Wednesday, May 12, 2021

Nigeria to obey OPEC+ pact on oil cut, focusing on gas — NNPC

The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to the oil output cut agreement of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilising the global oil market.

The Group Managing Director of NNPC, Mallam Mele Kyari, who stated this Wednesday while speaking at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021, stress 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.

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, the demand for crude oil would pick up and there would be a marginal increase in output.

He 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 utilisation would remain a key priority for the Corporation in 2021.

The Minister of Energy & Agriculture, United Arab Emirates (UAE), Engr. Suhail Mohamed Al Mazrouei, appealed to all oil-producing nations not to flood the market with crude oil.

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