The Nigerian National Petroleum Corporation (NNPC) has disclosed that it would be targeting gas production for exportation and local utilization to increase the corporation’s revenue generation in 2021.
The national oil company said that the move had become imperative after gas proved to be a steady and reliable revenue stream during the outbreak of coronavirus pandemic and cut in crude oil prices globally.
Speaking on Wednesday at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021, the NNPC Group Managing Director, Mele Kyari, reiterated that gas production and utilization would remain a key priority for the corporation in 2021.
Aside from the national oil company plan for 2021, Kyari reiterated his leadership commitment to abide by the output cut agreement of the Organization of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilizing the global oil market.
He added 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.
The NNPC boss assured 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.
Speaking on the topic, “Outlook for Africa/Nigeria’s Oil & Gas Sector in Post-Covid Era”, he said that the 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.
Earlier in his presentation, the Minister of Energy and Agriculture, United Arab Emirates (UAE), Eng. Suhail Al Mazrouei appealed to all oil-producing nations not to flood the market with crude oil.
He said that the UAE was at the moment more concerned about balancing the market forces of demand and supply in the global market than growing market share.