In order for the Nigerian National Petroleum Company (NNPC) Limited to participate in the $14 trillion global oil market investment opportunity, the Organization of the Petroleum Exporting Countries (OPEC) has asked the company to expand oil production.
According to a statement from NNPC spokesperson Olufemi O. Soneye, the globe will need to invest almost $14 trillion between now and 2035 to be able to meet global demand, despite the resistance on oil and gas. Haitham al-Ghais, the secretary general of OPEC, made this appeal yesterday.
Speaking on Wednesday at the NNPC Towers during a courtesy visit to Mele Kyari, the group chief executive officer of NNPC Ltd., al-Ghais disclosed that OPEC supports NNPC’s broad-minded approach to energy, in contrast to the viewpoint that is promoted in certain quarters that views certain energy sources negatively.
He restated OPEC’s determination to collaborate closely with NNPC Ltd. in order to fulfill the country’s goals of luring investments and increasing output.
In order to maintain its position as a dependable supplier of energy to the global community, the OPEC secretary general urged NNPC Ltd. to take full advantage of this opportunity to increase its production.
“We’ll keep making sure the market stays stable. For Nigeria to draw in investors, the world market needs to remain stable. Any country, whether it is a producer or a consumer, will suffer greatly if there is market instability and volatility. Thus, it is what OPEC will continue to do. We rely on Nigeria’s assistance,” the OPEC head stated.
NNPC Ltd. is working extremely hard to recoup lost output, according to Kyari’s views, and to create the ideal fiscal climate to draw in investments.
He said that NNPC Ltd. will keep helping the organization in every manner it could and thanked OPEC for its support of Nigeria.