Post COVID-19 Market Recovery: OPEC, Nigeria hold dialogue

0
202
Article1

Organisation of Petroleum Exporting Countries (OPEC) and Nigeria last week held a bilateral meeting, which signalled a strong dialogue and cooperation between OPEC and Africa’s biggest producing country.

The dialogue was majorly to ensure key compliance with OPEC global production cuts deal of April, to which all of OPEC’s African member countries have agreed to.

Nigeria’s support to global market stability and energy cooperation was significant and gave confidence to operators and future investors, seeking to do business in West Africa.

“African producers and service companies are the hardest hit when there is volatility in the market.

“H.E. Mohammed Sanusi Barkindo and Dr. Ayed S. Al-Qahtani leading these discussions sends a strong message that collaboration and sticking to the principles of a stable market is good for Nigeria, its producers and the economy at large.

“We continue to support the government of Nigeria, and the country’s Ministry of Petroleum Resources in their effort to improve the environment for investment and getting the industry to rebound post- COVID-19. We believe they are right in making this a priority and we welcome the bold initiatives by Nigeria’s leadership,” said the Executive Chairman at the African Energy Chamber, NJ Ayuk.

Nigeria’s ongoing Marginal Fields Bidding Round was launched in earlier this year and has already been met with significant success, reportedly attracting hundreds of bidders.

The round is expected to result in a new wave of local content development in Nigeria, a country already widely regarded as the most successful example of local content and capacity building across the continent.

Idowu Sowunmi