Nigeria Records Flat Growth As Oil Price Decline Slows
Nigeria’s economy recorded flat growth in the third quarter, as oil prices somewhat stabilized while the impact of reforms by the newly created government at boosting output were yet to have an impact.
The economy expanded by 2.54% in Q3 2023, a slight improvement from 2.51% posted in the second quarter but way below the 6% clip that President Bola Tinubu pledged during his inauguration in May.
The oil and gas sector contracted 0.85% in the third quarter, a big improvement from the 13.43% contraction recorded in the third quarter.
The sector is critical for the Nigerian economy since it accounts for 90% of foreign-exchange reserves and the bulk of government revenue.
Back in May, Tinubu scrapped a costly but popular petrol subsidy and also lifted currency controls.
But his actions have fuelled anger and frustration after inflation worsened and hit double digits. But Africa’s largest economy is not bereft of opportunities to expand the economy.
Nigeria and its African OPEC+ peer Angola have announced plans to boost oil production significantly in the coming years, something that might not go down well with other OPEC+ members as Saudi Arabia looks forward to starting to unwind its voluntary production cuts.
Nigeria’s daily average oil output stood at 1.45 million barrels per day (mbpd) in the three months to September, up from 1.20 mbpd in the same period last year.
“We are not aware of any disagreements, it is more a matter of seeking alignments,” Nigeria’s governor to OPEC Gabriel Tanimu Aduda told Reuters.
“We are happy, we are waiting for the meeting,” Angolan OPEC governor Estevao Pedro told Reuters, referring to the upcoming OPEC+ meeting which was rescheduled to Nov. 30 from Nov. 26. “We are fighting to increase our production,” he said, adding that investment was being made to make that happen.
Nigeria produces the popular Bonny Light crude, a light-sweet crude oil grade and an important benchmark crude for all West African crude production. Bonny Light has particularly good gasoline yields, which has made it a popular crude for U.S. refiners, particularly on the U.S. East Coast.
Source: Oilprice.com
Mozambique: Gov’t Approves $80 Billion Energy Transition Strategy
Mozambique has approved a strategy to reduce the nation’s dependence on fossil fuels that it estimates will cost $80 billion to implement by 2050, a step aimed at winning finance to develop the economy.
The first steps envisioned in the Energy Transition Strategy, approved by the Council of Ministers on Nov. 21, include the addition of 2,000 megawatts of hydropower capacity by 2030 and expanding the transmission grid to allow for the addition of more renewable energy, a statement from the government said as carried by energyconnect.com.
President Filipe Nyusi is expected to make a full disclosure of the country’s energy transition plan at the COP28 international climate summit in Dubai, next month.
“Mozambique has major potential to be a global leader in climate-aligned development,” it said.
“The ambitious ETS lays out a clear pathway for harnessing these assets to enable sustainable nationwide growth while supporting emissions reductions.”
Mozambique is the latest developing country to seek international funding to finance an energy switch.
South Africa, Indonesia, Vietnam and Senegal have won pledges of billions of dollars from some of the world’s richest nations to reduce their reliance on coal and other fossil fuels.
In September, Marcelina Mataveia, Mozambique’s national director of energy, said talks over funding had been held with Belgium, Germany, the UK and the United Arab Emirates, and an investment plan would be announced at the COP meeting.
While Mozambique is one of the world’s poorest nations, it has abundant hydropower, wind, solar and natural gas resources.
It also has deposits of materials essential for the green transition, such as lithium and graphite, which are used in batteries.
The government said it aims to hold more auctions to encourage the building of privately owned solar and wind power plants and build “green industrial parks” to encourage the processing of its minerals.
It also plans to increase the proportion of ethanol and biodiesel added to gasoline and diesel sold in the country, and promote the use of vehicles that run on electricity and compressed natural gas.
It aims to have universal access to electricity by 2030 and intends embarking on a drive to persuade millions of people who rely on wood and charcoal for cooking, to use more efficient methods.
Mali: WeLight Receives US$1.8Million Grants To Electrify Homes Via Solar Mini-Grids
The Foundation for Clean Energy and Energy Inclusion in Africa (CEI Africa), the Amsterdam -based organisation has awarded a grant of US$1.8 million to WeLight to electrify several rural communities in Mali using solar mini-grids.
