Group Managing Director of the Nigerian National Petroleum Corporation , Mele Kyari; Director of the Department of Petroleum Resources , Sarki Auwalu; Secretary-General of the Organisation of Petroleum Exporting Countries , Mohammad Sanusi Barkindo and other stakeholders, at the 4th value chain yearly lecture and awards, noted that maximising the value in the two critical sectors would drastically improve the nation’s Gross Domestic Product .
“With oil production carried out offshore and over 70 per cent total production transported by ships, this industry generates $5 billion freight cost annually and has potential to increase to $8 billion,” he said. According to him, the DPR has enhanced the Marine Petroleum Products Retail Operations popularly known as “bunkering” to ensure that the country becomes the principal MAPPRO hub in the region.
“On the other hand, not only does the maritime and oil and gas industry share collaboration, but they also face similar risks and threats in the foreseeable future, including geopolitical tension, cyber-attacks, crude oil price, decarbonisation, climate-change adaptation, global economic crisis and piracy/theft.”