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By Adewale Sanyaolu
The Department of Petroleum Resources (DPR) has developed the “Maximum Economic Recovery (MER) Strategy for Nigeria” to guarantee the actualization of sustainable resource optimization and the economic benefits arising therefrom.
DPR Director, Mr.Sarki Auwalu, stated this in his goodwill message and address at the 45th edition of the Society of Petroleum Engineers (SPE) Nigeria Council Annual International Conference and Exhibition which entered its second day in Lagos with the theme ‘‘“The Future of Energy : A Trilogy of Determinants; Climate Change, Public Health and the Global Oil Market.”
He disclosed that the development of the MER was the outcome of an in-depth assessment of the status of the industry.
He added that the framework for the industry action plan, outlines six (6) pillars or building blocks namely; reserves maturation and production optimization, exploration and resources maturation, improved oil recovery and enhanced oil recovery (IOR/EOR) implementation, asset stewardship, performance evaluation and rewards and risk management. He added that draft framework has been shared with the industry, including professional associations including the SPE, Nigerian Association of Petroleum Explorationist (NAPE) and Nigerian Mining and Geological Society (NMGS) in preparation for an industry collaborative workshop to co-develop, and enunciate this strategy for immediate execution.
‘‘We count on the contributions and buy-in of all stakeholders on this crucial national assignment for our overall benefit and industry sustainability’’
On the conference theme, Anwalu said, ‘‘I would like to sum up the future of energy in these words: “For the foreseeable future, we would continue to see a mix of all energy sources – coal, oil, gas, nuclear, renewables – in the supply equation. Whereas renewable sources will make steady in-roads in the global mix, oil and gas will be relevant in decades to come”.
This conclusion, he said, is informed by the outcomes of market analysis and forecasts based on demand-supply equilibrium, socio-economic fundamentals, climate change and environmental considerations as well as technology and innovation that is shaping the dynamics of global outlook.
The DPR Director maintained that the character of Petroleum as an energy resource, which include availability, accessibility, affordability, reliability, and efficiency, gives it a measure comparative advantage over emerging energy alternatives for secured and stable energy supply.
He argued that we would not delude ourselves that change is not happening; we must continually re-invent the industry and find ways to improve the environmental credentials of oil & gas by deploying technologies for carbon reduction and management to maintain its acceptability as fuel.
‘‘I dare say, though, that the ongoing narratives of the relative significance of each energy type and the clamour of “end of oil era” is not informed by technical and economic considerations alone but by global geopolitics and the vagaries of neo colonialism as well.
In this, Africa and other petroleum resource rich countries, including OPEC members, must have a seat on the table of global energy discourse and have their clear voices heard.
