The changes in the global energy landscape has made it imperative for the oil and gas industry to adapt accordingly in order to maintain relevance, remain competitive and thrive. Mr Auwalu Sarki, the Director, Department of Petroleum Resources (DPR), spoke on Tuesday at the virtual opening ceremony of the Energy Industry Transformation Summit (NEITS). It was organized by the Society of Petroleum Engineers (SPE), Nigeria Council.
The DPR chief said the agency had adopted several approaches and streamlined its processes to deepen its influencing role as an opportunity house and business enabler for the industry.
He said the approaches included cost control and management, strategic partnership, vertical integration and diversification and portfolio rationalization and operational resilience.
Sarki noted that DPR was proud to be associated with the SPE, which had the ideals and vision of enabling the industry meet the world’s energy demand in a safe, environmentally responsible and sustainable manner.
In his remarks, Mr Joe Nwakwue, Chairman, SPE Council Nigeria, said the world was gradually shifting to cleaner sources of energy due to environmental impacts of oil and gas activities.
Nwakwue said: “Awareness and policy geared toward renewable energy use and energy efficiency is spreading. These places a potential cap to oil and gas demand in the future.
“The impact of this transition toward a low carbon economy on energy-deficient and energy-hungry countries like Nigeria (where enhanced energy access and availability is crucial to human wellbeing and country’s economic growth and development), is a subject of great concern for sustainability.
“Consequently, there is a tendency of having rapid evolution and adoption of renewable energy technology (solar and wind), thereby reducing energy costs, changing lifestyles and habits by our large youth population.