Nigerian Oil and Gas Firms Commit to Net Zero by 2050

In a significant commitment to combat climate change, several Nigerian oil and gas companies announced today their pledge to achieve net-zero emissions by 2050. This initiative aligns with the global drive towards sustainable energy practices and reflects Nigeria’s increasing focus on environmental responsibility.

The announcement was made during the Nigeria Oil and Gas (NOG) Energy Week held in Abuja, where key industry stakeholders gathered to discuss the future of energy in the country. Among the firms represented were major players like TotalEnergies and other indigenous companies, all reiterating their commitment to reducing greenhouse gas emissions in line with Nigeria’s broader energy transition plan.

The Minister of State for Petroleum Resources, Ekperikpe Ekpo, emphasized the importance of this commitment, stating that the oil and gas sector must adapt to the changing energy landscape. He highlighted that this transition is not only crucial for environmental sustainability but also for the long-term viability of the sector amid global shifts towards renewable energy.

During the event, TotalEnergies’ managing director, Mike Sangster, noted that while Nigeria has set a target for net-zero emissions by 2060, his company aims to achieve this ten years earlier, by 2050. Sangster stressed that the company’s new strategy involves significant investments in low-carbon technologies, including carbon capture and storage (CCS) and renewable energy sources. He affirmed, “To achieve our 2050 target, we will transition 50% of our energy production to low-carbon electricity and 25% to decarbonized fuels such as biogas and hydrogen”.

Additionally, industry experts attending the conference discussed the economic implications of this transition. They pointed out that while there may be initial costs involved, the shift to greener technologies could lead to job creation and investment opportunities in new sectors, ultimately benefiting the Nigerian economy.

As part of the announcement, the companies also expressed their intention to collaborate with the Nigerian government to enhance the country’s energy policy framework, ensuring that it facilitates this transition while addressing energy security and economic growth.

The pledge marks a critical step in Nigeria’s efforts to align its energy policies with global climate goals and showcases the oil and gas sector’s role in achieving a more sustainable future.