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A professor of Exploration Geophysics at the Edo State-owned AmbroseAlli University (AAU), Ekpoma, Isaac Aigbedion, has said that the only way Nigeria could halt the current exodus of multinationals from the nation is for country’s energy transmission to shift from the dominant use of fossil fuels to an energy mix based largely on renewable energy sources-non fossil.
Professor Aigbedion made the recommendation while delivering the 96th Inaugural Lecture of the university on the topic: “Footprints of the Geoscientist: The Bedrock of Man’s Survivability in Nature’s Complex Treasure Trove”, in Ekpoma, Esan West Local Government Area of Edo State.
He pointed out that the signing of the Petroleum Industry Bill (PIB) had not succeeded in enticing multinationals from continuing their operation in the country.
The professor opined that the international oil companies were leaving the country and shifting, their portfolios to where they could add value to the journey towards carbon net-zero commitment.
He, therefore, advocated that Nigeria must have the most friendly fuel in place in the next six to twenty years while building its ability to use renewable.
“Oil companies are embracing green energy production, which is compelling some of them to reduce their investment in fossil fuel markets like Nigeria. The is one of the reasons given by Shell pulling out its investment in Nigerian subsidiary, as investors want it to transit into energy as rivals are positioning for revenue in the green economy.
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”The Nigeria government should embrace the world’s energy system of de-carbonization. In the year 2050, the primary energy mix will split equally between fossil and non-fossil sources.
”In Nigeria, the present cost of $30 per barrel production should be reduced through digitalization of assets to $5 per barrel for better efficiency and optimization. In other words, assets or fields with lower cost of production should be opened for development,” he explained.
Aigbedion also spoke on the relevance of geophysics in agricultural production, noting that agricultural geophysics was an emerging discipline that involved non-invasive geophysical techniques for obtaining valuable soil surface and near surface information.
“With the advancement in Agro Geophysics, agricultural will be more efficient, distribution and consumption of food will be more rational, and we will harvest from more marine food chains than today.
“In an attempt to stop this mass exodus multinational oil companies, I carried out a geothermal assessments across Nigeria for clean energy generation, using relevant geophysical techniques, the results from the geological, hydrogeological, BHT measurements, showed good manifestation of geothermal evidence for steady and regular electricity generation, as the world is going into clean energy,” he stated.
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