OPEC asks Nigeria to ramp oil production or miss $14tr investment opportunity

The Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, has warned that Nigeria risks missing out on the $14 trillion investment opportunity in the global oil market shortly unless it increases oil production.

Al-Ghais, according to a statement issued by the Chief Communication Officer of the Nigerian National Petroleum Company Limited (NNPCL), Olufemi Soneye, gave the warning when he visited the company’s Group Chief Executive, Melee Kyari, on Wednesday in Abuja.

He said about $14 trillion in investments would be required by 2035 to fulfill global energy demand.

NNPCL has been battling numerous challenges that have continued to hinder crude oil production in the country, which are crude oil theft and pipeline vandalism.

With oil production at 1.6 million bpd achieved earlier this year, Nigeria is still falling short of its 1.8 million bpd quota set by the cartel.

The OPEC chief urged NNPCL to ramp up production.

READ ALSO: Nigeria’s crude oil production rose to 1.4mb/d in December — OPEC

The statement read: “Despite the pushback on oil and gas, the world would require about $14tr investments from now till 2035 to be able to meet global demand, and urged NNPC Limited To do everything to tap into that opportunity to raise its production to continue to be a reliable source of energy to the world.”

“Speaking at the event, al-Ghais stated that OPEC was completely aligned with NNPC Limited’s vision as captured in its payoff line: ‘Energy for Today, Energy for Tomorrow’ because of its inclusive view of energy as opposed to the view being pushed in some quarters that some sources of energy were bad.

“Furthermore, the Secretary General of OPEC noted that the oil bloc is striving to ensure market stability, adding that only through a stable market climate can Nigeria attract investment.

“He said ‘We will continue to ensure that the market is stable. The global market has to be stable for Nigeria to attract investors. If there’s volatility and no stability in the market, it will only create havoc for everybody, whether it’s a producer or consumer country. So, we will continue to do that in OPEC. We count on Nigeria’s support.’”

By: Babajide Okeowo

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