Nigeria’s crude oil corporation, NNPC, says it is currently diversifying its portfolio beyond oil assets due to the impact of global energy transition.

Mele Kyari, Group Managing Director, NNPC made this known on Wednesday while speaking at a virtual event, the Gulf Intelligence “Global” UAE Energy Forum 2021.

He said: “NNPC has recognised the impact of energy transition and is currently diversifying its portfolio beyond oil assets through domestic gas utilisation projects, support of research and innovation, solar investments, biofuels, infrastructure and energy policy support.

“As we navigate through the COVID-19 pandemic, NNPC group will continue to focus on increasing gas production, deepening the domestic utilisation of gas, increasing our capacity to export gas and investing in our non-oil and gas businesses.”

Mr. Kyari said the corporation’s biggest take away from the COVID-19 pandemic was three-fold.

“Going forward, the market balance will be driven by demand and not supply. We have to do what we can to bring back the demand that was destroyed by the pandemic.

“Peak oil demand is still years away, investment is therefore required to meet Nigeria and Africa’s energy needs, and gas and renewable energy will continue to increase in their contribution to the global energy mix,” he said.

Mr. Kyari further noted that Africa would need to take advantage of the investment opportunities on the continent to grow its capacity.

(NAN)