The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, said that by June, the oil industry would have a clear fiscal landscape for operators to be able to plan.
Kyari made this known at a breakout session for Chief Executive Officers (CEOs) in the industry at the ongoing Nigeria International Petroleum Summit (NIPS) in Abuja, on Tuesday.
The CEOs spoke on ‘‘Investment to achieve economic sustainability.”
He recognized that the need for a new fiscal framework work is imperative, adding that operators should be willing to embrace changing laws.
Commenting on renewable energy, Kyari said that Nigeria’s drive towards transiting to renewable and green energy would be frustrated by the epileptic power situation in the country.
He argued that discussions around encouraging the use of renewable energy should also focus on providing alternatives to addressing the epileptic power situation in Nigeria and across Africa.
“We have to resolve the issue of electricity so that we can talk about the renewables in the future; so that we can reduce the use of fossil fuels that has high impact on the environment.’’
Also speaking, President, Nigerian Gas Association, Mrs. Audrey Joe-Ezigbo, said the current uncertainty in the gas sector is not attractive to investors.
Chief Executive Officer of Chevron Nigeria, Mr. Jeff Ewing, said the company is working with the NNPC to deliver cleaner diesel from its Escravos Gas to Liquid, EGTL, plant to the Nigerian market.