The Minister of State for Petroleum Resources and Group Managing Director, NNPC, Dr. Ibe Kachikwu has announced a major shake up in NNPC Operations that has never happened in 20 years.
Minister of State for Petroleum Resources and Group Managing Director, NNPC, Dr. Ibe Kachikwu
The Federal Government has said it is going to carry out a major overhaul the Nigerian National Petroleum Corporation next week.
The revelation was made today at the Shell Production and Exploration Oloibiri Lecture Series (Thursday) by the Minister of State for Petroleum Resources and Group Managing Director, NNPC, Dr. Ibe Kachikwu.
He revealed that the planned overhaul in the national oil firm had never happened at the corporation in the past 20 years and will address governance issues in the oil and gas sector as well as at the NNPC.
Kachikwu said: “We are starting first with simple governance issues, those that are not contentious…, that are very rapid and that deals a lot with the transformation of the national oil company.
“For the national oil company, a lot of work is going on, I am sure some of you have seen the effects but within the next one week, we are going to be announcing some really major overhaul of the system, one that hasn’t been done in over 20 years.
“The effect of that would be to quite frankly unbundle the huge company into four to five main operational zones; the upstream, downstream, midstream, refining and, of course, every other company that is trending to the venture group.”