•Transition to CAMA company will turn national oil company into partner of choice for investors, Kyari declares•Nigeria loses 20% crude production to oil theft Daily, says Oando BossThere appears to be no going back on the push by the new Nigerian National Petroleum Company Limited to contend fiercely for oil and gas assets in the country as it evolves into a commercial entity in about two weeks from now.
The deal, THISDAY had exclusively reported, among others, was expected to deliver 186 per cent increase in production from 51,000 bpd to 146,000 bpd or 170 per cent increase in 2P liquids reserves, from 241 MMbbl to 650 MMbbl. “What is very fundamental is that the NNPC is set to be the partner of choice. We will be the biggest capitalised company in Africa. We will be the partner that will be focused on the commercial value of every engagement that we do.
Currently, the firm is not able to meet its projections, whether in terms of statutory funding for the federation account, oil production quota, petrol supply adequacy or even basic refining capacity. “The meaning of this to our industry is that you’re going to have the partner of choice, the partner that will support you, the partner that will be the largest capitalised company in Africa. Not only that, a partner that will be born of best practice, of everything that you can think of because we’re going to be a CAMA company. We are going to be another Shell, decision making would be easy, finances will also be easy.
“Yes, we are the number three gas producer. We shouldn’t be number three, we should be number one because the number one in asset and reserves should also be number one producer. But you can’t do this except you have the right financing to put in place and all the technology you need to produce the gas,” he added.“No one is drilling today except NNPC and a few of our other partners.
Also speaking, Minister of State, Petroleum Resources, Mr. Timipre Sylva, noted that the PIA was set to provide the necessary reforms designed to strengthen institutions, solidify regulatory and fiscal frameworks, and attract much needed investment in Nigeria. Also, the Secretary General of the Organisation of Petroleum Exporting Countries , in his speech, opined that for national oil firms to continue to innovate and flourish, it was of utmost importance that they have predictable and unfettered access to investment capital.According to him, the industry now faces huge challenges along multiple fronts which threaten investment potential now and in the longer term. “To put it bluntly the oil and gas industry is under siege!” he stated.
Earlier, the Minister of Industry, Trade and Investment, Niyi Adebayo, said the government was ready to collaborate with investors to accelerate the diversification of Nigeria’s economy. He also advised the government to strive to boost Nigeria’s global competitiveness and ensure that investments in the nation’s oil and gas industry remained attractive.
Also, Group Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, in his presentation entitled: “The Dawn of a New Era: Positioning for Success,” said despite the challenges facing the oil and gas industry, particularly in Nigeria, the current landscape of the country provides opportunities for indigenous oil companies.
Atiku and Tinubu are on vacation in another man's country, enjoying 24hrs electricity while his supporters are in Nigeria looking for where to charge their phones for 15mins. So they can come online to beg for money & attack the Obi ...... 😶😶