The final decision for the Nigerian-Morocco $25 billion oil deal pushed to December

The NNPCL’s CEO made the announcement on Tuesday in Houston, Texas, during a Leadership Dialogue session at the ongoing CERAWeek Conference, as seen in the Punch newspaper.

He noted that the deal, which is intended to create a pipeline across 13 African countries has already seen significant progress.

The deal is also intended to exploit the country’s abundant natural gas reserves and offer an alternative to fossil fuels.

“We understand the arguments towards attaining energy transition, but the cheapest way to achieve that is through gas. We see clear opportunities that gas creates. Today we are building a number of trunklines and other gas infrastructure that will supply gas to a number of gas networks,” Kyari said.

During the conference, the NNPCL’s head also made mention of challenges in the Nigerian oil industry, the most prevalent of them being the rampant cases of oil theft.

He noted that the country’s efforts, via the collaboration of government and private security services in addressing the scourge of crude oil theft has been making headway in restoring the country’s crude oil output.

“It is an abnormal situation, but it is well within control. We were able to recover some of our production and build back confidence so that investors could bring in their money. We are also doing global advocacy to governments and institutions because stolen oil has to be taken to the market,” he said.

As international calls for alternatives to fossil fuels rise, Kyari has called for a distinctive approach to realize an energy transition for Africa.

He noted that energy transition is an intricate issue for African countries, particularly those in Sub-Saharan Africa, considering that conditions vary regionally, with some dealing with energy availability rather than transition.

“The world has seen all the challenges thrown up recently by geopolitical events. It is clear that before the energy transition, countries must first attain security of energy supply in their countries. You cannot talk about energy security when it is not even available,” Mele Kyari said.

Leave a Reply

Your email address will not be published. Required fields are marked *