Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, has said that the Corporation was focusing more on gas, condensate and other revenue streams to tackle the revenue challenge arising from the oil production cut arrangement. Kyari also reiterated its commitment to abide by the output cut agreement of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, aimed at stabilizing the global oil market.
According to him, gas has proved to be a steady and reliable revenue stream during the height of the COVID-19 pandemic in 2020, adding that gas production and utilization would remain a key priority for the Corporation in 2021.
The NNPC GMD spoke yesterday, at the on-going virtual Gulf Intelligence “Global” UAE Energy Forum 2021, while speaking on the topic, ‘Outlook for Africa/Nigeria’s Oil & Gas Sector in Post-COVID-19 Era.’ He noted that despite the negative effects of the production cut on government revenue, it was the best step towards redeeming the value of hydrocarbon resources at the global market in the interest of all.
Kyari also expressed the hope that the demand for crude oil would pick up by the end of the year and there would be a marginal increase in output. Earlier in his presentation, the Minister of Energy and Agriculture, United Arab Emirates (UAE), Suhail Mohamed Al Mazrouei, an engineer, appealed to all oil producing nations not to flood the market with crude oil.