NNPC set to overhaul oil sector, first in 20 years

dimeji akinloye

March 3, 2016 6:13 PM

Kachikwu said the overhaul is in alignment with the government’s decision to resolving the governance issues in the oil and gas sector as well as at the NNPC.

Emmanuel Ibe Kachikwu

The minister of state for Petroleum Resources, Dr.

While speaking at the Shell Production and Exploration Oloibiri Lecture Series in Abuja today Thursday, March 3, Kachikwu said the overhaul is in alignment with the government’s decision to resolving the governance issues in the oil and gas sector as well as at the NNPC.

READ: Kachikwu: NNPC boss says petrol stations selling above pump price will be sealed for 3 months

“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," Kachikwu said.

“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,” he added.

Kachikwu also doubles as the Group Managing Director of the NNPC.

dimeji akinloye