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Market Report: NNPC, Total Discuss French Oil Major’s Investment in Nigeria

NIGERIA

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Alhaji Mele Kyari, together with President H.E. Mohammadu Buhari and other delegates met with key investors, the Chairman of Total, and President of Total Africa, Patrick Pouyanne, in Paris to discuss the continued involvement and investment of Total in Nigeria’s oil and gas industry.

Pouyanne emphasized the potential of the Nigerian hydrocarbon industry, but stressed the need for improved financial stability and attractiveness. He further provided assurances of the Total’s commitment to continue to invest in Nigeria, particularly in gas production, and supply for both domestic and export through the Nigeria LNG Limited.

Kyari said the ongoing transformation of Africa’s largest thermal plant, Egbin Power Plc is indicative of the quality of expertise and huge investment injected into the plant since its take-over by Sahara Group. He gave assurances that the NNPC would work out a suitable plan to boost gas supply to the plant as the management intensifies efforts to increase the plant 1320MW installed capacity.

Sahara Group is Africa’s largest private power business with operations in the generation and distribution value chain of the sector. Sahara Power Group is working towards increasing its generation capacity to over 2,000MW in Nigeria, while also seeking opportunities to invest across Africa to achieve its vision of ‘Lighting up Africa’.

The Minister of State, Petroleum Resources, H.E. Timipre Sylva, discussed the possible options in consideration regarding the Nigerian Petroleum Development Company take-over of Shell’s stake in the oil and gas industry. The Anglo-Dutch company has been gradually selling off its onshore assets for the past decade. Minister Sylva stated that this process would involve a mixture of local players and other foreign independent operators. The Minister added that the executive arm is in discussions with the National Assembly for the quick passage of the long-awaited Petroleum Industry Bill.

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Source: EnergyCapitalPower

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