NNPC lauds Saudi Arabia $1b crude oil cut
The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Dr. Maikanti Baru, has commended Saudi Arabia recent decision to cut its daily crude oil production by one million barrels per day from December this year.
The Group Managing Director (GMD), NNPC, made this disclosure in a statement signed by the Group General Manager Public Affairs, Mr. Ndu Uguamadu, Wednesday.
Speaking at a Global Business Leaders Panel Session on the sidelines of the 21st Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), held in Abu Dhabi, United Arab Emirates, Baru stated that given Nigeria’s production constraints, it is essential that oil price does not fall below $70.
He said: “We need price stability and we want to acknowledge the good gesture by Saudi Arabia.”
Dr. Baru also disclosed at the panel discussion that NNPC would deploy cutting-edge technology to enhance its operations and maximize value across its businesses value-chain.
The GMD, who joined other global CEOs on the panel to discuss: “Creating forward-thinking strategies, supporting upstream operations and market diversification,” shared NNPC’s drive to use technology to deliver Nigeria’s future energy needs in line with anticipated global demand and population growth.
According to him, the corporation was working towards utilizing technology for early detection of pipeline vandalized spots and quick response systems which would significantly save cost, reduce potential fatalities and safeguard the environment.
“Regarding refining, digital technology will help us get more out of our crude which will mean getting the highest yield from our plants. We also need to utilize digital technology from the contracting end which will lead to improved designs in constructions thereby reducing cost and time”, the GMD noted.
Dr. Baru said in its efforts to survive in the long run, NNPC would require substantial investment and commitment to technological research and development even as he noted that corporation would continue to leverage on intelligent use of a big database to expand its businesses.
He said as the industry grows, International Oil Companies (IOCs) and National Oil Companies (NOCs) must be ready to embrace new technological initiatives as a means of offsetting expense escalation and furthering the cost and efficiency improvements they have already achieved.
