NNPC Committed To Protection Of Investors Interest- MD

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kolo Kyari, has reiterated the commitment of the corporation to push for legislation to protect the interest of investors.

The NNPC boss who spoke at the 2019 and 37th annual international conference of Nigerian Association of Petroleum Explorationist, NAPE, held in Lagos, stressed that the recently amended Deep Offshore Act amendment was long overdue.

He also stated that investing in Nigeria remains a viable option for oil majors such as Shell, Chevron, ExxonMobil, Total and Agip, as the chances of finding oil was very high especially in the Niger Delta region.

He said: “The conditions that called for changes to the Act were met as far back as 2003 and so the industry expected this to happen.

“Therefore, that the expected changes were not implemented then as a result of market downturn due to inflation and oil price crash in subsequent years wouldn’t have made changes unexpected.”

 He urged them to arrest the trend of depleting oil reserves by galvanising industry leaders and partners to embrace exploration for more oil and gas reserves using emerging technologies in order for the country to meet its target of 40 billion barrels oil reserves by 2023.

President of NAPE, Ajibola Oyebamiji, who harped on the influence of digitalisation to the oil and gas industry, disclosed that it is helping the industry’s current operations and opening up opportunities for new business models.

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