[News] We can’t turn our back on oil exploration – President Buhari

President Muhammadu Buhari has reiterated Nigeria’s dependence on hydrocarbon, saying its huge deposits are a blessing and the country cannot turn its back on it due to the numerous benefits.

Speaking at the fourth Nigeria International Petroleum Summit (NIPS 2021) in Abuja on Monday June 7, Buhari represented at the event by the Minister of State Petroleum Resources, Mr Timipre Sylva stressed that the outcome of the summit should be the new approaches on the future of oil in the country.

He said:  “The outcome should also be on how to return on the attractive performance of the pre pandemic era.

“We cannot turn our back yet on more exploration. Discovery of new fields is crucial and we need to address short term opportunities using technology that can extend life of the fields.

“Nobody should doubt our commitment to this because of our bold move by issuing new marginal field awards,” he said.

The President talked about the target of four million barrel per day production and 40 trillion proven target.

Buhari noted that the theme of NIPS 2021: “From Crises to Opportunities” was apt considering that the world is focusing on energy transition.

“Governments across the world are now more focused on tracking the crises caused by COVID-19 to economies, than the press for energy transition but however, energy transition is real and renewable energy is cheaper.

“Investors are conscious of environmental issues and are turning their back on hydrocarbon investments but history has shown that human beings have insatiable need of energy which renewables does not have the capacity to provide in the future.

“Expert projects that 80 per cent of world energy needs by 2040 will come from hydrocarbon,” he said.

“So,  for us as a country with vast hydrocarbon potential the situation is an opportunity  and how we can utilise it is a matter of strategy,” he said.

The president further said that developing the strategy was the core focus of the current administration in instituting NIPS in 2016.

He added that though COVID-19 negatively impacted the oil sector, Nigeria had remained focus in its drive to bring investments in the sector.