NNPC Reiterates Commitment To Output, Reserves Growth | Independent Newspapers Limited
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Business, Oil & Gas

NNPC Reiterates Commitment To Output, Reserves Growth

Crude Oil; oil industry, Price
Posted: Sep 20, 2016 at 6:30 pm   /   by   /   comments (0)

By Charles Okonji.

The Nigerian National Petroleum Corporation (NNPC) has reiterated its resolve to boost the country’s crude oil output and reserves, saying there was no going back oil exploration in the Chad basin and Benue trough.

The Group Managing Directors of the NNPC, Dr. Maikanti Baru, who also disclosed that the corporation would review its cash call obligation, following the challenges of funding its joint venture operations, to ensure sustainable oil production and reserve growth, stated that critical decisions must urgently be taken to move the oil sector forward.

Baru equally pledged the support of the NNPC to help the Nigerian Gas Association (NGA) achieve its objectives of ensuring that the country derives maximum benefit from its huge gas resource base.

NNPC boss, who received the NGA delegation led by its President, Mr. Bolaji Osunsanya, at the NNPC Towers Abuja, noted that as the midwife of the nation’s premier gas association in 1999, the NNPC had a moral and strategic interest in ensuring the continuous existence and sustained growth of the association.

Describing the NGA as a reflection of the development of the gas industry in Nigeria, he said that the corporation would continue to provide the association with human and material resources.

He expressed appreciation to the members of the NGA for their advocacy in ensuring a review of the Production Sharing Contracts (PSC) and gas terms, pointing out that NNPC was working round the clock to ensure maximization of the nation’s vast gas resources by incentivizing all parts of the gas value chain.

The NGA President thanked the NNPC and Baru for the unflinching support for the association and pledged the readiness of members to work with the NNPC in this regard.

Osunsanya called on the Federal Government to create incentives,, which would promote deliberate and well-funded projects in the search for gas as against the practice of accidental gas discoveries.