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NNPC assures investors on infrastructure development

NNPC office | File Image

By Stella Woke

The Nigerian National Petroleum Company Limited (NNPC) has assured that it would continue to invest in oil and gas infrastructure development to facilitate business relationship with operators and prospective investors in Nigeria.

The Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, gave the assurance at the Offshore Technology Conference (OTC), in Houston, Texas, United States of America.

In a statement issued by the Chief Corporate Communications Officer of NNPC, Olufemi O. Soneye, in Abuja on Thursday, Eyesan spoke at one of the panel sessions of a luncheon organized by the Petroleum Technology Association of Nigeria (PETAN), with theme: Sustainable Energy Solutions for Africa’s Future (Nigerian Perspective)”.

  Eyesan explained that NNPC’s objective was to ensure a healthy balance of energy sources in the country.

Also read: How to save Nigeria’s economy, by NNPC boss

She said that though the oil and gas sector wss not where it ought to be, much progress had been made between last year’s edition of the OTC in terms of opening up the sector for investments and infrastructural development.

While she identified funding as the major challenge impeding the development of the sector, she listed some of the bright spots in the industry to include the Executive Orders signed by the President to open up the sector, the imminent resolution of the assets divestment by the International Oil Companies, and the aggressive execution of gas infrastructure projects such as the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, which she said would be completed in the next quarter.

Also, the Managing Director of SNEPCo, Engr. Elohor Aiboni, and the Managing Director of Chevron Nigeria Ltd, Mr. Jim Swartz, stated that their companies’ divestment from onshore and shallow water assets was a general realignment of their portfolios across the globe and should not be misconstrued as exit from the Nigeria.

 On his company’s commitment to remain in Nigeria, Swartz said: “We are excited about what government is doing to build confidence in investors. We are excited to work with NNPC Ltd.”

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