Fakoyejo OlalekanThe Nigerian National Petroleum Company (NNPC) Limited has stated that the exit of International Oil Companies (IOCs) will not end the country’s exploration of hydrocarbon resources.
Some foreign oil companies in Nigeria such as Exxon Mobil Corporation, Agip, Texaco, Royal Dutch Shell, Chevron and Total have put their assets up for sale or already sold them to exit the Nigerian market.
The International Oil Companies are said to be exiting due to the transition from fossil fuels to green energy in the US and some European countries.
But the Group Chief Executive Officer of NNPC Limited, Mele Kyari, said fossil fuels will remain relevant for the long term, as all petrol vehicles and tricycles will not be phased out by 2035 for electric vehicles.
Kyari made this known at the Society of Petroleum Engineers’ 2023 edition of the Annual Oloibiri Lecture Series and Energy Forum in Abuja on Thursday.
The NNPC boss hinted that Nigeria will not be affected as investments in crude oil will continue. The country has been financing infrastructure, with one such investment being a pipeline from Brass to Morocco and Europe.
Also, Prime Business Africa previously reported that Africa’s richest man, Aliko Dangote, is building an oil refinery in Nigeria, which is scheduled to be completed in 2023.
Meanwhile, recall that Kyari had confirmed last year that the foreign oil companies are moving out of Nigeria: “Companies are divesting. They are leaving our country literally, that’s the best way to put it. But they are not leaving because opportunities are not there.
“It is because companies are shifting their portfolios where they can add value, and not just that, where they can also add to the journey towards net carbon zero production. We understand this very perfectly.
“But we can’t afford not to realise that this country must benefit from the realities of today.”
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