic principle that your balance of trade is the difference between what you produce and what you import. We have always been negative in the balance of trade. When you import more than what you are producing, you have a negative balance of trade, this makes your currency suffer. This is what Nigeria is going through today.

“We want to power our economy and ensure the country has enough foreign earnings that can be deployed to develop infrastructure and create jobs for the people.

“Essentially, when you talk about sustainable development, you need that oil and gas revenue to invest in infrastructure, then you can have an economy that will thrive.”