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OPEC Urges NNPC to Increase Oil Production

 

 

The Organization of the Petroleum Exporting Countries (OPEC) has advised the Nigerian National Petroleum Company Limited (NNPCL) to ramp up oil production to seize a $14 trillion investment opportunity in the global oil market by 2035.

The Secretary General of OPEC, Haitham Al-Ghais, emphasized the need for increased production during a visit to Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, at the NNPC Towers in Abuja.

Al-Ghais highlighted the significant investment required to meet global energy demand, estimated at $14 trillion over the next decade.

Despite growing opposition to oil and gas, he stressed the importance of maintaining a diverse energy mix to meet future needs.

OPEC shares NNPC Ltd.’s inclusive vision of energy, which views all sources as essential for meeting global energy demands.

In a statement by NNPCL spokesperson Olufemi O. Soneye, Al-Ghais commended NNPC Ltd.’s commitment to providing reliable energy to the world and urged the company to seize the investment opportunity by increasing production.

He emphasized the importance of market stability in attracting investment, noting OPEC’s efforts to ensure a stable global market environment.

Mr. Mele Kyari reiterated NNPC Ltd.’s dedication to recovering lost production and creating a favorable fiscal environment to attract investments.

He emphasized the company’s role in contributing to global energy security and affirmed its commitment to supporting OPEC’s efforts to maintain market stability.

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