By Emmanuel Enebeli
CAPE TOWN/South Africa: Nigeria, one of Africa’s leading oil and gas producers, is set to accelerate its exploration and production efforts in the pursuit of energy security, sustainability, and economic growth. In a bid to achieve these goals, Nigeria has extended invitation to global investors and regional partners to participate in shaping the country’s sustainable energy future.
The African Energy Chamber (AEC) proudly announces the participation of Nigeria’s National Oil Company, the Nigerian National Petroleum Corporation (NNPC), at the forthcoming African Energy Week (AEW) conference. Scheduled to take place from October 16 to 20 in Cape Town, this event will feature a keynote address delivered by Mele Kyari, the Group Managing Director of NNPC, shedding light on Nigeria’s sustainable energy agenda.
Mele Kyari, a seasoned leader in the energy sector, brings with him a wealth of experience and insights. His journey commenced in 1991 at NNPC as a processing geophysicist with Integrated Data Services Limited. Since then, he has assumed various pivotal roles, including General Manager of Crude Oil Stock Management and Nigeria’s representative to the Organization of Petroleum Exporting Countries (OPEC). In 2019, his dedication and expertise led to his appointment as NNPC’s Group Managing Director by Nigerian President Muhammadu Buhari.
NNPC, responsible for the exploration, production, and distribution of petroleum and petroleum products in Nigeria, actively engages in international partnerships and initiatives, contributing significantly to the nation’s energy security and economic growth. Under Kyari’s leadership, NNPC has championed transparency, efficiency, and innovation in Nigeria’s energy sector, spearheading significant reforms and initiatives to transform the corporation into a more commercially driven entity.
Nigeria boasts substantial oil and gas reserves and is making remarkable strides in upstream development. With approximately 37 billion barrels of proven oil reserves and the potential for a threefold increase in natural gas reserves through new discoveries, Nigeria ranks among the world’s top oil and gas producers. Key projects, such as the $3.15 billion OML 13 Field, the 110,000 barrels per day (bpd) Bonga North Field, and the 85,000 bpd Okpokunou/Tuomo West Cluster Development, are already in progress. The ‘Decade of Gas’ program is attracting investments and identifies 20 critical gas projects, offering substantial billion-dollar investment opportunities across the gas value chain.
Furthermore, Nigeria’s regulatory landscape, shaped by the 2021 Petroleum Industry Act, aims to leverage oil and gas investments for sustainable socioeconomic growth. In the downstream sector, Nigeria is actively reducing its heavy reliance on petroleum product imports, currently constituting 80% of consumption. The commissioning of the continent’s largest oil refinery, the 650,000 bpd Dangote Refinery in 2023, with NNPC holding a 20% stake, is poised to transform Nigeria’s economy, ensuring a supply of 300,000 bpd of crude oil. NNPC is actively seeking investments and collaborations to propel these projects forward.
In recent months, several milestones have been achieved, including NNPC’s partnership with Nigerian oil and gas company UTM Offshore Limited for the UTM Floating Liquefied Natural Gas (FLNG) project. This groundbreaking endeavor aims to produce 176 million cubic feet of gas per day from the Yoho Field, marking a significant advancement in domestic gas utilization in Nigeria. The agreement underscores NNPC’s commitment to making liquefied petroleum gas (LPG) more accessible to the Nigerian market, aligning with the corporation’s goal of ensuring domestic gas resources benefit the local population.
Moreover, NNPC’s confirmation of oil in northern Nasarawa State, the first well of its kind in the region, reaffirms its dedication to exploring Nigeria’s inland basins. Coordinated efforts are underway to bolster frontier exploration in northeastern Nigeria, with a focus on community support and a conducive operating environment. These endeavors aim to transform Nasarawa State’s socioeconomic landscape, attract foreign investment, generate employment, and increase government revenues.
“Kyari’s visionary leadership at NNPC has been nothing short of transformative. Under his guidance, the company has emerged as a driving force in advancing Nigeria’s energy landscape. His unwavering commitment to innovation and sustainability has catalyzed groundbreaking projects that continue to reshape the future of energy not only in Nigeria but across the African continent,” states NJ Ayuk, Executive Chairman of the AEC.
Mele Kyari’s extensive knowledge of NNPC’s activities and insights into Nigeria’s energy sector will provide invaluable perspectives at AEW 2023. He will share critical insights into NNPC’s role in advancing Nigeria’s energy landscape, the corporation’s strategic initiatives, and the broader dynamics of the African energy sector.
