- OPEC urges the Nigerian National Petroleum Company Limited (NNPCL) to boost oil production for a $14 trillion investment opportunity.
- Secretary General Haitham Al-Ghais emphasises the crucial role of market stability in attracting investments.
The Organisation of the Petroleum Exporting Countries (OPEC) advises Nigerian National Petroleum Company Limited (NNPCL) to boost oil production for a $14 trillion investment opportunity in the global oil market. Haitham Al-Ghais, Secretary General of OPEC, stressed the need for expanded production during a visit to NNPC Towers in Abuja.
Al-Ghais highlights a $14 trillion investment requirement by 2035 to meet global energy demand despite opposition to oil and gas. NNPCL spokesperson Olufemi O. Soneye confirms OPEC’s support for NNPCL’s inclusive energy approach, dismissing narrow perspectives.
Al-Ghais emphasises the importance of market stability for attracting investments, counting on Nigeria’s partnership. Mr Mele Kyari, Group Chief Executive Officer of NNPC Ltd., reaffirms his commitment to enhancing production levels and fostering an investment-friendly environment.
Despite the earlier achievement of 1.6 million barrels per day (bpd) in oil production, Nigeria must catch up to its OPEC-set quota of 1.8 million bpd. Kyari pledges NNPC’s efforts to recover lost production and facilitate a conducive investment environment, aligning with OPEC’s vision.