The NNPC GMD says oil demand is rising and prices have gone up to pre-pandemic levels, averaging $74/bbl.
As Shell Petroleum Development Company and other oil majors begin divestment of their investments in Nigeria following a growing appetite for cleaner and more environmentally-friendly energy, the on Monday listed various issues that have to be exhaustively addressed before their exit to avoid fracturing the Nigerian economy in hurried exodus.
He said the NNPC would soon unveil a Comprehensive Divestment Policy that will guide the entire divestment process. “NNPC will ensure that Nigeria’s National strategic interest is safeguarded, by developing a Comprehensive Divestment Policy”. He added that the new energy sources have obvious wider business implications on the oil and gas industry.
“NNPC is currently extending natural gas infrastructure backbone through the OB3 and AKK gas pipelines to deepen domestic gas utilization, support industrial growth and job creation. He explains further: “However, looking at both climate and population change dynamics, anticipated economic growth and rising global population especially in Asia and Africa will obviously increase energy consumption beyond what renewable energy sources can meet by 2050.
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