*Kyari advocates synergy in basin exploration, refineries, others
Lagos — The Nigerian National Petroleum Corporation, NNPC, and its partners will sign a gas Production Sharing Contract, PSC today.
This was revealed by the Corporation’s Chief Operating Officer Upstream, Adokiye Tombomieye during his presentation during the ‘Opportunity sessions: IOCs perspective’ at the ongoing 2-day 3rd edition of the bi-annual Nigerian Oil & Gas Opportunity Fair, NOGOF 2021.
According to him, in line with President Buhari’s decade of gas programme, the contract is one of the steps by the Corporation at increasing investment opportunities, and boosting gas exploration and production in the country.
He did not reveal further details of the PSC contract.
Tombomieye also explained that towards increasing opportunities in the Nigerian oil and gas sector, NNPC currently has the capacity to increase crude oil production to 3million per day and maintain 40 billion barrels reserves, and as a way of increasing refining capacity; boost condensate feedstock to 250, 000 barrels per day.
He, however, said production is being disrupted by ongoing Organization of Petroleum Exporting Countries, OPEC cuts.
He revealed that exploration at Gongola Basin has increased from 25 billion barrels in 2018, to 28 billion barrels as of 2020.
While earlier delivering his goodwill message, NNPC’s Group Managing Director, Mele Kyari called on investors to latch on upstream opportunities that abound in the area of exploration of frontier basins, development of upstream gas fields, and financing of greenfield/brownfield additional production on de-risked assets.
“In Gas & Power infrastructure development, there are opportunities in expanding our Gas Pipeline networks, development of Gas based industries as well as the Integrated Power Plants,” he said.
In line with Nigeria towards becoming net exporter of petroleum products, Kyari said opportunities also abound in the rehabilitation of the existing refineries as well as construction of greenfield condensate refineries.
“As we strive to deepen domestic gas utiliisation, it has created more opportunities in the downstream sector especially in LPG and CNG plants across the country. There are also opportunities in the pipeline and storage tank construction; as well as developing shipping capacity,” he said.
In the ventures and business development, Kyari said NNPC is ready to partner investors in the development of multi-specialist hospitals to strengthen healthcare service availability and support telecommunication infrastructure availability.
He assured that NNPC is ready to collaborate with investors towards turning opportunities into real value for the benefit of all, and especially, towards taking the Nigerian oil and gas industry to even greater heights.