Secretary General of the Organisation of Petroleum Exporting Countries, OPEC, His Excellency Mohammad Sanusi Barkindo, today hosted a working lunch for a delegation from the Nigerian National Petroleum Company (NNPC) Ltd at the Organization’s Headquarters in Vienna, Austria.
This was contained in a release issued by the Organisation today and made available to Valuechain.
NNPC’s delegation was headed by Dr Billy Okoye, Group Executive Director of
Ventures and Business Development.
On behalf of Mele Kyari, Nigeria’s National Representative to OPEC and NNPC’s
Group Managing Director. Dr. Okoye extended his sincere congratulations to HE
Barkindo on his achievements for being OPEC’s Secretary General for two
successful terms.
“We are very proud of your leadership,” he stated, adding that HE Barkindo has
been an ambassador of cooperation and ambassador of Nigeria. Dr Okoye also
congratulated the Secretary General on the instrumental role he played in the
formation of the historic Declaration of Cooperation (DoC) between OPEC
Member-Countries and non-OPEC oil-producing countries.
“Secretary General, you stood up to unprecedented challenges and you continue to do so,” Dr Okoye stated.
The Secretary General highlighted Nigeria’s key role in the global oil industry,
emphasizing that given the country’s stature, it should continue to lead by
example. He also praised the Petroleum Industry Act (PIA), noting that the legal
framework adopted in 2021 will help Nigeria to further develop its national
petroleum industry.
On oil market developments, HE Barkindo praised the efforts undertaken by the
DoC countries in the interest of oil market stability. He noted that the DoC was
established in 2016 to accelerate the return of oil market stability following an oil market downturn, adding that the framework continued to prove effective when the COVID-19 pandemic began in 2020.
“These countries did not need to reinvent the wheel,” he stated, adding, “They
stepped up to the challenge and adopted the largest-in-volume and longest-in-duration production adjustments.”
In this context, HE Barkindo noted the recent positive rebounds in the global
economy and world oil demand.
Referencing OPEC’s World Oil Outlook 2021, the Secretary General noted that oil
and gas will be accountable for more than 50 per cent of the future energy mix,
highlighting that oil undoubtedly will be needed to address energy demand in the
future.
The meeting also addressed a number of important issues relevant to energy,
including sustainable development, climate change and the importance of
investment in securing future supplies to meet energy demand.