Bala Wunti, the Chief Upstream Investment Officer at NUIMS, NNPC Ltd., has emphasized the significance of maintaining equilibrium when managing the energy transition. He revealed this during the most recent Eko Hotel in Lagos’ 46th Nigeria Annual International Conference and Exhibition (NAICE).
Wunti, a prominent speaker during the Panel Session, covered the transition to sustainable energy and methods for developing nations. The event was held under the theme of “Balancing Energy Accessibility, Affordability, and Sustainability: Strategic Options for Africa.”
Wunti called attention to two crucial facets of energy management: energy transition and energy security. He was represented by Andrew Grant, Head of PSC Investment Management, NUIMS.
While energy security asks for greater investment in all energy sources to ensure ongoing supply, energy transition refers to the global switch from fossil fuels to renewable sources.
He emphasized how recent legislative changes, the ongoing conflict in Europe, and the recovery following COVID are encouraging investment in the energy sector, adding that “yet, while investments in energy security are increasing, the push for energy transition continues unabated.”
He noted as he outlined the projected increase in global energy demand from 2021 to 2050 saying, “Despite the rise in renewable energy, oil and gas will still play a pivotal role, comprising more than 50 per cent of the total energy mix. This insight underscores the importance of continued investment in oil and gas production even during the energy transition.”
Wunti promoted significant investment and financial backing, particularly in cleaner energy sources, to fulfill the rising global energy demand.
This call is essential since, in comparison to conventional fossil fuel sources, alternative sources frequently have lower profit margins. Therefore, it is essential to take deliberate steps to finance the energy transition.
He emphasized the need to ramp up gas usage for electricity, expand the use of electricity-fueled cars, and encourage the use of Liquefied Petroleum Gas (LPG) for cooking in Nigeria, noting that around $1.9 trillion would be needed over the course of the next several years to reach clean energy targets.
The speaker went over Nigeria’s energy prospects and difficulties when speaking about the country’s circumstances, noting, “While Nigeria boasts abundant gas resources and renewable energy sources, it also grapples with rising energy demand, poor infrastructure, and a lack of Carbon Capture and Storage (CCS) technologies.”
He discussed the strategic steps NNPC is doing to boost gas production, which is anticipated to double in the upcoming years.
“This expansion requires significant investments, reflecting the government’s commitment to boosting gas production.”
