NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
NNPC: Kachikwu, Baru hold crucial meeting

By Kingsley Okoye on

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 949

 •Kachikwu (right) and Baru exchanging pleasantries on Tuesday in Abuja.
•Kachikwu (right) and Baru exchanging pleasantries on Tuesday in Abuja.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu and Group Managing Director of NNPC, Dr Maikanti Baru, met on Tuesday and discussed opportunities to further develop the nation’s oil and gas sector.

They met in Abuja at the ongoing Nigerian Economic Summit at the Energy Policy Committee session.

The News Agency of Nigeria (NAN) reports that the duo had been involved in controversies over alleged misapplication of funds at the NNPC, leading to the intervention of President Buhari.

Baru, who led a session, came‎ first at the venue of the programme, while Kachikwu walked in some few minutes later.

As soon as the Minister of State entered, Baru stood up, approached him and exchanged pleasantries with him.

Kachikwu also suggested that he be represented at the second session of the dialogue by Baru, a request the organisers declined, because Baru was to chair a session as it would affect his participation.

Kachikwu left while the breakout held and did not return until the end of the closing session.

Baru stood in for him as the Chairman of the session, and when he returned, he joined as the co-chairman.

At the end of the programme, they exchanged pleasantries further, took some photographs, chatted and walked out of the hall together.

On the opportunities in the Nigerian oil and gas industry, Kachikwu said the industry had enormous   potentials evolving on a daily basis.

He, however, said that the operating environment was tough, adding that the Federal Government was looking at areas it could provide incentives to boost returns for investors, to attract more investors into the industry.

He said that the Federal Government was putting in place modalities to increase the scope of its earnings in the industry.

He said that the environment was improving, adding that companies that had suspended their big projects were beginning to look at the potentials of reviving them.

Kachikwu further stated that the Federal Government was currently conducting a study to determine reasons why only nine marginal oil fields awarded were involved in production out of the 24 awarded over a decade ago.

He said that the essence of the investigation was to determine factors preventing the oil fields from producing.

This, he said, was designed also advance the Nigerian oil industry forward.

He said, “Financing is key. We are still yet to develop a model that enables local players’ access financing very easily.

“And in an environment where we do not have lot of reserves, it would be very tough.

“We are going to be looking at all kinds of guarantee platforms, whether there are money to be set aside over a shorter time period with lower interest rates, whether they are international communities that are ready to invest on basis of guaranteed returns of certain barrels.

“We are going to see how we would work to come up with a model that would help people. And that is going to come after we do a study.

“We are doing a study right now to find out why the 24 minus nine marginal fields are not producing oil, did not get to development. Let us be sure it is only financing. If it is more of technical skills, then I think we have got to address that differently.

“If it is more of financing, community development, or quarrels among shareholders, which is a major problem with these teams.

“A lot of funny bedfellows come together and once they finish, they spend the whole time quarrelling in court and nothing happens. We are going to look at all those.

Kachikwu assured that the forthcoming marginal oil field bid rounds would be transparent and would ensure that oil producing communities not just participate in the process, but also got the most advantage from the oil fields.

“Even when you do transparency, you have to have some level of inclusive or inclusion. How do you get some of these communities to participate?”

He further disclosed that the Ministry of Petroleum was developing models that would enable the President to choose what he wanted to do and how he wanted to go about the marginal fields’ bid round.

“The   key issue is that it must be transparent, so that people could see before they go in, what is expected, how the government wants to run this and hopefully win on the basis of very well-defined goals.”

Kachikwu also called for a whittling down of the powers of the Minister of Petroleum Resources, in favour of a stronger industry regulator.

“One thing I can say for sure is that whatever models of the Petroleum Industry Bill we are pushing, we need to begin to see an independent regulator with fairly enormous powers and with less of a political interface, so that the individuals can do their work.

“I am all for whittling down substantially, the powers of the minister, so that these institutions can work well.

“The reality is that no one stays as a minister forever. It is something we are working on with the National Assembly.

“We are still working to make the independence stronger,” he added.

Baru listed the opportunities in the forthcoming marginal oil fields bid round, adding that a successful completion of the process would present a veritable opportunity for Nigeria to grow its crude oil output and create employment. (NAN)

Source News Express

Posted 11/10/2017 05:41:26 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Reps vow to review 2016 Budget’s oil benchmark...

Niger-Delta group renews agitation over resource control

European Observer Mission under fire over report on...

University not for poor — VC

Pension Scam: APC’s show of knavery, By Tony...

Environmentalist alleges plan to hijack modular refinery licences...

Gunmen kidnap Lecturer, 3 students in Kaduna

N96,000 minimum wage for Nigerian workers?

Man declares self leader of Akwa Ibom Muslim...

Why you must NEVER eat after 8pm —Health...

How 5 Katsina kids died seeking alms

Airtel, eTranzact introduce ‘Smart Top Up’

 

Latest News APC group, PDP, SDP, Obasanjo’s CNM, others to form new party Forex: IMF Seeks Unified Exchange Rate Regime Nigeria is playing with fire - IPOB threatens Lagos to unveil new statue of Gani Fawehinmi Few days to LG polls, fire guts Kaduna electoral commission office 2019 Guber: Anioma Nation endorses Okowa as sole candidate Security challenges loom over Buhari’s re-election bid Flood sweeps away 8-year-old girl in Anambra 23 cultists, 15 other suspected criminals in trouble 10 injured as rainstorm wreaks havoc in Delta Kogi recruits 1,800 caterers for school feeding programme Promoters of Alex intensify campaigns ahead of BBNaija grand finale

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (339,172 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (334,048 views) Shameless Genevieve Nnaji exposes breasts in public (267,318 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (219,765 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (201,815 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (197,732 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (172,526 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (154,895 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (146,846 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (138,570 views) Lagos plane crash: Journalist releases victims’ names (136,604 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (129,322 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (36) Business & Economy (3,064) Business Verdict (40) Columnists (836) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (481) Features (568) Global Business Monitor (262) International (1,920) Interview (149) Live Commentary (28) Love Matters (116) News (34,645) Opinion (915) Pidgin (10) Politics (4,798) Religion (722) Sports (1,483) Stock Watch (28) AMA & Al Jazeera Global Update

 

 

NLNG Science and Literature Prize Awards

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement