September 26, 2021


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Zero carbon emission: Oil marketers unveil strategy to remain in business

By Adewale Sanyaolu

As the clamour for zero carbon emission takes centre stage of global energy discourse, the Major Oil Marketers Association of Nigeria (MOMAN) has unveiled strategies to continue to remain relevant in the oil and gas business.

New Chairman of MOMAN, Mr. Olumide Adeosun, stated this in his interaction with Energy Editors at a virtual meeting held at the weekend.

He noted that the COVID-19 pandemic has brought about restrained movements which has seen much of the world accelerate their drive towards zero or near zero utilisation of hydrocarbon-based energy sources, a clear indication that the days of hydrocarbons might be fewer than projected. 

‘‘The world around us is changing rapidly and the oil and gas industry has been proven to be one of the most exposed to the winds of this change.  The breakout of the COVID-19 pandemic and the ensuing measures designed to curb its spread – lockdowns and work from home – have shaped a new reality that challenges our operating structures.’’ 

But, to continue to remain relevant and be in business, he disclosed that the opportunity to make a first step towards this evolution will be found in Liquefied Petroleum Gas (LPG), popularly known as cooking gas.

The MOMAN Chairman said the Federal Government’s push to increase nationwide usage of gas is commendable and is an initiative that all should support and take advantage of. 

He maintained that the benefits to expanding members collective capacity in retailing gas extends beyond immediate additions to bottom-line, as the impact on our environment, our communities and the larger economy make for a better future for us all.

He noted that MOMAN must adapt and evolve to prevent working wide-eyed into extinction, adding that he gains to be had from operating in a Petroleum Industry Act(PIA) reality must be channelled towards pivoting the way it operates because that is the only way it can remain globally competitive.  Our opportunity to make a first step towards this evolution will be found in Liquefied Petroleum Gas (LPG). 

Adeosun stated that his appointment as Chairman of the respected association commences just as the PIA has been encoded into law, marking the beginning of a new era for the downstream sector. 

‘‘As an association, this means that we must be at the forefront of unravelling the opportunities that come with operating in the free-market structures that have been created by the PIA, whilst continually advocating for changes that positively impact our industry and the Nigerian economy at large. 

Making the transition to a fully competitive pricing oriented downstream sector will require the collective engagement and resolve of all stakeholders.  I assure you that MOMAN will continue to be at the forefront in bridging the Government and private sector in ensuring that Nigeria has a viable energy sector. We will continue sustained engagement and the creation of initiatives that will make the implementation of this law a shared success for all concerned parties.’’

He said his predecessor, Mr. Tunji Oyebanji, provided leadership that was needed to navigate a very challenging time for both the association and the downstream sector.

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Source: news