The Managing Director and Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, highlighted concerns about the potential hindrance posed by the cost of renewable energy to Nigeria and other economically constrained African nations. Speaking at the Nigerian Association of Petroleum Explorationists’ annual conference in Lagos, Kyari emphasized the challenge of sustainability in the face of clean energy’s high costs, especially in regions grappling with energy poverty.
Represented by the Executive Vice President of Upstream NNPCL, Oritsemeyiwa Eyesan, Kyari underscored the financial barriers as a significant limitation to the widespread adoption of clean energy. He warned that neglecting this issue could impede progress in transitioning to cleaner sources, particularly in regions with limited economic resources.
While acknowledging the role of renewables in mitigating climate change and reducing dependency on finite resources, Kyari pointed out existing technological limitations. Issues such as intermittency, reliability, and predictability due to geological constraints and limited human and natural control were highlighted as challenges hindering the full potential of renewable energy.
Kyari delved into the complexities of battery storage technology, which, while addressing some intermittency challenges, faces hurdles of its own. Despite recognizing the petroleum industry’s historic role in human progress, Kyari acknowledged its inherent challenges and constraints, emphasizing the unsustainable nature of the world’s reliance on fossil fuels.
As an explorationist community, he urged dedication, expertise, and a relentless pursuit of knowledge to unlock new frontiers, discover reserves, and navigate the evolving landscape of the oil industry. Kyari expressed concerns about conflicts and geopolitical tensions driven by the struggle for control over oil reserves, posing risks to global stability.
Predicting a continued increase in the world’s energy needs, Kyari emphasized the need for a diversified energy portfolio. He stressed the importance of recognizing the varying priorities of customers based on geographical location, technology, purchasing power, pricing systems, government policies, and other dynamics.
Looking ahead, Kyari highlighted the pivotal role of innovation and emerging technologies in reshaping the energy sector. From digitization and artificial intelligence to robotics and data analytics, he anticipated unprecedented advancements that would redefine how the world explores, produces, and manages its resources. In conclusion, Kyari urged companies to develop a balanced, complementary energy portfolio to meet the ever-changing demands of a dynamic energy landscape.
