NNPCL to Pump More Funds into Oil, Gas Infrastructure

 

 

The Nigerian National Petroleum Company Limited says it will continue to invest in the development of huge oil and gas infrastructure to make it easy for operators and prospective investors to carry out their businesses in Nigeria.

 

According to a statement by the NNPCL spokesman, Olufemi Soneye, the company’s Executive Vice President, Upstream, Mrs Oritsemeyiwa Eyesan, disclosed this Tuesday at the ongoing Offshore Technology Conference Houston, Texas, United States of America.

Speaking at one of the panel sessions of a luncheon organised by the Petroleum Technology Association of Nigeria, with the theme: ‘Sustainable Energy Solutions for Africa’s Future (Nigerian Perspective)’, Eyesan stated that NNPCL’s objective was to ensure that there is a healthy balance of energy sources in the country.

 

She said though the oil and gas sector is not where it ought to be, much progress had been made between last year’s edition of the OTC in terms of opening up the sector for investments and infrastructural development.

 

While identifying funding as the major challenge impeding the development of the oil and gas sector, Eyesan listed some of the bright spots in the industry including the Executive Orders signed by President Bola Tinubu to open up the sector; the imminent resolution of the divestment of the assets by the International Oil Companies, and the aggressive execution of gas infrastructure projects such as the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, which she said would be completed in the next quarter.

 

Also speaking at the panel session, the Managing Director of SNEPCo, Elohor Aiboni, and the Managing Director of Chevron Nigeria Limited, Mr Jim Swartz, stated that their companies’ divestment from onshore and shallow water assets was a general realignment of their portfolios across the globe and should not be misconstrued as an exit from Nigeria.

 

Speaking further on his company’s commitment to remain in Nigeria, Swartz said: “We are excited about what the government is doing to build confidence in investors. We are excited to work with NNPCL”.