NNPC Calls for Balanced Approach to Energy Transition

Mary Nnah

Chief Upstream Investment Officer for NUIMS, NNPC Limited, Mr Bala Wunti, has stressed the importance of a balanced approach to energy transition at the 46th edition of the Nigeria Annual International Conference and Exhibition (NAICE) held recently in Lagos.

The conference, hosted by the SPE Nigeria Council, focused on the theme “Balancing Energy Accessibility, Affordability, and Sustainability: Strategic Options for Africa.”

Wunti was represented by Mr Andrew Grant, the Head of PSC Investment Management, NUIMS, during a panel session on, “The transition towards Energy Sustainability: Strategies and Tools for developing countries.”

In his presentation, Mr Grant emphasized the need to balance energy demand and supply in managing the energy transition. Energy transition, he explained, is an attempt to stop first-world growth, while energy security, on the other hand, insists on continued investment.

He pointed out that recent global events like the ongoing war in Europe and policy changes have created a substantial investment drive in the energy sector, even in fossil fuels.

Meanwhile, he added, the push for the energy transition is still ongoing, with many companies, banks, and investors adopting Environmental, Social, and Governance (ESG) requirements for investments.

Citing the global energy mix, he highlighted that although energy demand would continue to rise until 2050, oil and gas would remain major energy sources, contributing more than 50% to the total energy mix. He stressed the importance of continued investment in oil and gas production alongside the pursuit of net-zero emissions.