June 22, 2024
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OIL & GAS

NNPC Affirms Commitment to Oil and Gas Infrastructure Development

The Nigerian National Petroleum Company Ltd (NNPC Ltd.) has reiterated its dedication to investing in substantial oil and gas infrastructure to facilitate operations for both current operators and potential investors within Nigeria.

At the ongoing Offshore Technology Conference (OTC) in Houston, Texas, United States of America, Mrs. Oritsemeyiwa Eyesan, the Executive Vice President, Upstream, affirmed this commitment during a panel session hosted by the Petroleum Technology Association of Nigeria (PETAN).

The session, themed “Sustainable Energy Solutions for Africa’s Future (Nigerian Perspective)”, aimed at addressing challenges and opportunities in Nigeria’s energy sector.

The details of the session were revealed in an official statement published on the company’s official X handle.

Eyesan emphasized NNPC Ltd.’s objective of fostering a balanced energy mix within the country. She acknowledged that while the oil and gas sector still faces challenges, significant progress has been achieved since the previous year’s OTC in terms of attracting investments and advancing infrastructural development.

Identifying funding as a primary obstacle hindering sectoral growth, Eyesan highlighted notable advancements such as the Executive Orders enacted by the President to stimulate sectoral expansion.

She also mentioned the impending resolution of asset divestments by International Oil Companies and the proactive execution of gas infrastructure projects like the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, slated for completion in the next quarter.

Additionally, Engr. Elohor Aiboni, Managing Director of SNEPCo, and Mr. Jim Swartz, Managing Director of Chevron Nigeria Ltd, addressed misconceptions regarding their companies’ divestment from onshore and shallow water assets. Both emphasized that such actions were part of a broader global portfolio realignment strategy and reaffirmed their commitment to Nigeria.

Swartz expressed optimism about collaborating with NNPC Ltd. and applauded government initiatives aimed at bolstering investor confidence, underscoring his company’s enthusiasm to remain active in Nigeria.

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