OPEC Production Cost: NNPC switches focus to Gas, Condensates

The Nigerian National Petroleum Corporation, NNPC, says it has switched more focus on gas, condensate and other revenue


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OPEC Production Cost: NNPC switches focus to Gas, Condensates
Mallam Mele Kyari

Business

 

The Nigerian National Petroleum Corporation, NNPC, says it has switched more focus on gas, condensate and other revenue streams, to tackle the revenue challenge arising from the OPEC+ production cut arrangement.

 

According to a statement by the Group General Manager, Public Affairs Division of the NNPC, Dr. Kennie Obateru, this much was disclosed today, Wednesday January 13, by the Group Managing Director of NNPC, Mallam Mele Kyari, while speaking at the ongoing virtual Gulf Intelligence "Global" UAE Energy Forum 2021.

 

The NNPC Boss, reiterated the commitment of the Corporation to abide by the output cut agreement of the Organization of the Petroleum Exporting Countries, OPEC and its allies aimed at stabilizing the global oil market.

 

Speaking on the topic, “Outlook for Africa/Nigeria's Oil & Gas Sector in Post-Covid Era”, Kyari said NNPC was hopeful that by the end of the year demand for crude oil would pick up and there would be a marginal increase in output, stressing that the Corporation was focusing more on gas, condensate and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement.

 

He noted that despite the negative effects of the production cut on government revenue, it was the best step towards redeeming the value of hydrocarbon resources at the global market in the interest of all.

 

The NNPC GMD, explained that gas proved to be a steady and reliable revenue stream during the height of the Covid-19 pandemic in 2020, adding that gas production and utilization would remain a key priority for the Corporation in 2021. 

 

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. 

 

 



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Josephine Ojevwe Ughweri
Confidential Secretary/Librarian cum OIl and Gas Correspondent of Fresh Angle International Newspaper. I am a graduate of Library and Information Science, while I have undergone training in Advance Writing and Reportorial Skills.
Read other stories by Josephine Ojevwe Ughweri


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