Shell lauds NNPC for restoration of Investors confidence

The cash call exit programme of the Nigerian National Petroleum Corporation NNPC has drawn commendations from stakeholders in the Nigerian Oil and Gas Industry with the Country Chair of Shell Companies in Nigeria, Mr. Osagie Okunbor, applauding it as a pragmatic move that has helped to restore investors confidence in the country.
Mr Okunbor gave the commendation at the just concluded 2018 Nigeria Oil & Gas Conference and Exhibition held in Abuja, Nigeria’s capital.
During an Industrial leaders panel session on the theme: “Unlocking Nigeria’s Investment Potentials”, Country Chair, cited the successful exit of cash call and the clearance of the outstanding arrears by the NNPC as the strong points of the initiative.
The Group Managing Director of NNPC, Dr. Maikanti Baru, said that the investments in the gas sector of the petroleum industry held the key to the accelerated development of the nation’s economy.
Dr Baru advised stakeholders and investors in the Industry to focus more on gas as it is a cleaner and more versatile energy capable of being deployed as raw material for the production of a range of products that impact on the lives of the people more than crude oil.
Dr. Baru who was represented by the Chief Operating Officer (COO), Upstream, of the Corporation Mallam Rabiu Bello, stated that most of the agro-based chemicals such as fertilizers used in the country were imported, arguing that investment in gas could change that scenario and domesticate the production of fertilizers and other agro based chemicals derived from gas.
He said that the multiplier effect of investment in gas such as the ongoing Ajaokuta-Kaduna-Kano (AKK) gas pipeline was responsible for the corporation’s commitment to the project, adding that more of such projects would be replicated around the country.
The NNPC Chief Operating Officer (COO), Refineries, Mr. Anibo Kragha, who spoke at a session which had the theme: “Harnessing Opportunities in Nigeria’s Downstream sector”, noted that the Nigerian Government was exploring the possibility of deploying modular refineries as a tool for eliminating illegal refineries that have constituted a menace not only to the economy but also to the environment.
On his part, the Chief Operating Officer , Downstream, Engineer Ikem Obih, disclosed that as part of the commitment of the GMD to reduce the challenges posed by trucks on the nation’s highways, most of the NNPC pipelines were being revamped and the Aba-Enugu line would soon be restored.
Engineer Obih explained that it was difficult to determine the actual daily consumption of petrol in the country because of trans-border smuggling and other factors, adding that the NNPC was working with the Ministry of Finance to arrive at a verifiable national daily consumption figure.
Peace PIAK