….Kyari Says Fossil Fuel Demand will remain high up to 2040
Nigeria’s government has said that its crude oil production will be grown up to three million barrels per day by 2023 to enable Nigeria take advantage of the gap that exists in the demand-supply balance. The country’s crude has been described as being of unique rich grades with high global demand.
Group managing director of the Nigerian National Petroleum Corporation (NNPC), Mallam Melee Kyari, who spoke yesterday on the country’s oil production projections at a meeting between members of a Higher Command Course of the Indian Army War College, and the top management of the Corporation in Abuja, said crude oil demand would be very high even beyond 2040.
He also told the Indian delegation, who are on a geo-strategic tour of Nigeria, that the country is assured that fossil fuel would remain relevant in the global energy mix contrary to assumptions in some quarters.
Kyari emphasized the age-long bilateral relations between Nigeria and India, which cut across trade, military cooperation and international peace keeping, among others, stressing that the mandate of Nigeria’s oil corporation cuts across satisfying domestic energy needs and contributing to global energy market, especially crude oil and Liquefied Natural Gas (LNG) deliveries across the world.
He described energy security as a critical factor in guaranteeing Nigeria’s territorial integrity and growing its economy. “Energy security is everything in terms of national security. The recent attack on Saudi oil facility is one incident which has attracted global attention and has the potential to impact global economy,” Kyari stated.
According to the NNPC’s helmsman, understanding the relationship between energy security and global security was important, especially as developing nations strive to grow their respective economies and guarantee their territorial integrity.
In his remarks, the leader of the delegation, Brig. Gen. Sudhir Malik, said India was the largest trade partner with Nigeria, stressing that oil formed a large chunk of the trade between the two counties.
He described Nigeria as Africa’s economic power house which shares similar aspirations as India. “We are also a growing economy. It is a mutual benefit to both nations. In times to come, we hope that these bilateral relations will continue to grow so that we will also increase the trade volumes,” he added.
While stating that India was aware of Nigeria’s peculiar security and economic challenges, the military chief, however, expressed optimism that the deep relations between the countries’ armed forces would help in addressing these challenges.
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