The funds will support its electrification activities in rural areas of Mali, where WeLight has been operating since 2021.
According to CEI estimates, the grant will enable the expansion of the five solar mini-grids currently operated by the company.
At least nine new green mini-grids will be built, enough to electrify 35,000 people.
The five mini-grids installed in recent years have provided 1,000 connections in Malian villages.
The IEC’s support is “an important step, as it will enable us to reach nine more villages.
Access to electricity for productive use is vital, as it enables socio-economic development in various areas for the community”, explains Moez Zouaoui, WeLight Mali’s national coordinator.
However, “the award of the results-based grant is subject to the fulfillment of certain pre-conditions agreed between CEI Africa and WeLight, which include, among other things, the execution of a grant agreement”, says the foundation launched by Kreditanstalt für Wiederaufbau (KfW), the German development agency.
The grant will be disbursed on completion of the new electricity connections. According to the Direction nationale de l’énergie (DNE), Mali, which is benefiting from this funding, will have 53% access to electricity by 2021.
Source: https://energynewsafrica.com
Ghana: G4O Gasoline Is Not Laden With Manganese-BOST Replies Critics
The Bulk Energy Storage and Transportation Limited (BEST) formerly known as BOST, has rejected claims that gasoline imported under the Gold –For- Oil (G4O) programme is laden with high levels of manganese which is causing underperformance of vehicle engines.
Some car owners have been lamenting over the poor performance of their vehicles and blamed it on gasoline they bought from filling stations in the West African nation.
The regulator, National Petroleum Authority (NPA) picked up the issue and its investigation revealed that there was high level of manganese in some of the gasoline imported into the country.
The source of the product is, however, not known but some are alleging on social media that it is the one imported by BOST.
Responding to this claim, BEST, in a statement copied to energnewsafrica.com, rejected the attempt by detractors to dent their organization’s reputation.
The statement explained that the fuel they import is guided by specific regulations of the National Petroleum Authority.
It further stated that products from them are guided by specific product component tests which the Ghana Standards Authority (GSA), carries out before they are passed for discharge or off-loaded for Ghana’s fuel consuming public.
“We wish to state unequivocally that we have not imported any product under the policy which is off the specifications per the regulations of NPA and the product specifications of the GSA”, BEST said.
The company, therefore, implored the public to disregard the claims of their detractors.
“Grant the regulatory authority of the petroleum downstream the time and space to investigate the exact source of the said product and also to tighten the regime to clamp out the room for the importation of potentially problematic products onto the market,” BOST said.
BEST assured to continue to import products from safe sources without compromising on quality standards.
“We shall continue to import products from safe sources without compromising on quality standards and leverage the volumes to serve the market at reasonable prices to beat down the cost of living in the country.”
Source: https://energynewsafrica.com
OPEC Slams IEA Over ‘Moment Of Truth’ For Oil
The Secretary General for Organisation of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais has condemned the International Energy Agency (IEA) for vilifying the industry and for playing down energy security and affordability.
Last week, the IEA published a report saying that a “moment of truth” is coming for the oil and gas industry as most companies are watching the energy transition from the sidelines, with oil and gas producers accounting for only 1% of total clean energy investment globally.
“Producers must choose between contributing to a deepening climate crisis or becoming part of the solution by embracing the shift to clean energy,” the IEA said.
Commenting on the report, OPEC Secretary General Haitham Al Ghais said in a statement on Monday,
“It is ironic that the IEA, an agency that has repeatedly shifted its narratives and forecasts on a regular basis in recent years, now addresses the oil and gas industry and says that this is a ‘moment of truth’.”
“The manner in which the IEA has unfortunately used its social media platforms in recent days to criticize and instruct the oil and gas industry is undiplomatic to say the least. OPEC itself is not an organization that would prescribe to others what they should do,” Al Ghais said.
OPEC also criticized the agency for describing carbon capture utilization and storage (CCUS) an “illusion”.
Regrettably, the IEA report now also calls technologies such as carbon capture utilization and storage (CCUS) an “illusion”, even though Intergovernmental Panel on Climate Change assessment reports endorse such technologies as part of the solution to tackle climate change.
“The truth that needs to be spoken is simple and clear to those who wish to see it. It is that the energy challenges before us are enormous and complex and cannot be limited to one binary question,” said Al Ghais.
