A professor of Geophysics, Difference Ogagarue, said that fossil fuel would continue to remain relevant for decades despite the global shift towards renewable energies, especially in Africa.
Ogagarue, who delivered the eighth inaugural lecture at the Federal University of Petroleum Resources (FUPRE), Effurun, Delta state, argued that the recent demand for renewable technologies is a challenge to the oil and gas industry but that it is mere fantasy and would not end fossil fuels.
He said: “It is no gainsaying that there is a recent surge towards renewable technologies and ongoing commitments by different nations to limit global warming to l.5°C due to the climate challenges associated with the use of fossil fuel.
Nigeria has set a target of 2060 for net-zero gas emission in its commitment to limit global warming, and other countries are setting different targets for achieving net zero to prevent global warming from crossing a dangerous threshold.
“Phasing out oil and gas completely, whether now or in the future is a mere fantasy due to the realities of today’s fossil fuel-dependent economy, especially in developing nations. The demand for fossil fuel will continue to grow in the coming years (CNBC, 2024), and oil and gas will remain in the energy mix for decades to come”, he said.
Ogagarue, whose research breakthrough in pore pressure prediction earned him a commendation from Shell Petroleum Development Company (SPDC), said alternative energy sources have not been able to displace fossil fuels despite the huge investments the world has made in alternative energy sources in the past two decades.
According to him, oil and gas accounted for only 2.7 per cent of Nigeria’s total exports in 1960 but by the fourth quarter of 2023, this figure had risen to 89.23 per cent, comprising 81.23 per cent of crude oil and eight per cent of natural gas export and likely to increase.
He said geophysicists would continue to be in high demand because it is through their efforts that the wealth derived from petroleum is made possible, adding that they are the first to go into the bushes, deserts, marine, offshore and other harsh environments to radiograph the earth and look for this hidden treasure underneath.
He urged governments to be committed and enact long-term policies that would foster gas utilisation as a transitional fuel, in addition to the low-carbon options.
