…to focus more on gas, condensate, others to shore up revenue.
The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to abide by the output cut as agreed by the Organisation of Petroleum Exporting Countries (OPEC) and its allies, aimed at stabilising the global oil market.
The Group Managing Director of NNPC, Mallam Mele Kyari, stated this Wednesday while speaking at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021.
Mallam Kyari 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.
Speaking on the topic, “Outlook for Africa/Nigeria’s Oil & Gas Sector in Post-Covid Era”, he 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 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.
The Minister of Energy and Agriculture, United Arab Emirates (UAE), H.E. Eng. Suhail Mohamed Al Mazrouei, in his presentation; appealed to oil producing nations not to flood the market with crude oil.
He said the UAE was committed to balancing the market forces in the global market, and growing market share.