Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has stated that the country will continue to produce fossil fuels despite the ongoing global energy transition to renewable energy. Lokpobiri made this assertion while speaking at the 13th Practical Nigerian Content organised by the Nigerian Content Development and Monitoring Board in Yenagoa, Bayelsa State capital.
According to Lokpobiri, Nigeria already has a ready market for fossil fuels in Africa, and no country in the world will stop producing fossil fuels as long as there is a market for it. He cited the example of the United Kingdom, which has awarded over 100 licenses to companies to continue crude oil exploration, despite being a champion of energy transition.
Lokpobiri also emphasized that the United States is the highest producer of fossil fuels, and that Nigeria should increase its production to meet the demand of the African market. He, however, noted that funding remains a major challenge for the industry.
The Acting Governor of Bayelsa State, Senator Lawrence Ewhrudjakpo, also spoke at the event, urging the Nigerian Content Development and Monitoring Board (NCDMB) to engage grassroots stakeholders and incorporate diverse perspectives to ensure that their strategies are inclusive and reflective of the aspirations of all Nigerians.
The conference, which aims to promote local content in the oil and gas industry, will continue on Wednesday with several panel sessions.
