Fed Govt. To Unbundle NNPC Into 30 Profit-making Companies With Separate MDs

Date: 03-03-2016 8:17 pm (5 years ago) | Author: Mister Jay Wonder
[1] 2
- at 3-03-2016 08:17 PM (5 years ago)
(m)

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 into 30 profit-making companies with separate Managing Directors in the weeks ahead as part of the ongoing transformation of the national oil company.

Dr. Kachikwu made this disclosure at the 25th Oloibiri Lecture Series and Energy Forum in Abuja with the theme: “Technological Advances in Hydrocarbon Exploration and Exploitation: Solutions to Global Oil Price Stability”.

The Minister stated that the NNPC has been moved from a loss position of N160 billion to some N3 billion by January 2016, adding that by year end the Corporation should start making some profit.

“For the first time, we are unbundling the subset of the NNPC to 30 independent companies with their own Managing Directors. Titles like Group Executive Directors are going to disappear and in their place you are going to have Chief Executive Officers and they are going to take responsibilities for their titles. At the end of the day, the CEO of an upstream company must deliver an upstream result,” Dr. Kachikwu stated.

He also informed that as part of measures to stabilize crude oil prices, some members of the Organization of Petroleum Exporting Countries (OPEC) are scheduled to meet with Russia on 20th March, 2016, in Moscow to fine tune collaborative strategies.

The Minister noted that the President Muhammadu Buhari administration is focusing on developing the nation’s gas resources in order to boost revenue as part of the diversification policy of the Federal Government.

Dr. Kachikwu said the petroleum sector, under his watch, would rapidly review the contracting cycle of projects from two years to six months in the upstream, stressing that efforts are in top gear to review the existing Production Sharing Contracts which is long overdue.

The Minister applauded the National Assembly on their efforts on the Petroleum Industry Bill (PIB) which he said would go a long way to promote efficiency in the governance structure of the industry.

He noted that for the Nigerian oil and gas industry to make remarkable progress, there is need for all the stakeholders in the upstream, midstream and downstream sectors to be on the same page on cost control, contracting circle, technology and environmental issues.

He called on stakeholders to adopt integrated approach towards resolving some of the challenges of the industry in Nigeria.

In his welcome remarks, the Chairman of the Society of Petroleum Engineers (SPE), Engr. George Kalu, said the Oloibiri Lecture Series and Energy Forum of this year coincides with 60 years of oil exploration and production in Nigeria, adding that the low price of crude oil affords Nigeria the opportunity to reduce cost through industry collaboration.



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Posted: at 3-03-2016 08:17 PM (5 years ago) | Addicted Hero
- charisVEC at 3-03-2016 08:23 PM (5 years ago)
(m)
I see....Toh, we dan hear ......issokay
Posted: at 3-03-2016 08:23 PM (5 years ago) | Gistmaniac
Reply
- Fran6ixfox at 3-03-2016 08:38 PM (5 years ago)
(m)
lol ...yeah issokay
Posted: at 3-03-2016 08:38 PM (5 years ago) | Gistmaniac
Reply
- ujmaria at 3-03-2016 08:40 PM (5 years ago)
(f)
Nice one
Posted: at 3-03-2016 08:40 PM (5 years ago) | Gistmaniac
Reply
- nonsovin at 3-03-2016 08:40 PM (5 years ago)
(m)
Story for the gods
Posted: at 3-03-2016 08:40 PM (5 years ago) | Gistmaniac
Reply
- emma4love3 at 3-03-2016 08:53 PM (5 years ago)
(m)
hahaha...well is a welcome development
at least to control all the funds in and out....
and it wil reduce corruption and looting
Posted: at 3-03-2016 08:53 PM (5 years ago) | Hero
Reply
- AmazingMarie at 3-03-2016 09:00 PM (5 years ago)
(f)
OK. i believe whatever will make NNPC better productive should be done.
Posted: at 3-03-2016 09:00 PM (5 years ago) | Hero
Reply
- DonShegzy1 at 3-03-2016 09:06 PM (5 years ago)
(m)
Okay! We have hear! No be today. It av teeeeeeyed!... #Grammar!
Posted: at 3-03-2016 09:06 PM (5 years ago) | Newbie
Reply
- slimmygal at 3-03-2016 09:24 PM (5 years ago)
(f)
ok, if truly as u talk am
Posted: at 3-03-2016 09:24 PM (5 years ago) | Gistmaniac
Reply
- dareper at 3-03-2016 11:12 PM (5 years ago)
(m)
Let's hope this idea works
Posted: at 3-03-2016 11:12 PM (5 years ago) | Addicted Hero
Reply
- princedafe at 3-03-2016 11:12 PM (5 years ago)
(m)
Another SENSIBLE act
Posted: at 3-03-2016 11:12 PM (5 years ago) | Gistmaniac
Reply
- vickie_guz at 3-03-2016 11:45 PM (5 years ago)
(f)
Nice move.
Posted: at 3-03-2016 11:45 PM (5 years ago) | Upcoming
Reply
- kp45 at 4-03-2016 12:19 AM (5 years ago)
(m)
Ok
Posted: at 4-03-2016 12:19 AM (5 years ago) | Hero
Reply
- okatee at 4-03-2016 12:41 AM (5 years ago)
(m)
GUD DEVELOPMENT. I WILL REVERSE MY COMMENT FR NW, TILL AFTER......
Posted: at 4-03-2016 12:41 AM (5 years ago) | Hero
Reply
- imaria at 4-03-2016 02:49 AM (5 years ago)
(f)
Nice move
Posted: at 4-03-2016 02:49 AM (5 years ago) | Gistmaniac
Reply
- BournIdentity at 4-03-2016 02:50 AM (5 years ago)
(m)
I saw
Posted: at 4-03-2016 02:50 AM (5 years ago) | Addicted Hero
Reply
- botlex at 4-03-2016 08:02 AM (5 years ago)
(m)
If it is in the interest of the masses and not that of the greedy politicians we have in this country then I am ok with it.
Posted: at 4-03-2016 08:02 AM (5 years ago) | Gistmaniac
Reply
- raynebee at 4-03-2016 08:41 AM (5 years ago)
(f)
can I apply....abi
Posted: at 4-03-2016 08:41 AM (5 years ago) | Hero
Reply
- Floxitext at 4-03-2016 08:57 AM (5 years ago)
(f)
Gud
Posted: at 4-03-2016 08:57 AM (5 years ago) | Upcoming
Reply
- Eazyatumeyi at 4-03-2016 09:55 AM (5 years ago)
(m)
na so dem go talk and e no go help anybody.
Posted: at 4-03-2016 09:55 AM (5 years ago) | Hero
Reply
[1] 2

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