Reduced hydrocarbon investments cannot guarantee energy security in Africa, says  NNPC

By Innocent Obasi

The Nigerian National Petroleum Company (NNPC) Ltd has said that decreasing investments in hydrocarbon ventures cannot guarantee energy security in Africa.

NNPC Ltd made this disclosure in a statement released by Mele Kyari, the group CEO of the company, during the ongoing sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos.

Adokiye Tombomieye, the executive vice president of upstream at NNPC Ltd, who represented Kyari,advocated for partnership across all sectors to guarantee energy security and spread wealth in Africa.

“We should collaborate and share knowledge and help each other in critical areas, including technology, exploration and production, research and development, technical expertise and human capacity development to spread the wealth within the continent

“This would in no small measure assist in achieving energy independence and also aid the transition to cleaner energy sources such as gas to sustain the region. This presents an enormous opportunity for us to form partnerships across the continent and build a sustainable future,” Kyari said.

Ironically, he said that the restructuring is taking place as the conversation about the energy transition is gaining momentum and major investors for upstream petroleum investment are now activists and anti-fossil fuel.

Assessing the impact of low investments in the oil and gas sector, Kyari said  that “ decreasing investments in hydrocarbon ventures cannot guarantee global energy security in the near future. He noted that  an inclusive policy that guarantees access to finance and low-carbon technologies are key to sustaining global energy security and equitable growth.