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Oil, gas to attract more capital with energy transition – NNPC

NNPC Ltd has said with the ongoing push for energy transition, the Nigerian petroleum industry is positioned to attract more investments from banks and investors.…

NNPC Ltd has said with the ongoing push for energy transition, the Nigerian petroleum industry is positioned to attract more investments from banks and investors.

The Group Executive Director, Upstream of NNPC Ltd, Adokiye Tombomieye, stated this at the 2022 Annual Conference of the Association of Professional Women Engineers (APWEN) in Abuja.

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He said the aggressive move toward a carbon zero emission will boost the ability of Nigerian oil and gas companies to attract funding for their multi-billion-dollar gas projects.

Tombomieye who is the Patron of APWEN said the usage of renewables; solar, wind, tidal wave, and natural gas remains a very important transition fuel for sustainable development and Nigeria has a healthy balance of gas and oil.

“The good news is that financial institutions will fund gas projects. Therefore, leveraging upon gas development will be a way for Nigeria to navigate the energy transition mantra.

“Energy transition also comes with the opportunities of carbon credits and because Nigeria produces gas and oil, we can market our carbon, which will also be an incentive for us to process funding from financial institutions,” he said.