The Nigerian National Petroleum Company Limited (NNPC) has announced that it will continue to explore its hydrocarbon resources, even if International Oil Companies (IOCs) take a walk.
Speaking at the Society of Petroleum Engineers’ 2023 edition of the Annual Oloibiri Lecture Series and Energy Forum in Abuja on Thursday the Group Chief Executive Officer, Mallam Mele Kyari, explained that the world is not leaving fossil fuels anytime soon, despite pressure from Europe and America to transition to cleaner fuels.
Kyari argued that crude oil will continue to be relevant in the coming years, especially since it is not possible to change all vehicles and tricycles to electric vehicles by 2035.
The NNPC has made a massive investment in gas exploration to become self-reliant and build Nigeria’s gas resources, according to Kyari.
He added that the NNPC was leveraging the position of the oil industry to build infrastructure and engage in excellent engineering, financing, and building a pipeline from Brass to Morocco and Europe.
Kyari said that Nigeria was well-positioned to lead the African continent in a just and gradual energy transition, given its strong posture of balanced energy transition that recognizes the role of hydrocarbon for years longer than other jurisdictions anticipated.
He also stated that the NNPC was deploying carbon-reduction initiatives to gradually decarbonize its operations and improve its compliance with global emission reduction.
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