MUCH ADO ABOUT SHALE OIL AND GAS: FRACKING AND SEISMIC
ACTIVITIES STILL REMAIN MAJOR ISSUES TO FULLY HARNESSING THE POTENTIAL OF
SHALE:
While it is true that
there are major advances in the discovery of Shale Oil and Gas, there are also
linkages to unfavourable seismic activities based on the process being used to
extract Shale. This process which involves hydraulic fracturing (or franking
for short) involves an artificial stimulation technique in which rock is
fractured by a hydraulically pressurized liquid. Some hydraulic fractures form
naturally, but fracking attempts to do this artificially and thus leads to
tremors and earthquakes as have been recently discovered. Truth therefore is
that while Shale Oil discovery may be a major break-through, Science and Technology
is yet to find a suitable and environmentally friendly way of drilling for
Shale Oil.
What I reckon may be
happening is that America is using its Crude Oil Reserve in Alaska to make-up
for the gaps in its global demand, while it tries to perfect current
unfavourable consequences from Fracking. My take is that Nigeria should
immediately pass the Petroleum Industry Bill, so as to encourage investment in
the Oil and Gas Sector and deepen local participation in areas such as Gas,
Refining, Petro-Chemical (Fertilizers and others) as well as Polymer-Tech so
this God-given resources can become a driver of Nigeria's Industrial Growth, a
key component of the GDP and a chief foreign exchange earner.
LET'S IMAGINE THE
POSSIBILITIES, RATHER THAN CRYING OVER THE CHALLENGES - TIME FOR SMART
LEADERSHIP
1. Just imagine what
it will be like to have 40 - 50% of refined petroleum products in Africa come
from Nigeria.
2. Just imagine what
it will be like to have Nigeria become a key supplier of fertilizer to African
Countries, not to talk of Plastics, Bitumen and other derivatives from Crude.
3. Imagine what this
will mean for local employment and the economy of the Niger-Delta region.
4. Just imagine if
the Trans-Sahara Gas project can be completed and Nigeria becomes a key Gas
supplier not only to Africa, but also Europe, given the proximity. Truth is,
while we cry about Shale, we must also start to take practical steps rather
than just squander our God-given resources the way we have been doing. Its time
for Smart Leadership - one that understands the problem and has the capacity to
proffer solution!
Bolaji Okusaga is a Lagos based PR Practitioner
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