Sabrina Valle

HOUSTON, (Reuters) – Developing countries shouldn’t have to focus on renewable energy and abandon fossil fuels. This was the view of Nigerian energy officials Tuesday. They were joining other oil-producing emerging nations that are reluctant to accept the global energy transition trend.

On Tuesday, Nigerian oil minister Timipre Marslin Sylva stated that 900 million people worldwide, with most in Africa and Asia, do not have access to electricity for their basic needs. He spoke at CERAWeek in Houston.

Sylva stated that “we are still transitioning from firewood into gas.” Please allow us continue our own transition.

Suriname, Guyana, and Ghana are also developing oil fields and have stated that they will not give up their opportunity to profit from the oil and gas that contributed to more advanced economies.

Bala Wunti (NNPC general manager) said at CERAWeek that “they want all of them, including those who are without food, carry the burden of transformation.”

Nigeria now faces a double threat from the high price of cooking gas it imports as well as a lack of investment into its oil industry. This is despite a push by global banks and funds to limit oil investment, according to minister Sylva.

Sylva stated that Nigeria had to reduce its oil production by 1.8 million barrels per daily (bpd), over the years due to a lack of funding to keep its facilities running.

He said that the lost production may have contributed to world supply, as the world searches for alternative oil to Russian oil. This is after Russian buyers stopped buying Russian oil over Ukraine’s invasion. Russia considers its action in Ukraine “special”.

Renewable fuel investors have reduced funding for oil projects. They also decreased the production of oil and gas at a rate faster than they could be replaced by renewable sources, driving up oil prices, he stated.

Sylva stated that it was not unexpected for us to reach this stage of an energy crisis. There is a gap.