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2021: NNPC envisages suppressed demand for oil

The Nigerian National Petroleum Corporation (NNPC) yesterday projected that the global demand in the oil and gas industry would remain suppressed substantially till the end of 2020. That was as the agency unveiled an agenda to whether the storm in 2021. Group Managing Director of the Company, Mallam Mele Kyari, who stated this during the 20th Nigeria Oil and Gas Conference (NOG) themed: “Fortifying the Nigerian Oil and Gas Industry for Economic Stability and Growth” whichheldvirtually, said to be more resilient and efficient in operations, the corporation is “looking forward to 2021 means (and) we have to be more resilient and efficient in our operations.”

The NNPC boss, for the umpteenth time, also pledged his company’s commitment to bringing down the unit cost of oil production in the country to $10 per barrel, so as to remain competitive in the Industry and deliver value to all Nigerians.

A statement from the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, quoted Kyari to have projected that the global demand in the oil and gas industry will remain suppressed substantially till the end of 2020 but noted that despite all the forecasts, oil will continue to play a significant role in the energy mix till 2050.

“So, it doesn’t mean oil will vanish. What it means is that in terms of its significance, in terms of the volumes of contribution, it will reduce as the years go by. It is also true that manycountrieshavemadesignificant business decisions in the use of fossil fuel, including the United Kingdom, which hassaidthatnocarwillrunon fossil fuel in the next 10 years. Thisportendsa hugechange in the way we consume fuel and as we progress, many countries may follow suit,” Kyari stated. The NNPC helmsman observed that the ensuing global oil challenge will have an impact on NNPC’s production, which means that the Corporation must become more cost-efficient and be quick to the market.

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