Kyari: NNPC diversifying portfolio beyond oil assets

Kyari: NNPC diversifying portfolio beyond oil assets

The Nigerian National Petroleum Corporation (NNPC) says it is currently diversifying its portfolio beyond oil assets due to the impact of the global energy transition.

Mr Mele Kyari, Group Managing Director, NNPC made this known on Wednesday, January 13, while speaking at the Gulf Intelligence “Global” UAE Energy Forum 2021.

1st News reports that Kyari spoke at the virtual event on the topic: “Outlook for Africa/Nigeria’s Oil and Gas Sector in Post-COVID Era.”

He said: “NNPC has recognised the impact of energy transition and is currently diversifying its portfolio beyond oil assets through domestic gas utilisation projects; support of research and innovation; solar investments; biofuels; infrastructure, and energy policy support.

“As we navigate through the COVID-19 pandemic, NNPC group will continue to focus on increasing gas production; deepening the domestic utilisation of gas; increasing our capacity to export gas; and investing in our non-oil and gas businesses.”

He said the corporation’s biggest take away from the COVID-19 Pandemic was three-fold.

“Going forward, the market balance will be driven by demand and not supply. We also have to do what we can to bring back the demand that was destroyed by the pandemic.

“Peak oil demand is still years away, investment is therefore required to meet Nigeria and Africa’s energy needs; and gas as well as renewable energy will continue to increase in their contribution to the global energy mix,” Kyari said.

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He further noted that Africa would need to take advantage of the investment opportunities the continent to grow its capacity.

Meanwhile, the Peoples Democratic Party (PDP) on Wednesday, January 13, demanded the immediate dissolution of the Presidential Task Force on COVID-19 over alleged incompetence.

1st News had reported that President Muhammadu Buhari set up by the PTF in March 2020; in response to the onset of the COVID-19 pandemic in the country.

He extended the task force mandate in December.

However, in a statement issued by its National Publicity Secretary, Kola Ologbondiyan; the PDP said the PTF has not demonstrated any capacity in handling the pandemic beyond the announcement of infections and associated fatalities.

The party urged President Buhari to immediately dissolve the task force; and put in place a team of experts under the control of the Nigeria Centre for Disease Control (NCDC); to professionally tackle the pandemic.



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