“Energy security, energy access and energy affordability for all must go hand-in-hand with reducing emissions. This requires major investments in all energies, all technologies, and an understanding of the needs of all peoples. At OPEC, we repeat that we believe the world has to concentrate on the task of reducing emissions, not choosing energy sources,” he added.
Al Ghais concluded: “We do see a ‘moment of truth’ ahead. We need to understand that all countries have their own orderly energy transition pathways, we need an assurance that all voices are heard, not just a select few, and we need to ensure that energy transitions enable economic growth, enhance social mobility, boost energy access, and reduce emissions at the same time.”
Source: https://energynewsafrica.com
China Engineers Complete Largest Solar Farm On Earth In UAE Ahead Of Cop 28
The world’s largest single-site solar power plant – a flagship project under China’s Belt and Road Initiative– has been completed in the United Arab Emirates, ahead of the UN climate change conference Cop28 in Dubai later this month.
The two-gigawatt Al Dhafra Solar Photovoltaic Project covers 20 sq km (12.4 square miles) of desert outside Abu Dhabi and can power about 200,000 households, according to main contractor China National Machinery Industry Corporation.
The company said the plant was expected to help Abu Dhabi reduce carbon emissions by 2.4 million tonnes each year – the equivalent of taking more than half a million cars off the road – and take the proportion of clean energy to over 13 per cent of the emirate’s overall consumption.
“From the photovoltaic modules to tracking brackets and cleaning robots, the project embraced Chinese products and Chinese technologies,” said Che, who has worked with more than 5,000 colleagues from 19 countries in Abu Dhabi’s desert since 2020.
According to Che, the Al Dhafra plant has been operating at full capacity since April. “It will be crucial for the UAE to achieve its carbon neutrality goal by 2050, and promote regional energy transformation and sustainable development,” he said.
By mid-November, the solar farm had already produced 3.6 billion kilowatt-hours of clean electricity ahead of its official inauguration last Thursday. “As the UAE prepares to host Cop28, this pioneering project reflects the country’s ongoing commitment to raising its share of clean energy, reducing its carbon emissions and supporting the global efforts on climate action,” said Abu Dhabi’s deputy ruler, Sheikh Hazza bin Zayed Al Nahyan. Sheikh Hazza also expressed his gratitude and appreciation for the contractor’s “high standard, high quality work”, the company said on its official WeChat account. The plant consists of 4 million solar panels that can capture sunlight on both sides, according to the company, which was responsible for its design, civil engineering, equipment supply, installation and commissioning. It will also provide two years of operation and maintenance. Source: Ling XinGhana: VRA’s CEO Grabs Hall Of Fame Award
The Volta River Authority (VRA), managers of the Akosombo and Kpong Hydroelectric Power Dams, grabbed two awards at the 7th edition of the Ghana Energy Awards held in Accra, the capital of Ghana.
The Authority was adjudged the Corporate Social Responsibility of the Year 2023 while the CEO, Mr. Emmanuel Antwi-Darkwa, was named the GEA Hall of Fame after winning the Energy Personality of the Year (Male) Category three times.
He won the Energy Personality of the Year in 2018, 2021 and 2022.
A Civil Engineer by profession, Ing Antwi-Darkwa commenced his career with the VRA in 1985 and served in various capacities until he was appointed as Chief Executive Officer in 2017 by President Akufo-Addo.
With over 30 years of extensive experience in the energy industry, Ing Antwi-Darkwa has, among others, detailed knowledge of the functional and regulatory influences in Ghana’s energy sector and the dynamics of international power systems development.
This year’s awards ceremony which was on the theme: ‘Ghana’s Energy Transition Framework: Sector Institutions As Building Blocks For The 2030-2040 Targets’, brought together several industry players from Ghana and other West African nations.
The event was graced by the President of Ghana, H.E Nana Addo Dankwa Akufo-Addo, as the Guest Speaker
Source: https://energynewsafrica.com
Ghana: Petroleum Commission Signs Multi-client Survey Deal With PGS For Seismic Data Acquisition
Ghana’s petroleum upstream regulator, Petroleum Commission and Petroleum Geo-Services (PGS), a global oil and gas data acquisition company, have signed a three-year multi-client survey agreement for the acquisition of seismic data in the Tano Basin offshore the Republic of Ghana.
