Barkindo Receives NNPC Delegation in Vienna, Urges Nigeria to Continue Leading by Example

Emmanuel Addeh in Abuja

The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Nigerian-born Sanusi Barkindo, yesterday received a delegation from the Nigerian National Petroleum Company (NNPC), which visited him in Vienna, Austria, headquarters of the oil producers’ group.

Speaking during the event, the secretary general highlighted Nigeria’s key role in the global oil industry, emphasising that given the country’s stature, it should continue to lead by example.

A statement from the organisation, made available to THISDAY, further quoted the OPEC helmsman as praising the Petroleum Industry Act (PIA), noting that the legal framework adopted in 2021 will help Nigeria to further develop its national petroleum industry.

On oil market developments, Barkindo lauded the efforts undertaken by the Declaration of Cooperation (DoC) countries in the interest of oil market stability, which has helped the industry weather some of the most tempestuous periods in recent times.

He noted that the DoC was established in 2016 to accelerate the return of oil market stability, following an oil market downturn, adding that the framework continued to prove effective when the COVID-19 pandemic began in 2020.

“These countries did not need to reinvent the wheel,” he stated, adding that, “They stepped up to the challenge and adopted the largest-in-volume and longest-in-duration production adjustments.”

In that context, the OPEC secretary general noted the recent positive rebounds in the global economy and world oil demand, helping stabilise the industry.

Referencing OPEC’s World Oil Outlook (WOO) 2021, the secretary general noted that oil and gas will be accountable for more than 50 per cent of the future energy mix, highlighting that oil undoubtedly will be needed to address energy demand in the future.

The meeting also addressed a number of important issues relevant to energy, including sustainable development, climate change and the importance of investment in securing future supplies to meet energy demand.

The NNPC’s delegation was headed by the Group Executive Director of Ventures and Business Development, Dr Billy Okoye, on behalf of the Group Managing Director, Mallam Mele Kyari, Nigeria’s National Representative to OPEC.

While extending the NNPC’s congratulations to Barkindo on his achievements, especially on being OPEC’s secretary general for two successful terms, the team from Nigeria commended him for the manner he has handled the affairs of the international body.