The Nigerian National Petroleum Company Limited (NNPCL) has expressed its commitment to investing in the proposed African Energy Bank to ensure sustainable funding for energy projects in Africa and uphold energy security,leadership reports.

The bank is set to commence operations before June 2024, with an initial capital of US$5 billion, projected to grow to a gross asset base exceeding US$120 billion by 2028.

NNPCL, being the primary partner to all oil-producing companies in Nigeria, clarified its role in facilitating rather than obstructing the divestment of International Oil Companies (IOCs) from onshore and shallow water assets during the 7th edition of the Nigerian International Energy Summit 2024 (NIES 2024) in Abuja.

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CEO Mele Kyari underscored NNPCL’s mandate to ensure optimal and sustainable production from divested assets to secure energy for Nigerians, amidst recent concerns over IOCs’ divestments.

Kyari also highlighted progress in energy infrastructure investment, citing ongoing work on the Obiafu-Obrikom-Oben Pipeline, particularly tunneling across the River Niger.

Assuring stakeholders, Kyari pledged NNPCL’s collaboration to bridge the energy gap and foster prosperity for Nigerians, predicting an end to energy scarcity within a decade.

The event featured prominent industry and governmental figures, including OPEC Secretary-General Haitham al-Ghais, African Petroleum Producers’ Organization Secretary-General Omar Farouk Ibrahim, Nigerian Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, Permanent Secretary of the Ministry of Petroleum Resources Amb. Nicholas Agbo Ella, and Minister of Information and National Orientation Mohammed Idris Malagi, representing President Bola Ahmed Tinubu.


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