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Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has said that major oil companies are leaving the country to places where they contribute to the journey towards carbon net-zero commitment.
Kyari made this known on Monday while delivering his welcome speech at the 2022 Nigerian International Energy Summit (NIES2022) themed: “Revitalizing the Industry, Future Fuels and Energy Transition” which held in Abuja.
“Net zero” means that a country must reduce its greenhouse gas emissions to as close to zero as possible and “offset” the residual emissions through natural carbon sinks, that is, through measures that absorb carbon, such as forestation and technologies that capture and make effective use of carbon emitted by industrial activities, known as Carbon Capture, Usage, and Storage (CCUS).
“Companies are divesting. They are leaving our country. Literally, that is the best way to put it,” he said, adding: “They are not leaving because opportunities are not here but because companies are shifting their portfolios where they can add value and not just that — but where they can also add to the journey towards carbon net-zero commitment.”
He said the NNPC remained committed towards a seamless energy transition process that ensures energy justice and takes into cognisance the unique needs of the country and called for improved financing of the sector.
“It is my single honour to say that transition must have sanity, and there must be justice in energy transition. That justice means that it helps us to get to a point where we are able to transport our ordinary people from their homes to their workplaces in the short term,” he said.
Last week, Seplat Energy Plc announced that it had signed an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation, Delaware (ExxonMobil), just as Royal Dutch Shell said it was discussing with the federal government to sell its onshore oil assets in Nigeria.
Although Nigeria has pledged to reach net zero emissions by 2060 which will address problems like desertification, floods, pollution, and soil erosion, it is yet to unveil a detailed plan on how it intends to achieve this goal.
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