The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has said the company remains globally competitive to ensure value addition to the nation’s hydrocarbon resources.
Baru made this disclosure in Abuja while addressing the corporation’s workers via a mail broadcast to commemorate his two-year anniversary, according to a statement by the Group General Manager, Group Public Affairs Division, Ndu Ughamadu.
“NNPC has paid $1billion out of its $5billion cash call arrears. Aside securing approval and signing off the novel financing structure with Schlumberger for the NNPC/First E&P JV, which is expected to deliver a peak production of 50kbopd and 120million standard cubic feet of gas per day (MMscfd) by 2019, NNPC remains globally competitive to ensure value addition to the nation’s hydrocarbon resources for the benefit of Nigerians and other stakeholders,” he said.
The NNPC GMD who described his two years in the saddle as “exciting”, said ever since he was appointed by President Muhammadu Buhari, he has enjoyed a great level of support from all the workers in moving the corporation forward. He added that the NNPC was working hard to sustain production level above an average of 2 million barrels per day (bpd) this year.
“Going forward, our priority will be to remain globally competitive. In pursuing this, we will ensure the gradual transition of NNPC from an integrated oil and gas company to an energy company. We will also review our business models to reflect current operations reality with improved profitability, transparency and accountability as the cornerstone,” Dr Baru told the workers in the nine-page address.
He said his leadership would ensure improved collaboration with local communities, states, local governments and relevant agencies, improved security and safety of personnel and infrastructure, improved human capital development as well as optimised NNPC’s non-core oil businesses.