President Muhammadu Buhari-led administration is breaking the jinx in the oil and gas sector through rejuvenation of its activities after decades of weak operation.
This position was contained in a statement issued weekend by a think-tank group within the governing All Progressives Congress (APC).
The group under the auspicies of All Progressives Congress Legacy Awareness and Campaign (APC-LAC) noted that the recent publication of Audited Financial Statements from 2018 to 2020, was the first-ever since the establishment of the NNPC over 40 years ago.
It also commended the administration for clearing the arrears owed international oil companies inherited from past administrations amounting to five billion dollars and the completion of the Escravos-Lagos pipeline system phase 2, doubling its capacity to over two billion cubic feet of gas.
It added that the commencement of construction of the Ajaokuta-Kaduna-Kano AKK Gas Pipeline, Nigeria’s biggest ever domestic gas pipeline project in addition to the total revamp of the Port Harcourt refinery was another jinx being broken.
”During that period, he laid substantial groundwork for the national infrastructure that helped develop the industry – pipelines, refineries, depots, etc, and helped midwife the vision for a Liquefied Natural Gas plant.
”Forty years later, the task has fallen upon him again to spearhead unparalleled reforms in the Corporation he helped establish. Under the President’s watch, since 2015, the National Oil Company has achieved the following, and more”, to the group claimed in a statement released in Abuja.
”Published Audited Financial Statements for 2018, 2019 and 2020. This is the first published Audited Financial Statements since the NNPC came into existence 43 years ago.
“Commenced clearing the backlog of Cash Call arrears owed International Oil Companies (IOCs), inherited from previous administrations, and amounting to more than five billion dollars. Completed the Escravos-Lagos Pipeline System (ELPS) Phase 2, doubling its capacity to 2.2 billion cubic feet of gas”.