- Kyari met IOCs at CERAWeek 2024, hosted by S&P Global in Houston, United States.
- On March 5, Tinubu removed obstacles to investments in the oil and gas sector to harness the nation’s resources by signing an executive order.
As part of moves to chart a new course for Nigeria’s oil and gas sector, the Nigerian National Petroleum Company Ltd (NNPCL) held a strategic engagement with International Oil Companies (IOCs) operating in Nigeria.
The Group Chief Executive Officer of the NNPCL, Mele Kyari, met with the IOC leadership on the sidelines of the ongoing CERAWeek 2024 by S&P Global in Houston, United States.
In a statement released yesterday, NNPCL met with the Chairman/MD of ExxonMobil, Shane Harris; the Vice Chairman/MD of ENI, Fabrizio Bolondi; the Vice President of Capital Projects, Chevron, Jim Swartz; Rick Kennedy from Chevron; the MD of SPDC and Chairman of Shell Companies in Nigeria, Osagie Okunbor; and the MD/CEO of TotalEnergies Upstream Companies in Nigeria, Matthieu Bouyer, among others.
According to the statement, Kyari has made deliberate efforts to create a win-win platform for IOCs in the country and the government. The Tinubu-led government has an ambition to return the Nigerian economy to the path of growth by positioning Nigeria as the premier investment destination for Africa’s oil & gas sector.
On March 5, Tinubu removed obstacles to investments in the oil and gas sector to harness the nation’s resources by signing an executive order.
This executive order initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.
At the meeting, the NNPCL GCEO explained the executive order’s implications for the IOCs operating in the country.
Furthermore, Kyari expressed optimism, stating, “The Presidential Executive Order on Oil & Gas aimed at fostering investment in the oil and gas industry, positions Nigeria as the preferred investment destination for the sector in Africa.
“The partners collectively acknowledged the Executive Order’s significance and the substantial value it has brought to the sector.”