ABUJA – The Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Organisation of the Oil Exporting Countries (OPEC) have vowed to collaborate closely to realise the nation’s goals of attracting investments and enhancing production.
The agreement was reached during a courtesy visit by OPEC Secretary General Haitham al-Ghais to Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, at the NNPC Towers on Wednesday.
Al-Ghais, speaking at the event, emphasised OPEC’s full alignment with NNPC Ltd.’s vision encapsulated in its motto: “Energy for Today, Energy for Tomorrow.” He lauded NNPC Ltd.’s inclusive approach to energy, countering the notion that certain energy sources were undesirable.
Despite challenges facing the oil and gas sector, Al-Ghais highlighted the global necessity for approximately $14 trillion in investments until 2035 to meet rising demand. He urged NNPC Ltd. to seize this opportunity to increase production and maintain its reliability as a global energy supplier.
“We will continue to ensure market stability. Stability is essential for Nigeria to attract investors. Volatility will wreak havoc for producers and consumers alike. In OPEC, we rely on Nigeria’s support,” stated the OPEC Secretary General.
Kyari echoed these sentiments, affirming NNPC Ltd.’s commitment to recovering lost production and creating an enabling fiscal environment to attract investments. He expressed gratitude to OPEC for its ongoing support of Nigeria and pledged NNPC Ltd.’s continued assistance to the organisation.
The collaboration between NNPC Ltd. and OPEC underscores a shared commitment to bolstering Nigeria’s oil industry and contributing to global energy stability.
