NNPCL redefining Nigeria’s oil and gas sector — Soneye

The Chief Corporate Communications Officer (CCCO) of the Nigerian National Petroleum Company Limited (NNPCL), Olufemi Soneye, stated that the company, under the leadership of the Group Chief Executive Officer (GCEO), Mele Kyari, has achieved groundbreaking milestones redefining Nigeria’s oil and gas industry.

Soneye made this statement on Monday during the maiden Energy Relations Stakeholders Engagement held in Abuja. He emphasized that energy relations are central to NNPCL’s operations and strategic aspirations as an integrated energy company, committed to fostering relationships, driving excellence, and delivering value across the energy value chain.

According to Soneye, the restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.

He further highlighted that the national oil company is championing the adoption of Compressed Natural Gas (CNG) as an alternative energy source, providing Nigerians with a cleaner and more cost-effective solution amidst rising global energy costs.

“Energy relations are more than just a strategic tool; they are integral to our mission of delivering energy for today and tomorrow, driving value for our stakeholders, and empowering our nation.

“Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones that have redefined the trajectory of Nigeria’s oil and gas sector. The restart of the Port Harcourt Refinery is a significant milestone in Nigeria’s pursuit of energy self-sufficiency and reflects the company’s dedication to enhancing the nation’s refining capacity.

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“NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective energy solution amid rising global energy costs.

“A strategic decision to secure a $1 billion loan, backed by NNPC’s crude, was pivotal in supporting the Dangote Refinery during liquidity challenges, leading to the establishment of Nigeria’s first private refinery. This initiative underscores NNPC’s commitment to fostering public-private partnerships that drive national development.

“In a historic achievement, NNPC, under Kyari’s leadership, declared a profit for the first time in decades, marking a significant financial turnaround. The company has already surpassed its profit projections for 2024, demonstrating the success of transformative reforms implemented under his leadership.

“Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis. As a responsible energy company, NNPC Ltd continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and global game-changer.

“Energy relations are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company. In today’s rapidly evolving global energy landscape, building strong relationships with stakeholders across the value chain is not just a priority but a necessity for achieving our objectives and ensuring sustainable energy solutions.

“As your trusted partner, NNPC Ltd remains committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain. This meeting underscores our shared vision of ensuring energy security, economic growth, and environmental stewardship for the benefit of all,” Soneye stated.

Speaking with Tribune Online, the Vice President of the National Association of Petroleum Explorationists (NAPE), Ehi Bazuaye, emphasized the importance of supporting NNPCL to ensure the success of the oil and gas industry, which remains a critical pillar of Nigeria’s economy.

“We are all in this together. We must support this industry to succeed. As someone mentioned, the bulk of our wealth comes from oil and gas, and for Nigeria to sustain this and achieve success, we must allow the industry to thrive. We must provide the necessary support and assist them in areas where improvement is needed.

“NAPE recognizes existing gaps in the industry. Our role is to collaborate with NNPC to bridge these gaps, ensuring a sustainable industry in the long run. NAPE is the largest body of petroleum scientists, comprising geophysicists, geologists, chief executive officers, managers, and others involved in the study and practice of geophysics. Our members span both the industry and academia,” Bazuaye added.