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By Adewale Sanyaolu
The Nigerian National Petroleum Company (NNPC) Limited has warned investors that acquired divested assets from the IOCs against quest for quick money and asset abandonment.
Executive Vice President, E&P, NNPC, Mrs Oritsemeyiwa Eyesan, stated this at a panel session at the ongoing Nigerian International Energy Summit(NIES), which entered its second day in Abuja, yesterday.
Eyesan said for the country to grow it’s oil production, all hands must be on Deck to ensure that no asset is idle.
She said the quest to make quick money in order to fastrack payment of debts by the investors will not help the industry.
She worried that some of the assets acquired by some indigenous oil producers in the past had not been put into good use.
The NNPC Limited Vice President said some of these constraints have retarded the growth of the oil industry.
Meanwhile, the Nigerian National Petroleum Company Limited and the Organization of the Oil Exporting Countries (OPEC) have pledged to work closely together to achieve the nation’s aspirations to attract investments and grow production.
The two organizations came to this accord when the Secretary General of OPEC, Haitham al-Ghais, paid a courtesy visit to the Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, at the NNPC Towers on Wednesday.
Speaking at the event, Al-Ghais stated that OPEC was completely aligned with NNPC Ltd.’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 disclosed that in spite of 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, and urged NNPC Ltd 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 helmsman said.
In his remarks, Kyari said NNPC Ltd was working very 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 NNPC Ltd will continue to support the organization in whatever way it could.
