The price of crude oil continued its rise on Thursday, growing to $113. 06/barrel at 5. 40pm Nigerian time, as the National Petroleum Investment Management Services projected that the demand for oil would continue to increase until 2050.
NAPIMS, a subsidiary of the Nigerian National Petroleum Company Limited, is the company offerings unit of NNPC mandated to control the company’ s upstream business.
The PUNCH stated on Wednesday that Brent, the crude towards which Nigeria’ s oil is priced, rose to $111. 03/barrel. On Thursday, the commodity moved up similarly to $113. 06/barrel, as the conflict by means of Russia in Ukraine entered its first week.
Speaking at the Nigeria International Energy Summit 2022, the Group General Manager, NAPIMS, Bala Wunti, stated the merchandise from fossil, specifically the demand for crude oil, would proceed to grow.
He said, ” You have nuclear additionally growing, herbal fuel will grow, the oil will grow. Up to the yr 2050, the oil will proceed to grow, needless to say now not at the one or two per cent that we used to know.
” Gas will proceed to develop and it, therefore, capacity that up to 2050 hydrocarbons will proceed to grow. So we can do something with the supply.
” When you appear at the electricity combine equation, we suppose over 50 per cent of the international power will be met by means of crude oil and gas. ”
He added, ” It is exactly about fifty- two per cent, and especially when you speak about oil and gas, that will represent nearly fifty seven per cent. Therefore, for the world to suppose that they can skip and forget hydrocarbon, it is to put in region a recipe for social destabilization.
” It is a recipe for bringing down improvement and growth, inflicting shortfall in electricity provide and that’ s why we want investments. However, the actuality these days is that there’ s no investment. ”
Wunti informed delegates at the summit that Nigeria was once sitting on 28 billion barrels of liquid oil reserves and about a hundred and sixty trillion cubic ft of fuel being managed via NAPIMS each in phrases of liquid and gaseous forms.
” We manage 75 per cent of the nation’ s hydrocarbon reserves, ” he stated, including that there was once a want for sturdy investments in the zone to accurately take gain of its potentials.