Sahara Group said on Sunday that the 2022 Nigeria Annual International Conference and Exhibition of the Society of Petroleum Engineers should lead the conversation of exploring best possible policies and partnerships to propel seamless energy transition for Africa.
It said the conference, which had the theme, “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa,” would be held in Lagos this week.
Speaking ahead of the event in a statement issued by the spokesperson, Sahara Group, Bethel Obioma, the oil firm’s Director, Governance and Sustainability, Ejiro Gray, said Africa had a peculiar situation that required a different approach.
She was quoted as saying, “As a continent where a significant number of countries operate a mono-cultural economy or at a minimum, are highly dependent on revenue from fossil fuel development and production as the main driver of economic activity, the anticipated rate of change should take cognisance of Africa’s peculiar situation.”
Gray, who would moderate a panel on ‘Driving the Net-Zero Global Energy Transition in an Inclusive Manner’ at the conference, added that a sudden and sweeping deviation from a fossil fuel dominated energy sector might leave developing economies in dire straits.
“On the contrary, the absence of traction in the energy transition movement is likely to come at a significant cost to the continent and leave us stranded due to radical changes in policy direction and demand for our main export commodities.
“One key question then is, how and where do we strike the balance,” she queried.
She added, “A better way would be for developed countries to smooth the transition by offering three resources to emerging economies: time to adjust, financial aid, and policy assistance.”
The statement stated that Sahara’s upstream company, Asharami Energy, would feature panelists, technical papers and young engineers at the conference.