…focuses more on gas, condensats to boost Nigeria’s revenue profile
In a bid to stabilize the global oil market,the Nigerian National Petroleum Corporation (NNPC) sayi it is committed to the output cut agreement of the Petroleum Exporting Countries (OPEC) and its allies.
NNPC also said gas production and utilization would remain its key priority in 2021.
The Group Managing Director of NNPC, Mallam Mele Kyari, said this on Wednesday at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021 on the topic, “Outlook for Africa/Nigeria’s Oil & Gas Sector in Post-Covid Era”.
Noting that despite the negative effects of the production cut on Nigeria’s revenue, Kyari said it was the best step towards redeeming the value of hydrocarbon resources at the global market in the interest of all.
“NNPC is hopeful that by the end of the year demand for crude oil would pick up and there will be a marginal increase in output.
“The corporation is focusing more on gas, condensate and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement,” he said in a statement.
The statement was signed by Dr Kennie Obateru, the Group General Manager, Group Public Affairs, and emailed to Persecondnews.
According to Kyari, gas proved to be a steady and reliable revenue stream during the height of the COVID-19 pandemic in 2020.
Gas production and utilization would remain a key priority for the Corporation in 2021, he promised.
Earlier in his presentation, the Minister of Energy & Agriculture, United Arab Emirates (UAE), H.E. Eng. Suhail Mohamed Al Mazrouei, appealed to all oil-producing nations not to flood the market with crude oil.
He said the UAE was at the moment more concerned about balancing the market forces of demand and supply in the global market than growing market share.