The Minister of State for Petroleum Resources and Group Managing Director<\/p>\n
of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu,
\nhas said that the NNPC is to be unbundled into 30 profit-making companies
\nwith separate Managing Directors in the weeks ahead as part of the ongoing
\ntransformation of the national oil company.<\/p>\n
Dr. Kachikwu made this disclosure at the 25th Oloibiri Lecture Series and
\nEnergy Forum in Abuja with the theme: \u201cTechnological Advances in
\nHydrocarbon Exploration and Exploitation: Solutions to Global Oil Price
\nStability\u201d.<\/p>\n
The Minister stated that the NNPC has been moved from a loss position of
\nN160 billion to some N3 billion by January 2016, adding that by year end
\nthe Corporation should start making some profit.<\/p>\n
\u201cFor the first time, we are unbundling the subset of the NNPC to 30
\nindependent companies with their own Managing Directors. Titles like Group
\nExecutive Directors are going to disappear and in their place you are
\ngoing to have Chief Executive Officers and they are going to take
\nresponsibilities for their titles. At the end of the day, the CEO of an
\nupstream company must deliver an upstream result,\u201d Dr. Kachikwu stated.<\/p>\n
He also informed that as part of measures to stabilize crude oil prices,
\nsome members of the Organization of Petroleum Exporting Countries (OPEC)
\nare scheduled to meet with Russia on 20th March, 2016, in Moscow to fine
\ntune collaborative strategies.<\/p>\n
The Minister noted that the President Muhammadu Buhari administration is
\nfocusing on developing the nation\u2019s gas resources in order to boost
\nrevenue as part of the diversification policy of the Federal Government.<\/p>\n
Dr. Kachikwu said the petroleum sector, under his watch, would rapidly
\nreview the contracting cycle of projects from two years to six months in
\nthe upstream, stressing that efforts are in top gear to review the
\nexisting Production Sharing Contracts which is long overdue.<\/p>\n
The Minister applauded the National Assembly on their efforts on the
\nPetroleum Industry Bill (PIB) which he said would go a long way to promote
\nefficiency in the governance structure of the industry.<\/p>\n
He noted that for the Nigerian oil and gas industry to make remarkable
\nprogress, there is need for all the stakeholders in the upstream,
\nmidstream and downstream sectors to be on the same page on cost control,
\ncontracting circle, technology and environmental issues.<\/p>\n
He called on stakeholders to adopt integrated approach towards resolving
\nsome of the challenges of the industry in Nigeria.<\/p>\n
In his welcome remarks, the Chairman of the Society of Petroleum Engineers
\n(SPE), Engr. George Kalu, said the Oloibiri Lecture Series and Energy
\nForum of this year coincides with 60 years of oil exploration and
\nproduction in Nigeria, adding that the low price of crude oil affords
\nNigeria the opportunity to reduce cost through industry collaboration.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has said that the NNPC is to be unbundled…<\/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-47155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n