The agreement was signed at the closing ceremony of a two-day Data Acquisition Workshop organised by the Petroleum Commission, in collaboration with PGS, in Accra, the capital of Ghana.
Senior Vice President for Africa and Middle East at PGS, Mr Chris Drage, said the company would invest in reprocessing available data to improve the quality of the data to attract investors.
The multi-client survey which is called the Mega survey began in 2001 in the North Sea.
It has a large, modern dataset using public and PGS-owned 3D Systems.
The multi-client survey programme with the Petroleum Commission when completed would be used for road shows to promote the acreage to attract potential oil companies to take blocks in the Tano Basin.
Signing the agreement at the Upstream Petroleum Data Workshop in Accra, Mr. Chris Drage said PGS would invest two million dollars to reprocess the data.
“The improved quality of the data will be used to show potential investors the value and the opportunities in Ghana. And the quality of the data will mean they are more likely to invest. We will invest the best part of 2 million dollars to reprocess the data,” he said.
The Chief Executive of the Petroleum Commission, Mr Egbert Faibille, said the multi-client seismic data acquisition agreement is timely.
“Our decision to go with multi-client seismic data acquisition is not just lip service but also something very concrete, which we seek to use as a signpost to get more investments to Ghana’s upstream petroleum sector. Data, no matter when you acquire it, is good.
“However, because of time and also advances in technology, if you are not careful, data that you got a year or two ago, because of evolving technology when you look at it and want to decide as to where to drill, you would not have the feeling that you should drill, because it’s not been processed or reprocessed to the point where there is a lot of clarity,” he said.
The Upstream Petroleum Data Workshop provided an opportunity for geoscientists to discuss the importance of data acquisition and how to make it accessible to investors to enable them to make a decision
Source: https://energynewsafrica.com
Uganda: Government Vows To Resist Opposition To EACOP Project
Uganda has vowed to continue the ongoing construction of the East Africa Crude Oil Pipeline – EACOP despite pressure from environmental activists to halt the project.
The Energy and Mineral Development Minister, Dr. Ruth Nankabirwa Ssentamu has noted that the Uganda-Tanzania Crude Oil Pipeline – UTCOP has suffered blackmail since its inception in 2013.
The Minister emphasized the pressure and blackmail from activists will not distract the government and the project funders, adding that 40 percent of the total USD 3.04 billion, approximately 11.449 trillion has already been secured to deliver the long-awaited pipeline.
The Minister’s comment follows a report by GreenFaith, an international and multi-faith climate justice organization which accused French fossil fuel giant, TotalEnergies of disrespecting over 2,000 graves along the proposed 1,443-km-long underground oil pipeline.
In the “As If Nothing Is Sacred” report by GreenFaith, the affected families argued that they have suffered emotional and spiritual trauma due to the actions of the project developers.
Consequently, the Uganda and Tanzania clerics in a joint report called for an immediate halt to the project until the issues are resolved.
But according to Nankabirwa, Uganda’s hope to produce the first oil is on course and drilling has commenced at Kingfisher, the first commercial oil field in Kikuube, and Tilenga in Buliisa Districts.
The Kingfisher and Tilenga oil fields are anticipated to produce 40,000 and 190,000 barrels of oil every day respectively.
The Minister also revealed that the government has procured the services of a new developer for the oil refiner who has commenced work on the ground.
In spite of the delays, Dr Nankabirwa noted that Uganda’s first oil will be out latest in 2026.
The East African Crude Oil Pipeline Company Limited has a shareholding of 62 percent from Total Energies while 15 percent will come from the host Government of Uganda through the National Oil Company.
Equally, the Government of Tanzania owns 15 percent shares through the Tanzania Petroleum Development Corporation – TPDC, and 8 percent shares for China National Offshore Oil Company – CNOOC Uganda Ltd.
Source: https://energynewsafrica.com
Ghana: BPA Grabs Three Awards At The Ghana Energy Awards 2023
Ghana’s second largest state-owned power generation company, Bui Power Authority, received three prestigious awards at the 7th edition of Ghana Energy Awards held at the Labadi Beach hotel in Accra last Friday, November 17, 2023.
The power generation company won The Clean Initiative Award of the Year and Renewable Energy Infrastructure Project of the Year, highlighting the company’s ground-breaking strides in renewable energy.
