The Nigerian National Petroleum Company Limited (NNPC) has confirmed that the corporation, together with its partners and stakeholders, is working to ensure it attains Nigeria’s 2060 target for carbon neutrality.
Investors King gathered that carbon neutrality has to do with ensuring that the amount of greenhouse gas produced is equivalent to what is removed from the atmosphere. It also ensures that as carbon is being released, it is being removed from the atmosphere such that emissions are reduced to zero in order to stabilise global temperatures.
The Group Managing Director of the NNPC, Mallam Mele Kyari said the corporation is adopting various strategies towards the attainment of a carbon-neutral economy, while ensuring that the industry remains viable.
According to him, some of the measures taken so far include adoption of low carbon technology across operations, deepening natural gas utilisation to reduce energy poverty – via the National Gas Expansion Programme, and intensifying the use of petrochemicals.
While speaking during the opening session of the fifth edition of the Nigerian International Energy Summit held in Abuja on Monday, Kyari also gave International Oil Companies (IOCs) conditions for divesting from Nigeria’s upstream sector.
He noted that IOCs must address issues of abandonment and decommissioning of oil assets, adding that issues and obligations related to abandonment and decommissioning must be fully addressed and discharged in line with global best practices, regulations, convention, and law.
“Companies that are divesting, they are leaving our country literarily and that’s the way to put it. But they are not leaving because opportunities are not here, these companies are shifting their portfolios where they can add value and not just that but where they can add to the journey of net carbon zero emission.
“We understand this very perfectly. But also, we cannot afford to realize that this country must benefit from the realities of today. We will work with our partners, we understand the necessity for their investments, we do know that there are issues, we understand that this must take place, but also it must be done in such a way that we are able to deal with issues around abandonment and decommissioning”, he said.
He also revealed that the NNPC will work to ensure that adequate arrangements are put in place to show readiness for the transition journey.
Speaking further, the NNPC GMD explained that the government has also intensified policies to increase gas utilisation and eliminate flaring in recognition of the transition from carbon intensive production towards cleaner alternatives.
