The Nigerian National Petroleum Company Limited (NNPCL) has restated its commitment to sustaining investments in the development of huge oil and gas infrastructure to make it easier for operators and prospective investors to carry out their business in Nigeria.
The company’s Executive Vice President (EVC), Upstream, Mrs. Oritsemeyiwa Eyesan, gave this assurance at the ongoing Offshore Technology Conference (OTC), in Houston, Texas, United States of America.
Speaking during one of the panel sessions of a luncheon organized by the Petroleum Technology Association of Nigeria (PETAN), with the theme ‘Sustainable Energy Solutions for Africa’s Future (Nigerian Perspective)’, Eyesan explained that the one of the company’s key objectives in the upstream sector was to ensure that there is a healthy balance of energy sources in the country.
Noting that though the oil and gas sector is not where it ought to be, the EVC maintained that much progress had been made between last year’s edition of the OTC in terms of opening up the sector for investments and infrastructural development.
She identified funding as the major challenge impeding the development of the sector and highlighted some of the bright prospects in the industry as including the Executive Orders signed by the President to open up the sector, the imminent resolution of the assets divestment by the International Oil Companies, and the aggressive execution of gas infrastructure projects such as the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, which will be completed in the next quarter.
Also, in their contributions during the panel session, the Managing Director of SNEPCo, Engr. Elohor Aiboni, and the Managing Director of Chevron Nigeria Ltd, Mr. Jim Swartz, disclosed that their companies’ divestment from onshore and shallow water assets was a general realignment of their portfolios across the globe and should not be misconstrued as exit from the Nigeria.
On his company’s commitment to sustain its investments in Nigeria, Swartz said: “We are excited about what government is doing to build confidence in investors. We are excited to work with NNPC Ltd.”
