By Adewale Sanyaolu
The Group Executive Director, Upstream of the Nigerian National Petroleum Company Limited(NNPCL), Mr. Adokiye Tombomieye, has disclosed that 60 per cent of Nigeria’s oil demand will be impacted by the implementation of the nation’s energy transition.
Tombomieye stated this at the 2022 Annual Conference of the Association of Professional Women Engineers (APWEN), held in Abuja, yesterday.
Tombomieye who is the Patron of APWEN spoke on the theme: “Just Energy Transition Strategy: An Enabler For Sustainable Development in Nigeria.”
According to him, the 60 per cut in fossil fuel (crude oil) demand will significantly and negatively impact crude oil production.
However, he said, that the aggressive move towards a carbon zero emission will boost the ability of Nigerian oil and gas companies to attract funding for their multi-billion-dollar gas projects.
Tombomieye said, “The Energy transition will continue to impact the ability of Nigeria and oil and gas companies to attract capital as banks and investors prioritize Environmental, Social, and Governance factors and are moving away from funding hydrocarbon projects.
Globally, the transportation sector generates the largest share of greenhouse gas emissions which primarily comes from burning fossil fuels for our cars, trucks, ships, trains, and planes; 90 per cent of the fuel used for transportation is petroleum based, which includes primarily gasoline and diesel.”
According to him, about 60 per cent of the fossil fuel market in Nigeria is driven by the transportation industry and this is a very significant consumption percentage for fossil fuels. He added that the replacement of Internal Combustion Engine with Electric Vehicles (EVs) will automatically affect the market demand for fossil fuel vehicles.