Oredola Adeola

The Nigerian National Petroleum Company Limited (NNPC Ltd), has assured that its role in the divestment of the International Oil Companies from onshore and shallow water assets in the country is that of a facilitator, and not an obstacle, insisting that every arrangement must guarantee incremental production and enhancing national resources and capabilities.

The Group Chief Executive Officer, Mr. Mele Kyari, made the clarification at the opening ceremony of the 7th edition of the Nigerian International Energy Summit 2024 (NIES 2024), which held at the State House, Abuja, on Tuesday.

He explained that by virtue of its statutory mandate as the enabler of national energy security, NNPC Ltd.’s role is to ensure that, at the end of the day, there is optimal and sustainable production from the divested assets to guarantee energy security for the benefit of Nigerians.

“We are not encouraging exit of any multinational player in the oil and gas industry, but every arrangement must guarantee incremental production on the assets. At the end more resources and capacities are created in the country.

“We must have access to clean and sustainable supply of energy. This is possible through our intelligence, understanding and cooperation with all our partners.

“We are not regulator, NNPCL is in business to ensure energy security. This means that we will be committed to ensuring regular supply within the domestic market, guarantee prosperity for all Nigerians.

“Nothing can work without the support of all the stakeholders, partners and incoming partners,” the NNPC GCEO stated.

Kyari also disclosed the company’s willingness to invest in the proposed African Bank Energy Bank as a way of ensuring sustainable funding for energy projects in Africa to guarantee energy security.

He said, “Global challenge is that we need finance to fund the industry, that is why we are taking interest in the African Energy Bank.

On investment in energy infrastructure to drive energy security, the GCEO further disclosed that the completion of the Obiafu-Obrikom-Oben Pipeline was in sight as the tunnelling across the river Niger was currently ongoing.

“Once this is done, we would have succeeded in meeting out massive domestic gas supply obligations for the power industry and industry. This won’t work except we have the right fiscal and tax environment and stability of investment.

Mr. Kyari commended the government’s efforts in creating an enabling environment for investors in the oil and gas industry, leading to increased capital inflow and investments across various sectors.

He stated that President Tinubu has done so much for the oil and gas industry including the facilitation of enabling environment for investors to thrive.

This according to him, is the reason for the inflow of capital to country’s energy industry.

He therefore assured stakeholders of the company’s commitment to work with them to close the energy deficit gap and create prosperity for Nigerians, adding that from all indications, all issues of energy scarcity in the country would be over in the next 10 years.