The Nigerian National Petroleum Corporation (NNPC) has vowed to focuse more on gas, condensate and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement.
The Group Managing Director of the Corporation, Mallam Mele Kyari, made this known today, January 13 at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021.
According to him, gas had proved to be a steady and reliable revenue stream during the height of Coronavirus pandemic in 2020.
Mallam Kyari said that gas production and utilization would remain a key priority for the Corporation in 2021.
He reiterated the commitment of the NNPC to abide by the output cut agreement of the Organization of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilizing the global oil market.
Mallam Kyari said that despite the negative effects of the production cut on government revenue, it is the best step towards redeeming the value of hydrocarbon resources at the global market in the interest of all.
The NNPC boss, who spoke on the topic: “Outlook for Africa/Nigeria’s Oil & Gas Sector in Post-Covid Era,” said that the Corporation is hopeful that by the end of the year, demand for crude oil would pick up and there would be a marginal increase in output.
Earlier in his presentation, the Minister of Energy & Agriculture, United Arab Emirates (UAE), Engr. Suhail Mohamed Al Mazrouei, appealed to all oil producing nations not to flood the market with crude oil.
He said the UAE is at the moment more concerned about balancing the market forces of demand and supply in the global market than growing market share.