As the world intensifies its focus on combating climate change, the oil and gas industry faces increasing pressure to reduce its carbon footprint. Bola Afolabi, an accomplished professional with three decades of experience in the sector, highlights the importance of adopting carbon capture and storage (CCS) as a viable solution to mitigate emissions. As a top procurement and contracting strategist in Nigeria, Afolabi sheds light on the potential of CCS technology in curbing greenhouse gas emissions and contributing to a sustainable energy future.
Understanding the Carbon Challenge
Bola Afolabi emphasizes the urgency of addressing carbon emissions in the oil and gas industry. With concerns about global warming and its far-reaching impacts, the sector faces a pivotal moment to embrace innovative solutions. Carbon dioxide (CO2) emissions resulting from combustion processes and industrial operations are major contributors to climate change. CCS emerges as a promising approach to capture and store CO2, preventing it from entering the atmosphere.
The Role of Carbon Capture and Storage
In discussing CCS, Bola Afolabi explains that the technology involves capturing CO2 emissions from industrial processes, power plants, and other sources. The captured CO2 is then transported to suitable storage locations, such as underground geological formations, where it is securely stored for the long term. By preventing CO2 from being released into the atmosphere, CCS helps to mitigate the environmental impact of the oil and gas sector.
Enhancing Environmental Stewardship
Implementing CCS aligns with the industry’s commitment to environmental stewardship. Bola Afolabi points out that by adopting this technology, oil and gas companies can demonstrate their dedication to reducing their carbon footprint and playing a proactive role in the fight against climate change. CCS offers a tangible pathway for the industry to contribute to global emissions reduction targets while maintaining energy security.
Integrating CCS with Enhanced Oil Recovery (EOR)
Bola Afolabi explains the added benefit of integrating CCS with enhanced oil recovery (EOR). The captured CO2 can be utilized for EOR techniques, where it is injected into oil reservoirs to facilitate enhanced oil production. This dual-purpose approach not only sequesters CO2 but also maximizes oil recovery, making it an economically attractive option for companies seeking sustainable business practices.
Overcoming Challenges and Incentives
Bola Afolabi acknowledges that the widespread adoption of CCS faces challenges, including technological advancements, infrastructure development, and financial considerations. However, he highlights that governments and industries worldwide are increasingly recognizing the potential of CCS and offering incentives and supportive policies to encourage its implementation.
Collaboration for a Sustainable Future
Bola Afolabi is concerned that a lot of oil companies, particularly in Nigeria still flare associated gas despite its environmental degradation challenges. Although successive government regulations including the Petroleum Industry Act (PIA) frowns at gas flaring and disincentivize entities that practice it, top oil and gas companies like Shell, Chevron, Total, and Agip should embark on a qualitative action plan to suppress the volume of gas flared in order to protect the environment. He called upon the government to revise the quantum of penalties imposed on erring entities. He noted that many initiatives and technological advancements in hydrocarbon production are being deployed (e.g. gas reinjection and gas lift methodology) to reduce flaring but he insists that the company can still invest more in technology in order to curb the scourge.
In conclusion, as an oil and gas professional, Bola Afolabi emphasizes that CCS represents a promising solution for the oil and gas sector to address its carbon emissions and contribute to a sustainable energy future. As an accomplished professional in the industry, Afolabi encourages collaboration among governments, companies, and research institutions to accelerate the development and deployment of CCS technology. By embracing CCS, the oil and gas sector can demonstrate its commitment to environmental responsibility and make significant strides in mitigating its impact on climate change. With the collective effort of industry leaders like Bola Afolabi and stakeholders worldwide, CCS can become a transformative force in building a low-carbon future.