FG to split NNPC into 30 companies

Mar 04, 2016, 01:58

Kachikwu, who is the Group Managing Director of the NNPC, maintained that the expected return to profitability would be just a tip of the iceberg, noting that when the NNPC and its subsidiaries were unbundled and when the more than 30 companies come on stream with their own managing directors, the country would be able to compete effectively in the global oil industry. "At the end of the day, the CEO of an upstream company must deliver an upstream result".

Thanks to reforms already under way at the NNPC, the company should start making a profit by the end of the year, he said.

Key members of the Organization of Petroleum Exporting Countries intend to meet with other producers in Russian Federation on March 20 to renew talks on an agreement to cap oil output, Nigeria's petroleum minister said.

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"We're beginning to see the price of crude inch up very slowly", minister Emmanuel Ibe Kachikwu told a conference in Abuja.

The minister noted that President Muhammadu Buhari's administration is now focused on developing Nigeria's gas resources "to boost revenue as part of the diversification policy of the Federal Government".

"For the national oil company, a lot of work is going on, I am sure some of you have seen the effects but within the next one week, we are going to be announcing some really major overhaul of the system, one that hasn't been done in over 20 years". He stated that the government was working to reduce the contracting cycle of projects from two years to six months in the upstream sector, adding that the current production sharing contracts were also overdue for review.

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

Yet the accord has so far failed to have a dramatic impact on crude prices, partly because OPEC's third-largest producer Iran plans to steeply raise production after the lifting of worldwide sanctions on the Islamic Republic in January.

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