By Moses Patience Chat
The Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company (NNPC) Limited, Mallam Mele Kolo Kyari, has said that the Company’s ambition to produce three million barrels of crude oil daily is not a mirage.
The GCEO said that producing three million barrels of crude oil daily is very practical but didn’t happen in the past because of certain challenges like the fiscal environment and the thrust of investing communities.
He stated this during an interview with journalists where he revealed that there are various steps that NNPC Limited can follow to achieve the goal. Kyari said that the number one step is to resolve security so that the confidence of investors in NNPC can be assured.
He added that although security challenges have been reduced substantially, there are still places that are supposed to be occupied, which is the reason NNPC is working to see that all security challenges in the Niger Delta region are completely eliminated.
His words: “As we are addressing security, people will come back to put money into it so that more investment will come. Investment will only come when people have confidence and competence, and that means that disputes are minimized, which we have done completely. Partners now have a new trust in their partner the NNPC.
“There is total fiscal liberalism, which has happened with the Petroleum Industry Act (PIA) that has created a very robust fiscal framework, where when you invest in this country you will make as much value as you can with any other country of equal status.”
Mallam Kyari also explained that as the middle class is growing, demand is also growing. This, he said, will necessitate the need to grow and increase crude oil production in the country to ensure that local demand is met.