The Nigerian National Petroleum Corporation (NNPC) Ltd is seeking to leverage the the newly passed Petroleum Industry Act to become the continent’s top oil producer, the company boss has said.
Mele Kyari, the company’s Chief Executive Officer, disclosed this while speaking to employees at a town hall meeting held at the NNPC Towers over the weekend, with employees outside the Corporate Headquarters (CHQ) participating virtually.
Kyari said the Petroleum Industry Act (PIA) is expected to provide enormous business opportunities that will enable the oil company to earn more revenue for the country as the federal government commenced full implementation of the new legislation.
While emphasizing the importance of the PIA to the NNPC and, by extension, the Nigerian economy, Kyari stated that the new legislation has raised shareholders’ expectations of the company while also giving it plenty of room to grow.
According to the CEO, the PIA had put all money-making options on the table; it is up to us to take advantage of it.“As a result of the new legislation, NNPC Ltd would not only shed some of its toxic liabilities but will be the largest and most capitalized company in the whole of Africa and, potentially, the most profitable on the entire continent,” he said.
Read also: NNPC fails revenue target, generates N2.99trn
Furthermore, the CEO has also charged employees of the organization to ensure the company becomes a commercially viable entity and a multi-billion-dollar company that will continuously deliver value to its shareholders–the over two hundred million Nigerians.
Recall, Bala Wunti, the Group General Manager, National Petroleum Investment Management Services (NAPIMS), while speaking as a Lead Presenter at the Society for Petroleum Engineers Lagos Section Annual Technical Symposium, said that the operationalization of the Petroleum Industry Act (PIA) will increase cost efficiency and revolutionize Nigeria’s oil and gas industry.
Keeping this in mind, he believed that the 3E’s – Energy Transition, Energy Investment, and Energy Crisis are key game changers in revolutionizing the oil and gas industry.
And this is why, Wunti urged stakeholders in the industry to adopt the 3C’s – Critical Thinking, Collaboration, and Compliance as they are key to maximizing the benefits of the PIA for all stakeholders – Regulators, Investors, Operators, Contractors, Host Communities, and Nigeria.
The PIA which was signed into law by President Muhammadu Buhari on August 16 after it was passed by the National Assembly is targeted at reforming the oil and gas industry in Nigeria.
It is also aimed at promoting transparency and attracting capital flows into the oil and gas industry.
