What distinguishes that pandemic from other recent crises, is its impact on most economic sectors, including oil and gas. While no sector has remained immune to the effects of Covid-19, companies that have diverse areas of business may have a better chance of successfully navigating the current economic turbulence.
NGC is no different. While Covid-19 has reshaped the Company’s operations and impacted its core business, it has also brought to the fore the need to accelerate the process of growing the Company’s business through diversification. In recent years, the Company’s strategy has been tweaked to maximise the securing of revenues from current business and the expansion of NGC’s investment portfolio to generate income from alternative sources. Prior to the last decade, NGC had already started to diversify its revenue sources as custodian of State’s share of Atlantic and Phoenix Park Gas Processors Limited (PPGPL). The Company recognised in the early 2010s that inevitable structural shifts were coming to the gas business that placed the profitable status quo in jeopardy. As a result, NGC embarked on a deliberate strategy of diversifying its revenue sources, which accelerated in the late 2010s and continues today.