The Nigeria Content Development and Monitoring Board has identified divestment from hydrocarbons assets and energy shortage as two implications of energy transition with different impacts on the oil and gas industry.
Wabote, in his presentation, said the two implications have emerged from such rush to move the world away from fossil fuel. “Such companies like Seplast Energy, Eroton Exploration and Production and First E and P among others have acquired assets and now responsible for producing about 15 per cent of Nigeria’s oil and gas requirement and 60 per cent of domestic gas.
According to him, the energy shortage case is evidently becoming new global reality and provides huge opportunity for the industry.
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