Senate applauds NNPC for stimulating competitiveness in oil and gas industry

*Nigeria’s Senate Committee on Petroleum Resources (Upstream) has commended the Management of the Nigerian National Petroleum Company (NNPC) Limited on recent transitioning, and pledged the Federal lawmakers’ support for the frontier exploration

Isola Moses | ConsumerConnect

The Senate Committee on Petroleum Resources (Upstream), in the National Assembly (NASS), Abuja, FCT, has applauded the Nigerian National Petroleum Company (NNPC) Limited for repositioning the country’s oil and gas industry into a competitive business environment.

Senator Bassey Albert Akpan, Chairman of the Committee,  gave the commendation when the Federal legislator led members of the Committee on an oversight visit to the NNPC Towers, Tuesday, February 2, 2022, in Abuja.

Mr. Garba Deen Muhammad, Group General Manager, Group Public Affairs Division

NNPC Limited, Tuesday stated the Senate Committee Chairman 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).

Akpan said: “We commend the effort of Malam Mele Kyari and his team towards repositioning NNPC post-PIA.

“We’ve been told about the challenges, the expectations, projections and visions for NNPC.”

The Senate Committee Chairman on Petroleum Resources (Upstream) was also quoted to have stated: “We are very impressed that the effort of the National Assembly in passing the PIA is yielding positive outcomes.”

Akpan further noted that the Committee would consider the funding for frontier exploration to ensure that the objective of boosting exploration and production in frontier basins in the next five years is met.

Earlier in his remarks, Malam Mele Kyari, Group Managing Director and Chief Executive Officer (GMD/CEO) of NNPC Limited, informed the lawmakers that the oil company is well-primed to meet the growth trajectory envisaged in the PIA.

Kyari stressed that this development has received very positive commercial assurances from investors and partners across the globe.