The third award -Green Chief Trailblazer Award was won by Mr. Wisdom Ahiataku-Togobo, Director, and Renewable Energy Department. The award recognises his contributions in the green energy future of Ghana.
The Ghana Energy Awards was graced by His Excellency Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana.
Accompanying him was the Deputy Minister for Energy, Hon. Andrew Egyapa Mercer.
The awards bestowed upon the Authority serve as a significant validation of its pivotal role in the ongoing energy transition era.
These accolades specifically acknowledge the Authority’s exceptional leadership, commitment to sustainability, meaningful social interventions, and adherence to best business practices.
The CEO of Bui Power Authority, Hon Samuel Kofi Ahiave Dzamesi was accompanied by Hon. Salifu Saeed, Board Member and other senior management and staff from the Authority.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Ghana: Ghana Gas CEO Grabs Two Prestigious Awards
Ghana’s oil and gas infrastructure expert and Chief Executive Officer of Ghana National Gas Company, Dr Ben K.D Asante, grabbed two prestigious awards at the 7th edition of the Ghana Energy Awards 2023 held recently in Accra, the capital of Ghana.
Dr. Asante received the ‘Energy Transition Most Valuable Player (MVP)’ and the ‘CEO of the Year (Petroleum category)’ awards.
This recognition is a testament to his strategic leadership, adept handling of challenges in the petroleum industry, and active advocacy for the sustainability of the petroleum sector.
This year’s awards ceremony was on the theme: ‘Ghana’s Energy Transition Framework: Sector Institutions as Building Blocks for the 2030-2040 Targets’.
The annual event, which attracted several industry players, policymakers and some civil society groups working in the extractive industry, was graced by the President of Ghana, H.E. Nana Akufo-Addo, as the Special Guest of Honour.
Organised by the Energy Media Group, the ceremony celebrated 34 individuals and companies, highlighting their outstanding contributions to the growth of Ghana’s energy sector.
Source: https://energynewsafrica.com
The annual event, which attracted several industry players, policymakers and some civil society groups working in the extractive industry, was graced by the President of Ghana, H.E. Nana Akufo-Addo, as the Special Guest of Honour.
Organised by the Energy Media Group, the ceremony celebrated 34 individuals and companies, highlighting their outstanding contributions to the growth of Ghana’s energy sector.
Source: https://energynewsafrica.com Ghana:PETROSOL Adjudged Brand Of The Year 2023 At The Ghana Energy Awards
PETROSOL Ghana Ltd, a leading Ghanaian Oil Marketing Company (OMC), was last Friday, November 17, 2023, adjudged the Brand of the Year 2023, at the Ghana Energy Awards, held at the Labadi Beach hotel in Accra, capital of Ghana.
The annual event, which brought several industry players and policy makers had the President of the Republic, H.E Nana Addo Dankwa Akufo-Addo, as the Special Guest of Honour.
The Ghana Energy Awards recognises companies and individuals in the entire energy sector who exhibit excellence in industry practice and make significant contribution to national development.
The Chief Executive Officer of PETROSOL, Michael Bozumbil, was very delighted about the recognition, especially given that it was coming from such highly respected energy sector awards organisers.
He said though the economic climate has been very challenging for businesses, the leadership of PETROSOL has stuck firmly to ethical business practices, with a focus on building a credible brand that serves its customers with quality fuel and lubricants; that complies with its regulatory and tax obligations and is also socially responsible.
He dedicated the award to their cherished customers across the country who have demonstrated incredible confidence in and loyalty to the PETROSOL brand over the years as well as their dedicated dealers and staff, whose hard work and commitment to duty have earned the company the award.
Mr. Bozumbil was also grateful to their regulators as well as other key stakeholders for their support over the years.
Mr. Bozumbil further indicated that he and his team believe in continuous improvement and thus would not rest on their oars but remain focused in ensuring that they enhanced their performance so as to continue to deliver value for money to their customers and contribute to national development.
PETROSOL, which operates several fuel stations across the country, has triple International Organization for Standardization (ISO) certification for Quality Management System; Environmental Management System; and Organisational Health & Safety Management System.
