The Nigerian National Petroleum Corporation (NNPC) says it has pegged the price of crude oil for 2022 at $57 per barrel while that of 2023 has been pegged at $61 in the medium term.
According to the corporation, the assumptions were arrived at after a careful appraisal of the three-year historical dated Brent oil price average of $59.07/barrel premised on Platts Spot Prices.
A statement by the corporation quoted the Group Managing Director, NNPC, Mele Kyari, to have said that Price growth is to be moderated by the lingering concerns over COVID-19, increased energy efficiency, switching due to increased utilisation of gas and alternatives for electricity generation. These are reflected in the Medium Term Revenue Framework.
Kyari explained the corporation’s equity shareholding interest in Dangote Refinery, noting that the package which was at the instance of NNPC, was designed to guarantee national energy security.
He stated that the equity interest was secured after due consideration of the national interest and best possible options.
“We will have right to 20 per cent of production from this facility. We structured our equity participation on the basis that the refinery must buy at least 300,000 barrels of crude oil per day of our production,” he stated.
This, according to him, would guarantee NNPC’s market at a period when every country was struggling to find market for their crude oil.
