NNPCL Seeks Foreign Investors’ Support For 200 Underdeveloped Oil Wells

The Nigerian National Petroleum Company Limited (NNPC Ltd) is seeking international investors’ understanding to channel their funds to Nigeria and tap into the huge opportunities in the nation’s energy sector.

The group chief executive officer of NNPC Ltd, Engr. Bashir Bayo Ojulari made the call while fielding questions from NBC’s Hala Gorani during the Energy

Talk segment of the Gastech Exhibition & Conference, currently taking place in Milan, Italy.

Ojulari, said that apart from gas, the existing crude oil assets had huge untapped reservoirs for investors to tap into towards boosting production from the current 1.7million barrels per day, besides over 200 oil fields that are currently undeveloped.

The GCEO, who commended President Bola Ahmed Tinubu for improving Nigeria’s investment climate and positioning the country as the preferred investment destination for the energy sector in Africa, stressed that the new NNPC Ltd Management was  keen on attaining its set targets toward delivering value to its shareholders.

According to him, while a number of investors were already coming into the country with gas-based industries such as petrochemicals and methanol plants, more investments were required to build infrastructure to support the federal government’s aspiration to power the nation’s transportation sector with Compressed Natural Gas (CNG).

On measures being taken to make Nigeria an investors’ haven, the GCEO said NNPC Ltd was investing heavily in carbon capture projects as well as technology to enhance energy efficiency and reduce gas flaring in compliance with the objectives of financing partners.

He said that a number of critical gas infrastructure projects in the country, such as the Ajaokuta-Kaduna-Kano (AKK) Gas pipeline, are in their advanced stages, while the NLNG Train 7 Project is also being progressed.

He noted that Nigeria’s energy transition strategy was  focused on eradicating energy poverty which requires enormous investments in gas as the fuel of choice for industrialization as well as Liquefied Petroleum Gas (LPG) as domestic cooking gas for the over six million Africans who lack access to clean energy.

Attended by over 50,000 professionals and more than 1,000 exhibitors from 150 Countries, Gastech is a leading annual gas conference where global energy leaders discuss developments that affect the future of the energy industry.