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By Matthew Eloyi
The Nigerian National Petroleum Company Limited (NNPC Ltd) has been praised by the Senate Committee on Petroleum Resources (Upstream) for repositioning the Nigerian oil and gas industry into a competitive business environment.
Senator Bassey Albert Akpan, the Committee’s Chairman, gave the remark on Tuesday while leading members of the Committee on an oversight visit to the NNPC Towers in Abuja.
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Senator Akpan stated that the visit provided the lawmakers with firsthand information on Management’s actions in transitioning from a corporation to a limited liability company in accordance with the Petroleum Industry Act (PIA).
In his words, “We commend the effort of Mallam Mele Kyari and his team towards repositioning NNPC post-PIA. We’ve been told about the challenges, the expectations, projections and visions for NNPC. We are very impressed that the effort of the National Assembly in passing the PIA is yielding positive outcomes.”
He stated that the Committee would look into the problem of frontier exploration funding in order to meet the goal of increasing exploration and production in frontier basins over the next five years.
Mallam Mele Kyari, the NNPC Ltd’s Chief Executive Officer, earlier told the legislators that the company is well positioned to match the growth trajectory envisioned in the PIA, emphasising that it has received extremely strong commercial guarantees from investors and partners around the world.
