NNPC Signs Contracts To Exit JV Cash Call In 2017- GMD

NNPC Signs Contracts To Exit JV Cash Call In 2017- GMD
Nigeria Achieved 37bn Barrels Oil Reserves In 2016
Thanks Stakeholders For Absence of Fuel Queues During Christmas
Dr. Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), on Sunday, said all contracts have been renegotiated to realise substantial value of between five and 30 per cent discounts in line with prevailing low oil price regime this year.
In his end of year message, he said following approval of the Federal Executive Council, the corporation “signed off agreements with our Joint Venture partners to exit the current cash calls arrangement effective 2017.”
Next year also, he assured that the corporation plans to “vigorously pursue the transition into Incorporated Joint Venture (IJV) business models for all the current JVs.”
This, he continued, is just as the NNPC would continue touching the lives of Nigerians and all stakeholders in many positive ways and continue to collaborate with stakeholders, for sustainable solutions to challenges of insurgency in the Niger Delta region in 2017.
The nation’s oil and gas reserves, he continued, improved “to 37 billion barrels and 192Tcf respectively, due to the relative peace in the Niger-Delta.”
To enhance this, he expressed commitment to implementing a robust security and stakeholders’ strategy that would ensure peace reigns in our operational areas.
He acknowledged the support of critical industry stakeholders that helped the corporation ensure stability in products supply and distribution nationwide, following which motorists can “drive in and out of filling stations with ease. This wouldn’t have been achieved without the collective efforts of all of us.
“In 2017, we’ll sustain the implementation of our 12 Business Focus Areas (BUFA) to enhance corporate performance, growth and profitability.
“We’ve also completed arrangements to put in place structures that would enable smooth implementation of new business models for our SBUs,” just as he expressed appreciate the enormous support of President Muhammadu Buhari and Dr. Ibe Kachikwu, the Minister of State for Petroleum Resources, in the ongoing reposition the group.