Ex­perts seek oil ex­plo­ration fund

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NIGE­RIA’S OIL RE­SERVES re­main stag­nated at 36.18 bil­lion bar­rels of crude oil re­serves de­spite a tar­get of 40 bil­lion bar­rels re­serves of crude oil which was set in 2010, NIGE­RIA’S OIL RE­SERVES re­mains stag­nated at 36.18 bil­lion bar­rels of crude oil

FRANCE IS BLAZ ING THE clean en­ergy trail for other de­vel­oped economies to fol­low, as it is set­ting more am­bi­tious tar­gets to cut fos­sil-fu­els us­age by 2030 de­spite ma­jor fuel tax protests.

Fran­cois de Rugy, en­ergy min­is­ter in an in­ter­view with a French ra­dio sta­tion said “a 40 per­cent re­duc­tion in the use of fos­sil en­ergy by 2030, that is more am­bi­tious than the 2015 law which tar­geted a cut by 30 per­cent,”

The en­ergy plan is yet to be pre­sented by Em­manuel Macron, the French Pres­i­dent, and the French gov­ern­ment is cur­rently fac­ing strong op­po­si­tion to planned fuel tax hikes that have trig­gered ma­jor street protests across France.

The ad­di­tional cuts are mainly ex­pected to come from the trans­port and build­ings sec­tor with the min­is­ter ex­pect­ing a “pro­found change in the au­to­mo­bile in­dus­try” and EVs to ac­count for 20 per­cent of new car sales by 2030. The min­is­ter also con­firmed a 40 per­cent tar­get for the share of re­new­ables in the power mix by 2030, up from cur­rently 18 per­cent and in line with the 2015 en­ergy law set by the pre­vi­ous ad­min­is­tra­tion.

France still de­pends heav­ily on its fleet of 58 nu­clear re­ac­tors, op­er­ated by EDF En­ergy, with 2018 nu­clear out­put set to re­main be­low 400 ter­awatts per hour (TWh) this year for only the fourth time this cen­tury, but up from record lows in 2016 and 2017.

How­ever, Ac­cord­ing to French news agency AFP, Macron will set out three pos­si­ble sce­nar­ios to phase out nu­clear en­ergy. In the first sce­nario, at­trib­uted to the en­ergy and en­vi­ron­ment min­istry, six re­ac­tors would be closed by 2028 in ad­di­tion to the Fessen­heim shut­down, it said.

The se­cond sce­nario, called in­ter­me­di­ate, would see no re­ac­tor clo­sures be­fore 2028 ex­cept Fessen­heim as planned but EDF, but 12 be­tween 2028 and 2035. That sce­nario would al­low for the con­struc­tion of new re­ac­tors, but EDF would re­ceive no com­pen­sa­tion for re­ac­tor clo­sures, the re­port said.

The third sce­nario, backed by the min­istry of econ­omy, fore­casts no re­ac­tor clo­sures by 2028, but nine be­tween 2028 and 2035, de­lay­ing the 50 per­cent nu­clear tar­get to 2040.

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