Senate Applauds NNPC For Engendering Competitiveness In Oil & Gas Industry

The Senate Committee on Petroleum Resources (Upstream) has commended the Nigerian National Petroleum Company Limited for repositioning the Nigerian oil and gas industry into a competitive business environment.

The Chairman of the Committee, Senator Bassey Albert Akpan, gave the commendation when he led members of the Committee on an oversight visit to the NNPC Towers, Abuja, on Tuesday.

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Senator Akpan, according to a statement from the NNPC said the visit offered the lawmakers the opportunity to have firsthand information about Management’s actions in transitioning from a Corporation into a limited liability company in compliance with the Petroleum Industry Act (PIA).

The PIA was signed into law by President Muhammadu Buhari on 16th August, 2021.

Following the assent of the President, the NNPC LTD was incorporated by the Corporate Affairs Commission on September 22 last year after it received application for its registration from the Federal Government

The statement signed by Garba Deen Muhammad, Group General Manager, Group Public Affairs Division of the NNPC Ltd, quoted Akpan to have said, “We commend the effort of Mallam Mele Kyari and his team towards repositioning NNPC post-PIA.

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“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 said the Committee would look into the issue of funding for frontier exploration in order to ensure that the objective of boosting exploration and production in frontier basins in the next five years is met.

Earlier, the Chief Executive Officer of the NNPC Ltd, Mallam Mele Kyari, informed the lawmakers that the Company is well primed to meet the growth trajectory envisaged in the PIA, stressing that it has received very positive commercial assurances from investors and partners across the globe.

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