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By Ikechukwu Okorafor
National Oil Companies (NOCs) in Africa stand on the brink of significant disruption as a new era of structurally lower oil prices challenges business models that have long relied largely on exploration and production of hydrocarbons, especially crude oil.
This scenario fundamentally puts Mallam Mele Kolo Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), on the spot. Especially so, as the unassuming geologist, whose tour of duty has traversed the entire value chain of the petroleum industry, approaches his second year anniversary on the saddle. He was appointed GMD by President Muhammadu Buhari, on 8th July 2019.
Garlands for GMD, NNPC, Mele Kyari at 56
On
By Udeme Akpan, Energy Editor
With the outbreak of the Coronavirus pandemic, and lockdown, economic activities contracted significantly, leading to low demand for crude oil and dwindling prices, thus putting pressure on oil and gas companies and other stakeholders to put on their thinking caps, required to drive operations.
Take the Mallam Mele Kyari-led Nigerian National Petroleum Corporation, NNPC, which represents the Federal Government in the Joint Ventures with the International Oil Companies, IOCs, as an example. In the past one and half years, the NNPC, working with other parties succeeded in increasing the nation’s oil production capacity from over 2.0 million barrels per day, mb/d to 3.0 mb/d in April, 2020. The nation has to limit itself to 1.4 mb/d, excluding Condensate as allowed by the Organisation of Petroleum Exporting Countries, OPEC.