NNPCL, OPEC pledge collaboration for investments, increased production

The Nigerian National Petroleum Company Limited (NNPCL) and the Organization of Petroleum Exporting Countries (OPEC) have pledged to work together to achieve the nation’s aspirations to attract investments and grow production.

The two organisations made this known during the visit of the OPEC Secretary General, Haitham al-Ghais, to the Group Chief Executive Officer of NNPCL, Mele Kyari, at the NNPC Towers in Abuja on Wednesday, February 28, 2024.

al-Ghais stressed that OPEC was completely aligned with NNPCL’s vision as captured in its payoff line, “Energy for Today, Energy for Tomorrow”, because of its inclusive view of energy as opposed to the view being pushed in some quarters that some sources of energy were bad.

He said despite the pushback on oil and gas, the world would require about $14 trillion investments from now till 2035 to be able to meet global demand.

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He, however, urged NNPCL to do everything to tap into that opportunity to raise its production to continue to be a reliable source of energy to the world.

“We will continue to ensure that the market is stable. The global market has to be stable in order for Nigeria to be able to attract investors.

“If there’s volatility, if there’s no stability in the market, it will only create havoc for everybody, whether it’s a producer or consumer country. So, we will continue to do that in OPEC. We count on Nigeria’s support,” the OPEC Secretary General said.

In his remarks, Kyari said NNPCL was working hard to recover lost production and provide the right fiscal environment to attract investments.

He expressed appreciation to OPEC for its support to Nigeria, adding that NNPCL will continue to support the organisation in whatever way it can.

The Star