The CEO/GMD, Nigerian National Petroleum Corporation (NNPC) Ltd Mele Kyari, has stated that Spain receives 14 percent of all crude oil produced in Nigeria.
He stated this on the fringes of President Muhammadu Buhari’s state visit to Spain, where he spoke to Nigerian and Spanish business executives about investment potential in the Nigerian oil and gas industry in Madrid, Spain.
According to Kyari, the partnership between Nigeria and Spain is an important one for the NNPC, as Spain receives 26 percent of all Liquefied Natural Gas (LNG) produced in Nigeria.
“This country receives 14 percent of all crude oil produced in Nigeria. Clearly, it is an important market for my company as a whole,” he said.
He went on to say that the globe would require energy for today and the future in areas such as power, information technology, and automobiles, among others.
“We know that energy transition is real. We know that net-zero by 2050-2060 is real. However, it does not mean zero hydrocarbons in 2050-2060. It means that you are going to have a cleaner use of hydrocarbons,” he added.
“Investors must see where their money can come out from and when they invest, they must see that they can recover their cost and make some margin from it.”
Nigeria has designated the decade of gas from 2021 to 2030, in accordance with global recognition of gas as a transition fuel.
“In our country today, we have a legislation that has clearly created a commercial National Oil Company which will be unveiled by our President in the coming days.
“Together with the Spanish business community, I am confident we can build this industry,” Kyari concluded.
Investors King gathered that the president had previously visited Spanish President Pedro Sanchez and His Majesty, King Filipe VI, and delivered a speech at the World Tourism Organization’s (WTO) headquarters in Madrid.
Meanwhile, the President’s journey to Spain coincided with the ruling All Progressives Congress’s presidential screening in Abuja. Before leaving, Buhari met with the party’s governors.