NNPC Boss, Kyari Canvases Inclusive Policy To Unlock Funding For Hydro-Carbon Investments

The Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mele Kyari has warned that decreasing investments in hydrocarbon ventures cannot guarantee global energy security in the near future.

Rather, Kyari who spoke at the seventh edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) called for an inclusive policy that guarantees access to finance and low-carbon technologies.

The GCEO who was represented at the event by the Executive Vice President, Upstream, Adokiye Tombomieye said these are key to sustaining global energy security and equitable growth.

He stated further that the 7th edition of the SAIPEC with the theme “Harnessing a Sustainable African Energy Industry through Partnerships” is coming at an opportuned time when the Nigerian Oil and Gas industry is experiencing a significant transformation following the passage of the Petroleum Industry Act (PIA 2021).

According to him, the Act has provided role clarity in Governance, Rule based Administration, Attractive and Flexible Fiscal Terms and Direct benefits for the Host communities.

All these, he noted, are targeted at creating enablers for investor confidence in the Nigerian Oil and Gas sector, where ample opportunities exist.

He said, “Ironically, our restructuring is happening at a time when the Energy transition discussion is gaining momentum, and major fund providers for petroleum
upstream investment are now activists and anti-fossil fuel.

“As I have always canvassed, decreasing investments in hydrocarbon ventures cannot
guarantee global energy security in the near future. Rather, an inclusive policy that guarantees access to finance and low-carbon technologies are key to sustaining global energy security and equitable growth.

“Nigeria, being geographically situated in the sub-African region and also a foremost leader in the oil and gas industry in sub-Saharan Africa, we must now capitalize on the advancements we have made in the industry to meet our energy demands, guarantee energy supply, expand our economies
and overall build a sustainable future for millions of people beyond our shores.”

The NNPC Boss explained further that in the next 20 years, energy demand in Africa is expected to increase in the order of 30 per cent to 35 per cent to support the projected increase in population and industrialization.

This, according to him, presents an enormous opportunity for Oil and gas producing countries to form partnerships across the continent and build a sustainable future.

He added, “The need for partnership is more reinforced as more African countries
continue to make hydrocarbon discoveries.

“We should collaborate and share knowledge and help each other in critical areas including
technology, exploration and production, research and development, technical expertise and human capacity development to spread the wealth within the continent.

“This would in no small measure assist in
achieving energy independence and also aid the transition to cleaner energy sources such as gas to sustain the region.”

At NNPC Limited, he said the management understand the importance of partnerships in
achieving a sustainable energy industry in Africa.

This, he added is why the NNPC has been working closely with countries, companies and other stakeholders to develop innovative solutions that meet the energy needs of the continent.

He said, “We must acknowledge that this new era of automation and artificial intelligence is focused on the application of cutting-edge technologies, such as the use of robotic drilling systems for unmanned operations, the
deployment of cognitive computing in upstream operations, super- specialized sensors for real-time monitoring and maximization of reservoir yields.

“Our survival instincts showed that we have the requisite knowledge and skills to sustain our industry and take it to the next level.

“However, we know we cannot do it alone; thus, we call on your support at this forum to latch on to the gains made so far, interact, and provide meaningful solutions that
will promote the sector and make our lives better.”

He commended the host, the Petroleum Technology Association of Nigeria (PETAN) for always being ahead of the curve.

He stated further that the NNPC Limited is fully committed to partnering with all players in the energy industry to drive Africa’s energy sector towards sustainability and growth.