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Fuel Scarcity: NNPC Reveals What To Expect

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Fuel Scarcity: NNPC Reveals What To Expect

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The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has dismissed fears of any hitch in petroleum products supply following reports of resurgence of queues in some parts of the country.

He explained why Nigeria was demanding energy justice at the ongoing United Nations Climate Change Conference (COP26) in Glasgow, Scotland as the global push for energy transition gathers momentum.

The GMD spoke at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference, in Lagos.

The conference had as its theme: ‘Petroleum Industry Act: Energy Transition and the Future of Nigeria’s Oil and Gas.’

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Kyari said NNPC’s objective is to provide energy security for Nigeria and ensure availability of petroleum products.

“As we speak now, there is speculation of fuel scarcity within the media but we have over 1.7 billion litres of Premium Motor Spirit in the country.

“We have another 2.3 billion litres coming in so there is no shortage in supply as being speculated; of course there are issues about pricing at some depots but government has no plan to revise the pricing structure,” he stated.

Kyari noted that the COP26 again highlights the challenges faced by Nigeria and other African countries in the global energy transition.

He recalled that President Muhammadu Buhari before the world leaders had demanded for energy justice for the continent and the need to exploit the available resources as a pathway to attain the net-zero carbon objective by 2050.

The GMD noted that though Africa accounted for only about three per cent of the global carbon emission, the continent still had the responsibility to join the world in combating climate change.

According to him, Nigeria has identified its abundant gas resources as its fuel for energy transition which informed the declaration of the Year 2021 to 2030 as the Decade of Gas by the Federal Government.

He said: “We are making good progress in terms of the implementation of the PIA which is clearly creating the path for transition.

“There is no way we can achieve this feat without adequate infrastructure to transport the resources to where it will be used and that is why we are investing in massive gas infrastructure.”

He said the projects included the Obiafu-Obrikon-Oben (OB3) and the Ajaokuta-Kaduna-Kano pipelines which would deepen gas utilisation in the country.

The conference Chairman, Mr Biodun Adesanya, lauded the setting aside of 30 per cent of the profit of the NNPC for exploration activities in the frontier basins in the Petroleum Industry Act (PIA).

Adesanya said the discovery of oil and gas resources in other areas apart from the Niger Delta was a welcome development which should be pursued with all seriousness by the country.

He however called for the appointment of competent personnel to manage the sector, noting that this is the only way Nigerians could benefit from the country’s abundant oil and gas resources.

Executive Secretary, Nigerian Content Development (NCDMB), Simbi Wabote, said the passage of the PIA had opened up windows of opportunities for the industry.

Represented by Director, Monitoring and Evaluation, NCDMB, Mr Tunde Adelana, the NCDMB chief said the implementation would impact positively on local content development and the host communities.

He added that it would also stimulate the much-needed investment to the oil and gas industry.

Earlier, Chairman, NAEC, Mr Olu Phillips said statistics had showed that more than 100,000 people die yearly in Nigeria as a result of indoor inhalation of waste gases.

Phillips said this informed the global energy transition, adding that the government was responding with the focus on optimal utilisation of the country’s gas resources.

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