By CHIKA IZUORA, Lagos
The Nigerian National Petroleum Corporation (NNPC) has assured of continued investment in the power industry through expanded and integrated gas pipeline network systems to meet domestic demand.
The Corporation said it would continually promote reforms wihich include transformation from a traditional oil and gas entity into an integrated energy outfit with interest in power generation and transmission.
Speaking at the NNPC special day at the ongoing international trade fair in Lagos, the Group Managing Director of the Corporation, Mele Kyari, said the decision to diversify into the power sector is hinged on the need to bridge the huge energy gap in the country.
Kyari, who was represented by the Managing Director of National Engineering & Technical Company Limited (NETCO) , a subsidiary of NNPC, Mrs Catherine Ngozi Iheme said the move has made the corporation to intensify the development of bio-fuels through partnership with core investors to create low-carbon economy and link the oil and gas sector to the agricultural sector.
“To sustain this role, NNPC’s approach through the years is ensuring value addition by increasing competitiveness in the global marketplace. Towards this end, significant progress has been recorded in the execution of some key on-going gas pipeline infrastructure projects like the Escravos Lagos Pipelines System (ELPs II) and the OB3, among other gas infrastructure projects.
” Before now, the corporation had also completed the repair of the vandalised 20-inch ELPS-A pipeline, thereby ensuring gas supply to gas-fired power plants and also supply into the West African Gas Pipeline”, he added.
On his part, the President of the Lagos Chamber of Commerce and Industry (LCCI), Babatunde Ruwase urged the corporation to rejig the oil and gas sector to make it globally competitive.
Represented by the chamber’s Deputy President, Mrs. Toki Mabogunje, Ruwase noted that the protracted delay in the passage of the Petroelum Industry Bill and weak commitment to the reform of the oil and gas sector continue to stifle investment in the upstream and downstream segments.
“Enabling reforms are necessary to out an end to the protracted problem of petroleum subsidy and the phenomenon of the under recovery that currently imposes huge burden on government finances.
“Implementing necessary oil and gas sector reforms is key to unlock the vast potentials in the sector for investment, jobs, revenue, backward integration and economic diversification”, he added.