NNPC Advocates For Finding The Right Balance In Energy Transition

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Mr. Bala Wunti, Chief Upstream Investment Officer at NUIMS within NNPC Limited, emphasized the importance of taking a balanced approach to managing changes in energy use. He shared this insight during the 46th edition of the Nigeria Annual International Conference and Exhibition (NAICE); a recent event held in Lagos.

This conference was organized by the SPE Nigeria Council and focused on the theme “Balancing Energy Accessibility, Affordability, and Sustainability: Strategic Options for Africa.”

During a specific discussion on “The transition towards Energy Sustainability: Strategies and Tools for developing countries,” Mr. Andrew Grant, who represented Wunti, discussed the need to consider energy consumption and production in a thoughtful way. He explained that while some advanced countries are working to use less harmful energy sources, it’s also important to continue investing in the current energy sources.

Grant pointed out that recent global events and changes in policies have led to a significant increase in investments in the energy sector, even in areas like fossil fuels.

However, he also noted that the push for using cleaner energy sources is ongoing. Many companies, banks, and investors are now considering Environmental, Social, and Governance (ESG) factors when making investment decisions.

Regarding the global energy landscape, Grant highlighted that although the world’s energy needs are projected to increase until 2050, oil and gas will continue to play a major role, contributing more than 50% of the overall energy mix. He stressed the importance of maintaining investments in oil and gas production while also working towards reducing the pollution they generate.

 

 

 

 

 

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