The Place Of Petroleum In Energy Transition In Nigeria

Abstract

Fossil fuels, which produce massive volumes of greenhouse gases (GHGs) that
cause climate change and other major effects on our planet, are the foundation of
the global energy mix. Renewable energy sources have been more prevalent in
reducing climate impacts within the past 20 years. This study assesses the
contribution of the petroleum and gas industry contribution to the energy
transition in Nigeria, while taking energy policies and funding issues into account.
It turns out that renewable energy sources and natural gas, a more ecologically
friendly fossil fuel, cannot provide all of the demand. Additionally, there are
intrinsic prospects for the LNG industry to grow and for energy consumption to
rise. Accordingly, natural gas will serve as a bridging fuel during the switch to
greener energy sources. Therefore, completely abandoning petroleum and gas
during this transition could be detrimental because the petroleum and gas industry
possesses the expertise and infrastructure necessary for large-scale energy projects.