Group managing director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari, says the corporation is currently focusing on gas production and non-oil businesses.
Kyari was speaking at the virtual Gulf Intelligence “GLOBAL” UAE Energy Forum 2021.
NAN reports that his address was titled ‘Outlook for Africa/Nigeria’s oil and gas sector in post-COVID era’.
“NNPC has recognised the impact of energy transition and is currently diversifying its portfolio beyond oil assets through domestic gas utilisation projects, support of research and innovation, solar investments, biofuels, infrastructure and energy policy support, ” he said.
“As we navigate through the COVID-19 pandemic, NNPC Group will continue to focus on increasing gas production, deepening the domestic utilisation of gas, increasing our capacity to export gas and investing in our non-oil and gas businesses.”
The GMD noted that the COVID-19 pandemic has drastically affected the global crude market.
“Going forward, the market balance will be driven by demand and not supply. We have to do what we can to bring back the demand that was destroyed by the pandemic, ” he said.
“Peak oil demand is still years away, investment is therefore required to meet Nigeria and Africa’s energy needs, and gas and renewable energy will continue to increase in their contribution to the global energy mix.”
He added that Africa would need to utilize available investment opportunities to increase its capacity.