NNPC lauds OPEC Secretary-General’s role on DoC formation

NNPC lauds OPEC Secretary-General’s role on DoC formation.

The NNPC Ltd. has commended Mohammad Barkindo, Secretary-General, Organisation of Petroleum Exporting Countries (OPEC) on the role he played in the formation of Declaration of Cooperation (DoC) between OPEC member countries and non-OPEC oil-producing countries.

The NNPC gave the commendation on Thursday when OPEC Secretary-General, hosted a working lunch for a delegation from NNPC headed by Dr Billy Okoye, Group Executive Director of Ventures and Business Development, in Vienna, Austria.

DoC was established in 2016 to accelerate the return of oil market stability following an oil market downturn.

“Secretary-General, you stood up to unprecedented challenges and you will continue to do so,” Okoye said.

Okoye also commended Barkindo for his achievements as OPEC’s Secretary-General for two successful terms.

He noted that Barkindo had been an ambassador of the corporation and Nigeria.

Responding, Barkindo highlighted Nigeria’s key role in the global oil industry, emphasising that given the country’s stature, it should continue to lead by example.

He also praised the Petroleum Industry Act (PIA), noting that the legal framework adopted in 2021 would help Nigeria to further develop the petroleum industry.

On oil market developments, Barkindo praised the efforts undertaken by the DoC countries in the interest of oil market stability.

He noted that the DoC was established in 2016 to accelerate the return of oil market stability following an oil market downturn.

He added that the framework continued to prove effective with the emergence of COVID-19 pandemic since 2020.

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

Referencing OPEC’s world oil outlook 2021, Barkindo noted that oil and gas would be accountable more than 50 per cent of the future energy mix, highlighting that oil undoubtedly would 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.