Dr Taher Najah, an Oil Industry Analyst with the Organisation of Petroleum Exporting Countries (OPEC), says Nigeria’s energy usage is expected to rise by 40 per cent between 2010 and 2030.
Najah made the projection on Friday in Lagos at the just concluded 31st annual conference of the Nigerian Association of Petroleum Explorationists (NAPE).
He said that this level of production was required to lift billions of people out of poverty
Najah said that with population and incomes projected to rise, the real challenge remained how to manage and meet the energy needs.
“The question that begs for an answer is what types of energy will the world use and how much, where it will come from and how new technologies, efficiencies and policies impact on the market.
“With energy use expected to rise by 40 per cent between 2010 and 2030, this is required to lift billions of people out of poverty,
“The expectation will be huge gains that producing nations make in terms of market share,” he said.
Nahah, however, said that global peak oil production would be expected before 2030 and there existed significant risks that would occur before 2020.
He said that extraction was currently expanding too slowly to mitigate post early peak oil decline in conventional sources, adding that this could be changed by new technologies.
Najah said that oil and gas would continue to lead as the largest energy source
and the whole world would continue to find itself in a landscape dominated by the intricacies of the oil and gas business.
The OPEC official said that for most developed economies, efficiencies and new technologies remained key solution to mitigating risks.
“Whether Nigeria looks east or west, several puzzles will first have to be resolved internally, before tapping into the opportunities created globally or mitigating the risk the global dynamics presents.
“These sprawling opportunities created by the industry around the world remains an unrivalled stimulus to economies actively engaged in oil and gas,’’ he said. [NAN]