A gamut of measures aimed at giving the Nigerian economy through its oil industry is being pursued vigorously with Mele Kyari, Managing Director, Group Chief Executive Officer (MD-CEO) of the Nigerian National Petroleum Company Limited listing how the company was making huge investments to ensuring energy security, sustainable growth and energy affordability.
Kyari spoke on the same day Gbenga Komolafe, Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced that Nigeria witnessed an increase of 16.56 per cent in crude oil production in October, hitting 1.8 million barrels per day, from 1.54 million in September.
They spoke at the 42nd Nigerian Association of Petroleum Explorationists (NAPE), Annual International Conference and Exhibition in Lagos, on Monday, with the theme: Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth and Affordability.
Kyari, who said the company has perfected plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants soon, as part of efforts to boost the existing 1.6bscf of gas supply for domestic market.
“The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future. NNPC Ltd is working tirelessly to improve our supply chain, develop new refining capacities and expand our retail network.”
Stating that the company was set to collaborate with private refineries to ensure affordable and sustainable petroleum products supply; Naira-for-crude transactions in order to stabilize the local currency and regulate forex markets, he added the move would bring about expansion of gas infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipelines projects and the development of cleaner energy options, such as Liquiefied Natural Gas (LNG) and Compressed Natural Gas (CNG).
“Currently, NNPC Ltd supplies over 1.6 billion standard cubic feet (bscf) of gas per day to the domestic market through infrastructure we either own outright or operate with partners. This distribution network is entirely managed on NNPC Ltd.’s balance sheet.
“We are expanding our efforts to enhance domestic energy access. The next three to six months would see significant project launches, including CNG mother stations, mini-LNG plants, and additional CNG daughter stations. I must commend President Bola Tinubu for his efforts to relieve forex pressures by reducing fuel imports and strengthening Nigeria’s local refining capacity, because there is a need for collaboration, innovation, and technology in achieving Nigeria’s energy goals.
“Resolving the energy trilemma requires bold ideas, shared knowledge, and collective determination. Together, let us build a Nigeria where energy is secure, sustainable, and affordable for all.
“On our mandate to guarantee energy security as stipulated by the Petroleum Industry Act, NNPC Limited has fostered partnerships and investments aimed at enhancing local production and generating revenue for economic diversification.
Denying claims that the company was sabotaging the efforts of domestic refineries, Kyari said NNPC Ltd, remained part-owners of the Dangote Refinery, stressed further that such investment was a strategic move aimed at strengthening domestic fuel supply.