Nigeria needs to resolve lingering security challenges in the Niger Delta region to bring back investments to the oil and gas sector.
This was the submission of the The Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC) Ltd, Malam Mele Kyari, at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference on Thursday in Lagos, with the theme, ” Energy Transition: “Shaping the Future of Nigeria’s Energy Industry, an Appraisal of PIA, Evolving Benefits and Challenges.”
Kyari said the NNPC was working with security agencies and other stakeholders to address the issue of oil theft which was hindering Nigeria’s ability to meet its Organisation of the Petroleum Exporting Countries (OPEC) quota.
He said the NNPC’s target was to increase production and bring back domestic refining capacity to ensure energy security.
He decried that this was however being constrained by insecurity in the Niger Delta.
“Resolving the security challenge will surely bring back investment and will also optimise the current availability or capacity that we have
“We know that with certainty that we will resolve the security issue and we can easily come to 2.1 million barrels of oil per day,” Kyari said.
He said the government was investing in infrastructure to drive the energy transition, collaborate with security agencies and engage the investment community to secure financing.
The Group CEO added that though financing was a huge challenge for the oil and gas sector, many institutions now recognised gas as clean energy and were willing to invest in development of Nigeria’s abundant gas resources.
He said NNPC had successfully resolved the disputes it had with IOCs, relating to upstream assets to further drive investments in the sector.