Source: https://energynewsafrica.com
South Africa: Electricity Minister Hopes For Eskom CEO With Energy Sector Understanding
South African Minister for Electricity Dr. Kgosientsho Ramokgopa says he’s hoping that the new Eskom CEO is someone who understands the energy sector and can support power stations.
Plans are at an advanced stage to appoint Eskom’s Group Chief Executive with three candidate names shortlisted for cabinet consideration.
The power entity has been operating without a CEO since the resignation of Andre de Ruyter last year.
The Minister in the Presidency responsible for Electricity continues with a series of follow-up visits to Eskom power stations.
He visited Lethabo power station in Vereeniging on Tuesday.
This is in order to advance the necessary interventions required to fix Eskom power stations and bring to an end load shedding.
The Minister also addresses workers and labour unions on the work done to ensure energy security.
Ramokgopa says support for performing power stations become pivotal.
“Lethabo in particular is a second-best performing power station.
Their energy availability factor is about 76% so their target for the year is 77%.
It’s important that in the midst of the challenges we go to our best performers, affirm them, and give the necessary support.
I will be going also to stations notorious for underperforming and urge the employees to better their performance but also understand what is the additional amount of support that is required.”
He says work is being done at the top to ensure Eskom leadership is stabilised so that power stations like Lethabo are supported and protected as it forms part of the country’s best-performing station alongside Medupi.
“The board has submitted 3 names of appointable people and it is from that pool of names that the minister Gordhan will take the names to Cabinet that will apply its mind and then we have a CEO of Eskom.
Hopefully, this will be someone with a great appreciation of how the system works, an appreciation of the internal working of the energy space, and will carry on with the work that we are doing to support power stations.”
The Lethabo power station suffered its breakdown this week.
The General Manager Karobo Rakgolela says the ministry’s support is critical.
“I normally joke and say when Lethabo coughs, South Africa catches flu and that’s what we saw today we had two units that tripped one after the other but we are already bringing them back, unit 4 should be back on load to support evening peak and by morning peak we will have unit 5.
I’ve told the minister that our biggest challenge is getting coal from mines to keep the mine going. What we do need is an investment into the mine.”
The minister also reveals that R390 billion is needed to expand the grid to accommodate new generation capacity and ensure the ultimate end to load shedding.
He is hopeful that the new CEO will be appointed at Eskom soon to ensure plans are realised and the economy is cushioned and stations like Lethabo are supported.
Source:sabcnews
Nigeria: We Have Robust PMS Supply To Last Beyond Yuletide- Kyari Tells Senate
The Nigerian National Petroleum Company Limited (NNPC) says it has put in place a robust plan for the supply of petroleum products especially Premium Motor Spirit (PMS), also known as petrol, sufficient to last beyond the ember months and the new year festivities.
Group CEO of NNPC Ltd., Mele Kyari disclosed this when he led an NNPC Ltd. delegation on a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja, on Wednesday.
“By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security.
We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” the GCEO added.
While lauding the National Assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021, Kyari said that this legislative endeavour had given birth to a new commercially oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.
Speaking further, Kyari stated that with the passage of the PIA 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of N803billion in 2018 to a profit position of N674billion in 2021.
Kyari noted that NNPC Ltd. is targeting a profit increase of N2trillion when the 2022 Audited Financial Statements (AFS) are released, adding that since July this year, the Company has started paying dividends to its shareholders.
He also said that the NNPC Ltd. is involved in the entire value-chain of the oil and gas business and controls about 30% of the nation’s petroleum downstream retail market.
While identifying crude oil theft and pipeline vandalism as major challenges to the Company’s business, Kyari said the recent collaboration with the nation’s security services as well as third-party security contractors has been yielding results, mostly in the area of increased crude oil production.
The GCEO said NNPC Ltd. is investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.
He further assured that NNPC Ltd. is working assiduously to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products.
In his response, the Senate President, Godswill Akpabio assured the GCEO of the 10th Senate’s support, saying that the Nigerian Parliament appreciates the Kyari-led Management for its commitment to ensuring robust petroleum product supply during the yuletide period.
“Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient product supply this coming festive period and beyond,” Akpabio stated.
The Senate President also lauded the rehabilitation of the nation’s three refineries, saying that their restreaming will cause a multiplier effect on Nigeria’s economy, in line with this administration’s Renewed Hope Agenda,” Akpabio observed.