Mr Mele Kyari, Group Managing Director, Nigerian National Petroleum Corporation (NNPC), says Nigeria remains an attractive destination for investors in the oil and gas sector.
Kyari made the assertion at a webinar organised by Washington-based Atlantic Council on Friday.
The NNPC Group Managing Director said that Nigeria Government was able to achieve successes in the sector due to policies and projects put in place.
He said Nigeria’s crude oil reserve was 36.89 billion barrels, while it’s natural gas reserve was 203.16 trillion cubic feet, placing the country among the top 10 countries with largest gas reserves in the world.
Kyari said developing and harnessing these resources require financial and technical partners from foreign countries, especially institutions from the U.S.
“We have seen that interest. This country is the place to come and it is very obvious that the facilities on ground supports it.
“We understand that there is a challenge in the finance market today, and people are looking at the best place to come.
“People are thinking that oil and gas will become irrelevant in the near future, but we don’t think that will happen.
“We know up till 2050 that oil and gas will still be very relevant. We are a growing economy, we are a growing democracy and we know that we have the population. So, there is a market here,” he said.
According to him, some of the ongoing projects include: the upgrading of the Warri, Port Harcourt and Kaduna Refineries to expand refining capacity from 450, 000 barrels per day to 650, 000bpd.
Kyari said others were the Nigerian Liquefied Natural Gas (NLNG) Train 7 Project and the 614 kilometre Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project.
He said that these projects, when completed, would create massive jobs and business opportunities for Nigerians and improve the nation’s economy.
The group managing director of NNPC said the passage of the Petroleum Industry Governance Bill (PIGB) would be another game changer as it would further open up the industry for investments.
He said the legislation, which had the full support of the National Assembly, was scheduled to have been passed in July, but might be delayed for a few more months due to COVID-19 pandemic.
“That legislation will create an environment for competition, it will create a competitive fiscal environment.
“It is also going to make sure that partners have a visibility around them. Those uncertainties that have stopped investors coming into our country will go away.
“It is possible and very realistic that we can put this Bill in place. We are working with the Minister of State for Petroleum and are engaging all stakeholders to get this done.
“We are tired of waiting for over 20 years, and we are realistic that this will be achieved before the end of the year,” the NNPC boss said.
On removal of subsidy from the Premium Motor Spirit (PMS), Kyari explained that it required no legislation, stressing that it was the right thing to do for the industry and Nigeria to move forward.
