In order to tackle current global energy crisis, the Nigerian National Petroleum Company (NNPC) Limited has called for more investment on the oil and gas sector.
The Group Managing Director of NNPC, Mr Mele Kyari, made the call on Wednesday at the 23rd edition of the World Petroleum Congress held in Houston, United States.
Kyari spoke on the theme: “Building Partnerships.”
He described the choice of the topic as apt because partnership remained an essential component for creating synergy in the delivery of value to various stakeholders and guaranteeing of energy security.
“Our industry is faced with a multitude of challenges. One of which is the requirement for a careful balancing of the aspirations of energy transition and energy security.
“This balance directly impacts energy investments and capital attraction for the development of fossil fuels. The lack of investment capital for oil and gas is already creating energy crises around the world.
“Who would have ever thought that the price of natural gas could sell as high as $60 per MMBtu.
“It is important to pinpoint the fact that the energy and economic security of many resources rich countries is heavily dependent on the development of their hydrocarbon resources.
“This is an important source of generating revenue, providing employment and alleviating energy poverty in these countries while ensuring that the world never lacks the energy it requires to function effectively.”