The Nigerian National Petroleum Corporation (NNPC) on Wednesday said it will focus on condensates, which are excluded from April 2020 production cuts announced by the Organisation of Petroleum Exporting Countries (OPEC), to boost the nation’s revenue.
The NNPC’s Group Managing Director, Mele Kyari disclosed this while speaking at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021.
He reiterated Nigeria’s commitment to abide by the output cut agreement of the OPEC and its allies aimed at stabilizing the global oil market.
Kyari, according to a statement by the Corporation’s Spokesman, Dr. Kennie Obateru, explained that despite the negative effects of the production cut on government revenue, it was the best step towards redeeming the value of hydrocarbon resources at the global market in the interest of all.
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The NNPC boss who spoke on the topic, “Outlook for Africa/Nigeria’s Oil & Gas Sector in Post-Covid Era”, said NNPC was hopeful that by the end of the year demand for crude oil would pick up and there would be a marginal increase in output.
He stressed that the Corporation was focusing more on gas, condensate and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement.
According to him, gas proved to be a steady and reliable revenue stream during the height of the COVID-19 pandemic in 2020.
The NNPC boss added that gas production and utilization would remain a key priority for the Corporation in 2021.
Earlier, the Minister of Energy and Agriculture, United Arab Emirates (UAE), Suhail Al Mazrouei, appealed to all oil-producing nations not to flood the market with products, stressing that the UAE is now more concerned about balance, rather than growing market share.
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