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Nigeria boasts of 36bn barrels of crude oil reserves, 200 trn cubic feet of gas as NNPC commits to country’s energy sector success

Per Second NewsOctober 5, 2021529

“With its strategic presence at the event, Nigeria is set to consolidate its position as one of Africa’s top oil and gas producers”

“With a vision to become a world-class oil and gas company driven by shared commitment to excellence, the NNPC has set an incredibly high standard for other African National Oil Companies (NOCs)”

With Nigeria boasting of 36 billion barrels of crude oil reserves and over 200 trillion cubic feet of natural gas, the Nigerian National Petroleum Corporation (NNPC) says it is committed as the key driver of the country’s energy sector success and positioning it as the largest oil producer in Africa.

It also restated it’s commitment to the goal as one of the most attractive emerging natural gas competitors worldwide.

NNPC is responsible for exploring, producing, refining, and marketing the country’s significant resources with over 27 years-experience in the oil and gas industry.

Malam Mele Kyari, the Group Managing Director of NNPC (incorporated as a company) will be joining the Minister of State for Petroleum, Chief Timipre Sylva, a former governor of oil-rich Bayelsa, who is leading a strong delegation to the African Energy Week (AEW) 2021 in Cape Town, South Africa.

With its strategic presence, Nigeria is set to consolidate its position as one of Africa’s top oil and gas producers.

Taking the lead in post-Petroleum Industry Act (PIA) dialogue in Cape Town, and promoting the role of local service companies, oil and gas exploration, and an enabling environment, Kyari said the company is committed to Nigeria’s accelerated energy sector growth.

Kyari has been instrumental in leading the NNPC into a new era of enhanced capacity and growth.

Since his appointment as GMD in 2019, Kyari has advanced the country’s oil production capacity, promoted exploration in the face of declining reserves, and positioned the NNPC as not only a participant in the country’s diverse energy sector, but an enabler of its success.

Regarding oil, the NNPC has participating interests in all exploration ventures in Nigeria; manages four refineries with a combined installed capacity of 445,000 barrels per day; and manages transportation networks that position Nigeria as both a national and regional petroleum distributor.

With a vision to become a world-class oil and gas company driven by shared commitment to excellence, the NNPC has set an incredibly high standard for other African National Oil Companies (NOCs).

Meanwhile, with the country’s ‘Decade of Gas’ initiative that aims to bolster gas development, implemented in conjunction with the National Gas Expansion Program, the NNPC has renewed its focus on accelerated natural gas development.

The corporation’s vision is to establish Nigeria as the leading Liquified Natural Gas (LNG) producing nation in the world, and therefore, the NNPC is enhancing natural gas project developments.

Projects such as the $20 billion Ogidigben Gas Revolution Industrial Park; the $13.5 billion project integrated Zabazaba and Etan development; and the $10 billion Nigeria LNG Train 7 project are driving natural gas monetization in Nigeria.

Additionally, pipeline projects such as the 614km Ajaokuta-Kaduna-Kano pipeline, the 1,300km Trans Niger Gas Pipeline, and the 681km West African Gas Pipeline all position the country as a regional gas exporter.

By promoting Nigeria’s natural gas potential, emerging projects and investment opportunities, Kyari is committed to accelerating development, NNPC also said in a statement given to Persecondnews.

“Mele Kyari coming to AEW 2021 in Cape Town will not only spark a critical discussion on Nigerian oil and gas, but will ensure local content, an enabling environment, and the need for market-driven policies comprise top of the agenda.

“The NNPC represents one of the top NOCs in Africa, and by coming to Cape Town, the corporation will share insights, promote projects, and emphasize the role that NOCs have and continue to play in Africa’s energy future.

“We are proud to host such a strong Nigerian delegation in Cape Town, led by H.E. Minister Chief Timipre Sylva and Mele Kyari, and are excited to see deals being made, partnerships formed, and transactions confirmed that will drive Africa’s energy growth,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).

In the meantime, the NNPC has placed local content at the center of the corporation’s activities, ensuring local service companies, Nigerian communities, and the Nigerian private sector play an active role in Nigeria’s energy development.

The corporation is committed to facilitating capacity building and human capital development, emphasizing energy sector growth as a catalyst for wider socio-economic development.

In Cape Town, Kyari will not only promote Nigeria’s local capacity, but will emphasize the value of local content in Africa’s energy future.

With the recent passing of the PIB, Nigeria has not only created an enabling environment for investment, with tax and royalty reductions coupled with transparent legislature paving the way for an influx of foreign capital in the sector, but has completing reformed the NNPC, ensuring transparency and productivity is at the forefront of the corporation’s activities.

Dividing the NNPC into three separate entities, the PIA has enhanced the corporation’s capacity, transparency, and efficiency.

At AEW 2021 in Cape Town, Kyari will provide further insight into post-PIA opportunities, with the NNPC playing a proactive role.

AEW 2021, in partnership with South Africa’s Department of Mineral Resources and Energy DMRE, is the AEC’s annual conference, exhibition and networking event.

AEW 2021 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.