The Group Managing Director/Chief Executive Officer of the
NNPC Ltd, Mr Mele Kyari said this on Friday in Abuja during an event where ISO
22301 certificate was presented to the National Petroleum Investment Management
Services.
The event was attended by the Minister of State for
Petroluem Resources Timipre Sylva, the Chairman of the NNPC Board Mrs Margery
Okadigbo; the Group General Manager NAPIMS Bala Wunti and other senior
management staff of the NNPC.
Kyari said that the implementation of the PIA has made it
imperative for the operations of the NNPC to be run like a private sector
enterprise.
He said what this means is that the unlike previously when
it was owned by the government, there is need for the NNPC to become more
efficient in its operations so as to be able to effectively maximise returns on
investment for the 200 million Nigerians.
He said that continuity is the soul of modern businesses
adding that in line with that concept, the NNPC must continue to strive to
ensure that it is not put of business.
The GMD admitted that there are some challenges facing the
operations of the NNPC particularly as it relates to pipeline vandalism and
crude oil theft which, according to him has reduced crude oil production to
about 1.5 million barrels per day.
He, however, said that currently, the crude oil production
challenge is being addressed through collaborative efforts between the NNPC,
other agencies of goverment and security agencies.
Specifically, he said that the Nigerian Navy is currently
carrying out serious military operations in the Niger Delta to ensure that oil
and gas assets are protected.
Kyari expressed optimism that with the current action of the
Navy, the issue of pipeline vandalism and crude oil theft will be brought under
control within the next two to three weeks.
He said, “Enormous work is going on with security agencies
and I am optimistic that within two to three weeks, very measurable outcomes
will come up so that our businesses can continue.
“The Navy is carrying out massive operation to contain oil
theft in the Niger Delta as we speak. Beyond this, as we progress into the
future, our company will transit by 1st of July into a different company that
will be govern by the provisions of CAMA and also the PIA and other
legislations that are applicable to other companies operating in this space. We
know that this is good for the industry and the country.”
The Corporate Affairs Commission had on September 21 last
year completed the incorporation of NNPC Ltd in accordance with the provisions
of the Petroleum Industry Act 2021.
The PIA was signed into law by President Muhammadu Buhari on
16th August, 2021.
Specifically, Section 53(1) of the Petroleum Industry Act
2021, requires the Minister of Petroleum Resources to cause for the incorporation
of the NNPC Limited within six months of the enactment of the PIA in
consultation with the Minister of Finance on the nominal shares of the Company.
With the registration of the CAC, the NNPC Ltd was floated
with an initial capital of N200bn making it history as the company with the
highest share capital in the country.