As Nigeria courts fresh investment for a 3 million-barrel-a-day production target, Francis Nwaochei, chairman of the Society of Petroleum Engineers (SPE) Nigeria Council and the man leading the country’s premier petroleum engineering body, is making an argument that the fastest way to fund Africa’s renewable energy transition is through the oil and gas industry itself.
In an interview, Nwaochei laid out why he believes hydrocarbons and decarbonization are not rivals but partners, and why Nigeria’s upstream reforms, from the Petroleum Industry Act to the restructuring of state oil company NNPC, are as much about funding a renewables future as they are about propping up crude output. Dipo Oladehinde brings excerpts:
How does SPE Nigeria Council envision balancing energy security, economic growth and decarbonization without compromising Africa’s development aspirations?
The foundation for sustainable growth is policy stability. Predictable policies enable businesses to plan, attract financing, increase foreign direct investment and make
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