NNPC Considers Review Of JV And PSC Initiatives

Joseph Bakare

Emmanuel-Ibe-Kachikwu

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has given a clue that the agency would consider a review all Production Sharing Contracts (PSCs) and Joint Venture Agreements and other contracts between the NNPC and its partners to reflect current day realities in the global oil and gas industry.

He said his term of office in the Corporation is to put in place efficient, transparent and profit-oriented processes and not to embark on a mass retrenchment of the workforce.

NNPC’s Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, said a component of President Muhammadu Buhari’s mandate to the GMD is to turn around the entire commercial processes and procedures in order to impact on the growth trajectory and operations of the Corporation.

He said the reduction in the NNPC directorate from eight to four at the top management cadre is to refocus and sharpen the business aspiration, adding that training and retraining of workers to align with the new vision is the next stage of the ongoing reforms.

Dr. Kachikwu said the recent re-positioning is to put in place the right set of skills for performance, stressing that the new arrangement provides a veritable vista for upcoming professionals to have a speedy career path.

He stated that the NNPC, under his watch, would put in place mechanisms that would plug all revenue leakages in the upstream, midstream and downstream sectors while adding that all crude oil proceeds due for the Federation Account would be remitted accordingly.

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