NNPC Ltd. commended Mohammad Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) for his role in forming the Declaration of Cooperation (DoC) between OPEC member countries and producing countries non-OPEC oil companies.
The NNPC received praise on Thursday when the OPEC Secretary General hosted a working lunch for an NNPC delegation led by Dr. Billy Okoye, executive director of the Ventures and Business Development group, in Vienna, Austria.
The DoC was created in 2016 to accelerate the return of stability to the oil market after a downturn in the oil market.
“Secretary-General, you have taken on unprecedented challenges and you will continue to do so,” Okoye said.
Okoye also praised Barkindo for his accomplishments as OPEC Secretary General for two successful terms.
He noted that Barkindo had served as an ambassador for the company and for Nigeria.
In response, Barkindo highlighted Nigeria’s key role in the global oil industry, stressing that given the country’s stature, it should continue to lead by example.
He also hailed the Petroleum Industry Act (PIA), noting that the legal framework passed in 2021 would help Nigeria further develop the petroleum industry.
Regarding the evolution of the oil market, Barkindo praised the efforts undertaken by the DoC countries in the interest of the stability of the oil market.
He noted that the DoC was established in 2016 to expedite the return of oil market stability following a downturn in the oil market.
He added that the framework continued to prove its effectiveness with the emergence of the COVID-19 pandemic since 2020.
“These countries did not need to reinvent the wheel. They rose to the challenge and embraced the largest volume and time-consuming production adjustments,” he said.
Referring to OPEC’s world oil outlook for 2021, Barkindo noted that oil and gas would be responsible for more than 50% of the future energy mix, noting that oil would undoubtedly be needed to meet demand for oil. energy in the future.
The meeting also addressed a number of important energy-related issues, including sustainable development, climate change and the importance of investing in securing future supplies to meet energy demand.