Mr Komolafe said as a country, Nigeria boasts of 37.064 billion barrels of oil with a daily production of over 1.5 million barrels of oil which makes it rightfully positioned to achieve the right energy mix for sustainability of energy supply.
“Unfortunately, in the years preceding the enactment of the Petroleum Industry Act , investments in the Nigerian oil and gas industry declined due to regulatory uncertainty in addition to de-funding of fossil fuel development occasioned by energy transition and COVID-19. According to him, Nigeria’s average rig count declined to 11 in 2020, 7 in 2021, and 10 in 2022, but recently grew to 24 in April 2023, a positive signal of new investments trickling into the country.
The official emphasised the need for oil and gas producers in Africa to embrace the reality of green transition and take a strategic position to leverage the opportunities presented by the unfolding era has indeed become more pressing.