The Group Managing Director of the Nigerian National Petroleum
\nCorporation, NNPC Dr. Ibe Kachikwu has indicated that the country may well
\nbe on the verge of a significant oil find in the lake Chad area in North
\nEast Nigeria based on analysis of recent seismic 3D data generated from
\nthe Chad Basin.<\/p>\n
In a presentation to the Petroleum Club, Lagos, over the weekend, titled:
\nOngoing Reforms in the Oil Industry: Impact of NNPC Reforms on the
\nNigerian Economy, Dr. Kachikwu stated that the Corporation is injecting a
\nlot of energy into the effort to ensure success in this regard.<\/p>\n
“There are signs from the latest 3D seismic studies that oil may well be
\nvery close to being found now in Lake Chad after very many years of
\ntrials. I think that this is very key.\u00a0 It is key both for the
\ngeographical balancing of oil production and it is also very key for the
\npurpose of Refinery placement in the North in terms of access to crude. I
\nam optimistic that by the end of the year we should be able to announce
\nsomething major on this, \u2019\u2019 the GMD said.<\/p>\n
Dr. Kachikwu noted that in driving and developing Nigeria\u2019s oil and gas
\nsector, certain key areas of urgent intervention\u00a0 have been identified
\nthus : running production acreages with transparent and profitable
\npartnerships to bridge capacity and funding gaps; encourage investment
\ninflow into to Nigeria\u2019s oil and gas industry; engagement with local
\ncommunities and driving regulation to develop the sector income- via
\nencouragement of the fast track PIB to clarify direction and encourage
\nlong-term investment in the industry.<\/p>\n
Providing specifics on the intervention targets, Dr. Kachikwu stated that
\nthe NNPC is projecting the inflow of USD 20 billion in 2016 to enable the
\nCorporation fund major projects and improve its bottom line going forward.
\nHe described 2016 as a crucial year for the NNPC as it is expected to
\ntransit from historic loss environment to profit making domain.<\/p>\n
In the area of engagement with host communities, Kachikwu stated that the
\nyears ahead NNPC as the senior partner in the various Joint Venture
\narrangements must take leadership in fostering a healthy and symbiotic
\nhost community engagement outlook which must focus in what he termed
\n“What the communities want us to do for them and not what we want to
\ndo\u2019\u2019.<\/p>\n
Commenting on the Petroleum Industry Bill, PIB, the NNPC GMD noted that to
\nachieve quick passge of the bill, it is crucial to isolate the fiscal
\nregime from the current draft and move quickly to work on other pressing
\naspects of the proposed oil reform legislation.<\/p>\n
He re-iterated that the Corporation under his watch is rigorously
\nexecuting \u201c20 Fixes\u201d project which identified 20 critical issues that need
\nto be addressed in order to re-position the 37 years old national oil
\ncorporation on the track of efficiency and profitability.<\/p>\n
The target include: Reduce and audit cost, restructure corporate centre
\nand staffing, renegotiate existing contracts, including PSCs, streamline
\nsubsidy management, boost pipeline security, enhance transparency and
\naccountability, achieving zero tolerance for corruption, rebrand NNPP and
\nunbundle PPMC.<\/p>\n
Other initiatives include: Unbundling of the Nigerian Gas Company, reduce
\ncontracting Cycle, restructure refineries, improve information technology
\nto drive business, embed staff and business performance management,
\nrestructure JV funding and reduce Cash Call, improve retail profitability
\n, deploy and attract focused investments, re-kit NPDC, expand crude
\nmarketing and\u00a0 generate power profitability.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC Dr. Ibe Kachikwu has indicated that the country may well be on the verge of a significant oil find…<\/p>\n","protected":false},"author":1,"featured_media":43531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-43530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n