The Executive Vice President, Gas, Power and New Energy, Nigerian National Petroleum Company Ltd (NNPCL), Olalekan Ogunleye, has highlighted the importance of natural gas as a critical resource in driving economic growth across Africa.
Ogunleye made this known while speaking during a session organized by NNPC Ltd at the ongoing CERAWeek 2024 conference in Houston, United States, on the theme, “Africa’s Energy Future: Access, Investment and Sustainability”.
He stated that natural gas will continue to be an important resource for Africa because it is the surest tool for economic growth and for providing better living standards for the continent’s exuberant population.
He called on all natural gas players to support natural gas as an important source of energy to be used to develop the economic and industrial fortunes of the continent and a top priority for NNPC Ltd because the company is at the forefront of its natural gas commercialization efforts Nigeria and elimination of flares.
“Gas is here to stay. It will be part of the energy mix for us in the long term. We will continue to be at the forefront of accelerating the development and commercialization of natural gas in Nigeria,” he added.
He further identified transparency, accountability, research, technology and innovation as key drivers of continuous transformation in NNPCL.
Ogunleye disclosed that under the current leadership of Mele Kyari, the company has institutionalized the use of modern technology to drive its operations, a development that has created immense value for the company in its bid to compete with its global counterparts.
He said with the advent of the Petroleum Industry Act (PIA) 2021, NNPC Ltd has today transformed into an integrated commercial entity focused on transparency and accountability, two core values that are vital to the company’s drive to realize an initial public offering (IPO) on the stock market.
“For the past five years, NNPC Ltd has been pushing the agenda of transparency, accountability and performance excellence. I am happy to say that we are setting very high standards and this is a journey we are all committed to moving forward,” Ogunleye added.
He also noted that transparency and accountability have a commercial component to them because they can make any organization attractive to its partners and potential investors.
He said that currently, NNPC Ltd is working diligently to be IPO ready, stressing that once this is done, the IPO will be amazing and successful.
Ogunleye, who described the future as exciting for NNPC Ltd, said as the largest energy company in Africa with the largest resources and the largest market, the company remains committed to delivering value to its shareholders by continuously improving its processes in line with the best global standards.