… calls for policies to spur sustainable development, de-risk innovation, community empowerment
Oredola Adeola
The Nigerian National Petroleum Company Limited (NNPC Ltd) has called on international investors to channel targeted investments into Nigeria’s energy sector, particularly in developing infrastructure that will enable the Federal Government’s plan to transition the nation’s transportation system to Compressed Natural Gas (CNG).
Engr. Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, made the call while fielding questions from NBC’s Hala Gorani during the Energy Talk segment of the Gastech Exhibition & Conference, currently taking place in Milan, Italy.
According to him, while many investors were already coming into the country with gas-based industries such as petrochemicals and methanol plants, more investments were required to build infrastructure to support the Federal Government’s aspiration to power the nation’s transportation sector with Compressed Natural Gas (CNG).
In a statement released by Andy Odeh, NNPCL, Chief Corporate Communications Officer, and obtained by Advisors Reports, the GCEO, commended President Bola Tinubu for improving Nigeria’s investment climate and positioning the country as the preferred investment destination for the energy sector in Africa.
He further stressed that the new NNPC Ltd. Management is keen on attaining its set targets towards delivering value to its shareholders.
Ojulari explained that apart from gas, the existing crude oil assets have huge untapped reservoirs for investors to tap into towards boosting production from the current 1.7million barrels per day, besides over 200 oil fields that are currently undeveloped.
The GCEO said NNPC Ltd has been investing heavily in carbon capture projects as well as technology to enhance energy efficiency and reduce gas flaring in compliance with the objectives of financing partners.
He said that a number of critical gas infrastructure projects in the country, such as the Ajaokuta-Kaduna-Kano (AKK) Gas pipeline, are in their advanced stages, while the NLNG Train 7 Project is also being progressed.
He noted that Nigeria’s energy transition strategy is focused on eradicating energy poverty, which requires enormous investments in gas as the fuel of choice for industrialization, as well as Liquefied Petroleum Gas (LPG) as domestic cooking gas for the over six million Africans who lack access to clean energy.
Earlier, during a pre-event dinner heralding the Gastech’s main conference, Ojulari said there is a need for policies that drive sustainable development and investments that de-risk innovation and community empowerment.
He emphasised that the action would help the country to achieve a balance between affordable energy and addressing climate imperatives.
Ojulari noted that as a defining moment in the global energy industry, conversations “will not just be about technology, markets and policy, but about how companies translate innovation into availability and affordability – the cornerstone of Nigeria’s Gas – to- Prosperity Agenda”.
