Page 10 - AfrOil Week 37 2019

AfrOil
NEWS IN BRIEF
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POLICY
OPEC chief lauds NNPC for ongoing reforms
The Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC), Mohammed Sanusi Barkindo, has commended Nigerian National Petroleum Corp. (NNPC) for its ongoing reforms, which are aimed at chang- ing the fortunes of the corporation for the better. Barkindo made comments to this effect on Tues- day, shortly after inspecting the NNPC Pavilion at the ongoing 24th World Energy Congress in Abu Dhabi, United Arab Emirates.
The OPEC chief said he was glad to see the corporation’s management pursue the dreams of its founding fathers, despite the challenges of contraction in investment that have affected the global energy Industry. “I am glad that you continue to march on with your projects despite the downturn in the industry. We have seen the industry globally suffer in terms of contraction in investment, which [has] affected capacity. You have not only been able to stay on course, but you alsocontinuewiththeseprojects,whicharecrit- ical for the development of the corporation and theIndustryinNigeria,”Barkindostated.
Affirming his confidence in the new leader- ship of the corporation, the OPEC head said that the abilities of Chief Timipreye Sylva, Nigeria’s newly appointed Minister of State for Petroleum, and of Mallam Mele Kyari, NNPC’s general managing director, were a good fit for bringing much-needed direction and development in the continental oil and gas industry. “I know both Timipreye Sylva as a friend and Mele Kyari as a colleague for a very long time. I [have] worked with both and I know that if they work together, they will make a good team that will provide the leadership that the corporation and the Industry require,” he added.
Barkindo particularly expressed his delight with the Kyari’s transparency and accounta- bility drive, as entrenched in his Transparency, Accountability Performance Excellence (TAPE) Vision, describing it as indispensable key ele- ments towards gaining investor confidence. “To lead such a sensitive and capital-intensive industry [as] oil and gas, you must have trans- parency and accountability as one of your core principles in order to drive change. I am glad I [have known] Mele Kyari for a very long time. He is a very capable and straightforward indi- vidual with high level of integrity, even as a very junior officer. So he has a track record. I remain confident that together with his team, and with the support of government, he will accomplish the task,” he said.
NNPC, September 11 2019
OPEC lauds Nigeria’s
commitment to stability of
oil market
The Organisation of the Petroleum Exporting Countries (OPEC) has commended Nigeria’s unwavering commitment to the stability of the global oil market over the many years of its membership in the organization.
This commendation came from the Chair- man of OPEC’s 16th Joint Ministerial Monitor- ing Committee (JMMC), Prince Abdulaziz Bin Salman, in Abu Dhabi, United Arab Emirates, on Thursday.
Bin Salman, who doubles as Saudi Arabia’s energy minister, noted that since the 1980s, when Nigeria’s late Oil Minister Dr. Rilwanu Lukman stood at the helm of OPEC, the West African nation’s role has been pivotal in helping OPEC achieve stability in the oil market. “Nige- ria has always brought commitment and obliga- tion towards the OPEC cause. I always thought of how we would have [endured] the uncertain- ties of the global oil market of the 1980s without Nigeria,”headded.
According to Bin Salman, Nigeria’s role cuts across compliance with OPEC charters as well as mediation and reconciliation among member countries over the years.
During Thursday’s JMMC meeting, OPEC reiterated its determination to accelerate con- certed action towards addressing market chal- lenges and adapting to future developments. And while enjoining non-compliant members to fully observe their production commitments, the JMMC also underscored the need for contin- ued commitment for the Declaration of Co-op- eration (DoC) in support of oil market stability on a sustainable basis.
Earlier in his remarks, Minister of State for
Petroleum Resources, Chief Timipreye Sylva said OPEC’s endorsement was a testimony to the president’s efforts to ensure that Nigeria remains a stabilising force within the organiza- tion. “The rest of OPEC have always looked up to us whenever there are problems. Recall that as OPEC secretary general, our late Oil Minister Dr. Rilwanu Lukman was highly influential, and since then we have played a central role and have been taken very seriously by member countries,” he stated.
Sylva, who was in his maiden outing at the OPEC meeting, described the endorsement as “heartwarming,” adding that it would go a long way to spurring and encouraging the country to do better.
The Minister further assured Nigeria’s com- mitment to meet its agreed quotas by October of this year. “We have agreed to comply with production cuts of 50% this month [September 2019] and 100% [as of ] October this year,” Sylva stated.
The next meeting of the JMMC will come on December 4, 2019, at the OPEC Secretariat in Vienna, Austria.
NNPC, September 12 2019
PRODUCTION
National Assembly pledges
support for NNPC to grow
production
The drive by Nigerian National Petroleum Corp. (NNPC) to significantly grow oil production has received lawmakers’ endorsement, as the National Assembly has pledged its commitment to partner with the corporation towards boost- ing the federation’s revenue base.
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Week 37 17•September•2019