Why International Oil Companies are Leaving Nigeria, NNPC Boss RevealsPAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Abuja - Mele Kyari, the group managing director, Nigerian National Petroleum Company (NNPC) Limited, has opened up on why international oil companies are leaving Nigeria. Kyari explained that companies are shifting their portfolios to where they can add value to the journey towards carbon net-zero commitment. Premium reports that the NNPC boss made the disclosure in his speech at the 2022 Nigerian International Energy Summit (NIES2022) in Abuja on Monday, February 28. Recommended for you 2023 presidential election results: Labour Party releases list of Peter Obi... He said: Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng! According to him, they are divesting to meet shifts in their investment portfolios, The Cable added. Kyari went on to note that the transition must have sanity, and there must be justice in the energy transition. He added that despite issues in the oil sector, divestment must come with a smooth decommissioning process. Legit.ng previously reported that as Russia and Ukraine crisis continues, the global oil price has risen towards $100 per barrel on supply. Recommended for you "As it should be": Iyabo Ojo stirs reactions as she celebrates MC Olumo 'ob... This is as worries over the tension growing between the two countries continue to escalate after Moscow ordered troops into two breakaway regions in eastern Ukraine. It was reported that efforts by various governments to push for an economic rebound are however adding constraints to tight oil supplies across countries. Meanwhile, it is almost game over for Nigeria and one big withdrawal from the excess crude account could see it drop to an unredeemable state. According to reports, Nigeria's excess crude account has dropped significantly to just over $72 million. Even with oil trading above the expected price, Nigeria cannot save its oil revenue for which the ECA is created. Source: Legit.ng Mele Kyari, group managing director of the NNPC, says international oil companies are not withdrawing investments from Nigeria’s oil industry Kyari who made the remark in reaction to reports that oil majors are leaving Nigeria, said they are divesting to meet net-zero commitment The NNPC boss made the clarification on Monday, February 28, while delivering his welcome speech at an event in Abuja PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Abuja Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng! Legit.ng “Companies are divesting. They are leaving our country. That is the best way to put it. They are not leaving because opportunities are not here but because companies are shifting their portfolios where they can add value and not just that, but where they can also add to the journey towards carbon net-zero commitment.”