The Nigerian National Petroleum Corporation (NNPC) will undergo a major restructuring next week, according to the Minister of State for Petroleum Resources, Dr, Ibe Kachikwu on Thursday at the Shell Production and Exploration Oloibiri Lecture Series held in Abuja.
Dr. Kachikwu revealed that the decision of the Federal Government to overhaul the NNPC was in line with its aim of resolving governance issues in the oil and gas sector including the NNPC.
He 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.”
According to the Group Managing Director of the NNPC, this is the first time in 20 years that the national oil firm will be undergoing a restructuring and overhaul.
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