LAGOS – The Nigerian National Petroleum Corporation (NNPC),yesterday says it has fast-tracked contracting cycle for Upstream operations from 24 months to 9 months with a strong promise to further reduce the process to less than six months in the months ahead.
The Group Managing of the NNPC, Dr. Maikanti Baru, who disclosed this in a presentation at the 12th Annual International Conference of the Nigerian Association for Energy Economics/ International Association for Energy Economics (NAEE/IAEE), said the process would allow for free flow of investments into the industry with far reaching effect across all tiers of its operation.
Speaking on the theme entitled: Energy Efficiency and Access Imperatives for Sustainable Development in Emerging Economies, the NNPC GMD who was represented by the NNPC Chief Operating Officer (COO), Ventures, Dr. Victor Babatunde Adeniran, stated that NNPC had been able to automate crude oil marketing process in the country.
He said: “This process has helped to evaporate the mystery around the management and sale of Nigeria’s crude oil grades with introduction of innovative solutions triggering an ambiance of transparency and stakeholders’ confidence in the operations of the COMD. I can state without equivocation that, today at a click of a button, we can tell you how much crude is sold, at what price, who bought it and where it has gone to”.
Dr. Baru enumerated other achievements of the corporation to include: transparency and accountability, increased crude oil production, improved nationwide fuel supply, joint venture cash call exit, renewed frontiers exploration and revamp of critical downstream infrastructure
Others, he said, included sustained gas supply to power which led to stable domestic gas supply capacity of 17000 million standard cubic feet of gas per day (mmscf/d) with an average of 1.3 billion standard cubic feet per day (bscf/d) supply to the domestic market.
The NNPC’s boss noted that within the last three and half years the corporation had adopted a cocktail of practical approaches at achieving sustainable cost reduction in everyday business anchored on penetrating reforms across the entire value chain of its operations.
He advocated sync between energy efficiency and sustainable development while harping on the need to always strike the delicate balance between commitment to social development and economic growth to achieve a win-win scenario.
In his remarks, the President of the Nigerian Association for Energy Economics, Prof. Wumi Iledare, commended NNPC for its remarkable support in the past 12 years and appealed that the relationship be sustained to enable the professional body contribute meaningfully in generating solutions that the industry needs to grow the nation’s economy.