PIA: Kyari, Stakeholders To Discuss Energy Transition, Strategic Choices At NAPIMS Conference

The Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, the Group Executive Director Upstream, Adokiye Tombomieye, members of the NNPC and the National Petroleum Investment Management Services as well as oil and gas stakeholders will be discussing the strategic choices for the sector following the implementation of the Petroleum Industry Act.

The discussions will be taking place at the NAPIMS Annual Value Assurance Review Session (AVAR) which is an annual programme hosted by NAPIMS.

It is a proactive platform for carrying out total review of the NAPIMS portfolio to identify strategies, drive new approaches and initiatives considering economic realities and industry trends.

This year’s AVAR is a 3-day event slated for September 13 and 15 at the Eko Hotel and Suites, Lagos.

The highlight of the event will be a workshop on the Petroleum Industry Act as NAPIMS seeks to remain a value driven entity in the new PIA era.

According to a statement on Monday, one of the key expected outcomes from this year’s AVAR is to determine strategic choices for NAPIMS post-PIA implementation. This workshop is slated for the first day of the AVAR.

The statement explained that a proper understanding of the PIA is fundamental, adding that a technical session will be facilitated by Senior Advocate of Nigeria Dr Tominiyi Owolabi and an Industry veteran and former Adviser to Minister of State Petroleum Resources Dr Timothy Okon covering crucial aspects of the PIA.

Some of these crucial aspects are governance and institutions, administration, petroleum industry fiscal framework, host communities development, miscellaneous provisions of the Act and gas sector.
Also slated for the first day of the event is an address by a Member of the NNPC Board of Directors, Dr Tajuddeen Umar on behalf of the NNPC board on the Board’s expectation for the NAPIMS post-PIA.

The second day will be dedicated towards business overview and 2022 outlook, energy transition outlook and response strategy, driving efficiency for sustainability and profitability, NAPIMS strategic outlook and portfolio valuation and finally gas commercialization strategic outlook.

For the final day of the event, the focus will turn inwards as the Managers of various Joint Venture and Production Sharing Assets at NAPIMS will use the opportunity to provide status updates for the Assets under their purview and align on measures to strengthen performance.

This year’s AVAR is timely and provides NAPIMS with a great platform and opportunity to adequately strategize ahead of the impending changes facing the industry locally and globally.

NAPIMS is a Corporate Services Unit (CSU) in the Upstream Directorate of the NNPC charged with the responsibility of managing the Federal Government of Nigeria’s investment in the upstream sector of the Oil and Gas industry.

It has an objective of enhancing and maximizing the returns accruing to the Nigerian Government through effective supervision of the Joint Venture Companies (JVCs), Production Sharing Companies (PSCs) and Service Companies (SCs).

NAPIMS has been ably led by the Group General Manager Mr Bala Wunti since he assumed duty in March 2020.

Under Wunti’s leadership NAPIMS has moved ever closer to its vision of becoming a world-class portfolio manager, benefiting from Wunti’s extensive experience and knowledge of the oil and gas industry spanning over 30 years in various technical, commercial and executive advisory roles at the NNPC.

In the NNPC’s recently published Audited Financial Statement for the year 2020, NAPIMS recorded a net profit of N1.499trn despite the challenges of low oil prices and restriction on production volumes imposed by the OPEC quota.