The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has called on the National Petroleum Investment Management Services (NAPIMS) to embark on further cost optimisation strategies in line with the corporation’s objective of reducing inefficiency.
Speaking at the 2021 NAPIMS Annual Value Assurance Review Session (AVAR) , hosted by the NNPC upstream unit, Kyari urged the NAPIMS team to leverage on the new Petroleum Industry Act (PIA) to ensure that the use and monetisation of gas resources remain its priority.
Aside Kyari, the three-day event slated for the 13th-15th September, in Lagos, had in attendance a member of the NNPC Board of Directors, Dr. Tajuddeeen Umar, Group Executive Director Upstream, Adokiye Tombomieye, among others.
The NNPC boss stated that it was heart-warming that NAPIMS had taken the lead in conducting the annual value assurance review, which he said was in line with the best practice of other global ‘comparator organisations’.
He stated that NAPIMS must be ahead of the curve to ensure a successful transition of NNPC to a Corporate and Allied Matters Act (CAMA) company in the near future.
The GMD charged NAPIMS to remain focused, devise sustainable cost efficiency measures and leverage on attractive provisions in the new Act to drive gas development and monetisation.
In his welcome address, the Group General Manager, NAPIMS, Mr. Bala Wunti, emphasised that the oil and gas industry represents over 75 per cent of national revenue of which NAPIMS manages a large part, implying that whatever action the organisation takes has far-reaching consequences on not just the corporation, but the entire nation.
Wunti stated that this year’s AVAR was timely and provides NAPIMS a great platform and opportunity to adequately strategise ahead of the impending changes facing the industry locally and globally.
In his remarks, Umar enumerated the expectations of NAPIMS post-PIA, listing them as technical auditing, superintendence on project delivery as well as serving as intermediary between NNPC, International Oil Companies (IOCs), federal government and other stakeholders.