The Group Chief Executive Officer (GCEO) Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari on Tuesday, said there was a need for energy availability, affordability and sustainability to bridge the country’s deficit.
This was even as the company said it is now a competitor to International Oil Companies (IOCs) and other indigenous sector players.
Kyari who stated this at day two of the Nigerian Oil Gas Energy Week in Abuja, said the company was now regulated and fully a business entity.
He noted that with about 70 percent of Nigeria’s population not having access to clean cooking fuel and over 50 percent without access to electricity, there exists a huge market for energy companies in the country.
He said: “What are we talking about, it is about energy availability, affordability and sustainability. Everybody wants this, not just Nigeria, not Africa but every part of the world thinks the same way: that energy must be available, it must be affordable and also it must be supplied in a sustainable manner.
“But where are we in our country today, in terms of availability, 70 percent of our population does not have access to clean cooking oil. Over 50 percent don’t have access to electricity. And that is the truth, so is energy available or is it a problem of affordability or is it that we have an unsustainable framework?”
While also noting that NNPC Limited was still in a position to facilitate business, he revealed that assets in the production sharing contracts were no longer in its balance sheet as it now operates as an agent of the government.
On his part, the Permanent Secretary, Federal Ministry of Petroleum Resources, Ambassador Gabriel Aduda disclosed that natural gas is no longer the energy transition fuel but rather a destination fuel to provide energy access and power to the economy.
Meanwhile, the Secretary General of the Organisation of Petroleum Exporting Countries, OPEC, Mr. Haitham Al Ghais noted that with over 750 million in the world without access to electricity, it was unwise for Western countries to end investment in oil production.
He disclosed that OPEC Oil Market Outlook for 2024 showed that the demand for oil will grow by 23 per cent, adding that the organization will continue to work with its members to promote investment in the industry.
READ ALSO FROM NIGERIAN TRIBUNE
WATCH TOP VIDEOS FROM NIGERIAN TRIBUNE TV
- Relationship Hangout: Public vs Private Proposals – Which Truly Wins in Love?
- “No” Is a Complete Sentence: Why You Should Stop Feeling Guilty
- Relationship Hangout: Friendship Talk 2025 – How to Be a Good Friend & Big Questions on Friendship
- Police Overpower Armed Robbers in Ibadan After Fierce Struggle
