The management of the Nigerian National Petroleum Corporation (NNPC) said it has perfected strategies to ensure its prosperity in the face of the changing dynamics of the global oil and gas industry.
This even as the group managing director of the corporation, Dr. Maikanti Baru, admitted that the tremendous changes at play in the petroleum industry landscape globally behooved oil companies to, as a long-time survival strategy, adapt to the changes for efficiency, growth and profitability.
According to a statement release by group general manager, Group Public Affairs Division, Mr. Ndu Ughamadu, yesterday, Dr. Baru disclosed this at the NNPC first quarter 2018 Top Management Steering Committee (Steerco) meeting held at the NNPC Towers in Abuja, weekend.
The statement quoted the GMD as saying that, “The changes we are seeing in the industry over the last few years call for some action on our part. This is because as a business concern, we don’t live in isolation in the industry and therefore, we must act now.”
Meanwhile, NNPC’s management position is coming on the heels of industry stakeholders’ demand for President Muhammadu Buhari to assent to the petroleum industry governance bill (PIGB).
Thus raising doubt as to the preparedness of the corporation’s management to key into the transition the PIGB is proposing to bring to the Nigerian oil and gas sector.
The bill, if assented, will change the operational structure of an NNPC and make it focus more on core business transactions and profitability.
However, while the nation await the President assent to the bill, the statement from the corporation disclosed some of the strategies considered by the management at the said meeting included reviewing Key Performance Indicators (KPIs), setting realistic targets for immediate sign-off, as well as spending items capable of improving the organization’s bottom-line.
“Today, we are reviewing the mission and vision of the corporation and have also ventured into renewable energy and power sectors,” Dr. Baru stated.
Also speaking at the meeting, chief operating officer, Downstream, Engr. Henry Ikem-Obih, said a lot of work had been done towards getting NNPC on the same pedestal with its peers.
In his opening remarks at the occasion, the convener of the meeting and Group General Manager, Corporate Planning & Strategy Division, Mr. Bala Wunti, said the essence of the Steerco meeting was to review performance, redefine expectations, identify areas of improvement and implement actionable items that would boost efficiency, and conversely, high profitability.
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