12
V. R. Nalule
are also endowed with massive oil and gas resources, as highlighted in the
Table 1.1.
As illustrated in the Table 1.1, the hydrocarbon resources are still
significant in these countries’ economic development. The list above is
obviously not conclusive as there are other countries that ought to be
considered including Congo-Brazzaville which is SSA’s third-largest oil
producer and third-largest holder of oil resources with approximately
5.3bn bbl of resources; Equatorial Guinea, which is the second-largest
producer of natural gas in SSA; with 14,301 bcf of gas resources as of
2017; Gabon, which holds SSA’s fourth-largest oil resources and is also
the fourth-largest oil producer in the region—with 4922 m bbl of proven
oil resources, of which 87% are located offshore and 13% onshore;
Nigeria which is SSA’s largest producer of oil and gas with approximately
92,000 bcf of proven gas resources, of which approximately 44% are
offshore and 56% onshore. The country also has approximately 30.1bn
bbl of proven oil resources, of which almost 70% are located offshore.
Revenues from these resources could be used to finance renewable
energy projects which are essential for the energy transition. Besides
finances, fossil fuels, specifically natural gas, has been recognized as an
environmentally preferable product (EPP) for a low-carbon transition.
Basically, ‘environmentally preferable’ refers to products or services that
have a lesser or reduced effect on human health and the environment
when compared with competing products or services that serve the same
purpose.
25 Natural gas is an EPP because compared to coal and oil,
and it remains the cleanest, less polluting and most hydrogen-rich of
all hydrocarbon energy sources. Furthermore, the increased injection of
natural gas in the primary energy mix contributed to over 40% reduction in CO2 intensity of oil equivalent energy use in the period between
1980 and 2014.
26 In this respect, therefore, natural gas can significantly
at, https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-econom
ics/statistical-review/bp-stats-review-2019-coal.pdf.
25 UNCTAD, 1995. Environmental Preferable Products (EPPs) as a Trade Opportunity for
Developing Countries, Report by UNCTAD Secretariat, UNCTAD/COM/70, Geneva.
26 Moati, W.H., 2018. The Contribution of Natural Gas to the Sustainable Development Goals
(SDGs): Arab Countries Case. In 9th International Forum on Energy for Sustainable Development, https://www.unece.org/energywelcome/areas-of-work/forum/ annual-fora/2018/sessionsof-the-9th-ifesd/14-nov/the-role-of-natural-gas-in achieving-sdgs.html.
V. R. Nalule
are also endowed with massive oil and gas resources, as highlighted in the
Table 1.1.
As illustrated in the Table 1.1, the hydrocarbon resources are still
significant in these countries’ economic development. The list above is
obviously not conclusive as there are other countries that ought to be
considered including Congo-Brazzaville which is SSA’s third-largest oil
producer and third-largest holder of oil resources with approximately
5.3bn bbl of resources; Equatorial Guinea, which is the second-largest
producer of natural gas in SSA; with 14,301 bcf of gas resources as of
2017; Gabon, which holds SSA’s fourth-largest oil resources and is also
the fourth-largest oil producer in the region—with 4922 m bbl of proven
oil resources, of which 87% are located offshore and 13% onshore;
Nigeria which is SSA’s largest producer of oil and gas with approximately
92,000 bcf of proven gas resources, of which approximately 44% are
offshore and 56% onshore. The country also has approximately 30.1bn
bbl of proven oil resources, of which almost 70% are located offshore.
Revenues from these resources could be used to finance renewable
energy projects which are essential for the energy transition. Besides
finances, fossil fuels, specifically natural gas, has been recognized as an
environmentally preferable product (EPP) for a low-carbon transition.
Basically, ‘environmentally preferable’ refers to products or services that
have a lesser or reduced effect on human health and the environment
when compared with competing products or services that serve the same
purpose.
25 Natural gas is an EPP because compared to coal and oil,
and it remains the cleanest, less polluting and most hydrogen-rich of
all hydrocarbon energy sources. Furthermore, the increased injection of
natural gas in the primary energy mix contributed to over 40% reduction in CO2 intensity of oil equivalent energy use in the period between
1980 and 2014.
26 In this respect, therefore, natural gas can significantly
at, https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-econom
ics/statistical-review/bp-stats-review-2019-coal.pdf.
25 UNCTAD, 1995. Environmental Preferable Products (EPPs) as a Trade Opportunity for
Developing Countries, Report by UNCTAD Secretariat, UNCTAD/COM/70, Geneva.
26 Moati, W.H., 2018. The Contribution of Natural Gas to the Sustainable Development Goals
(SDGs): Arab Countries Case. In 9th International Forum on Energy for Sustainable Development, https://www.unece.org/energywelcome/areas-of-work/forum/ annual-fora/2018/sessionsof-the-9th-ifesd/14-nov/the-role-of-natural-gas-in achieving-sdgs.html.