The Management of the Nigerian National Petroleum Corporation (NNPC) says it is fine tuning strategies to improve its position as a fully integrated national energy company.
The Group Managing Director of the Corporation, Dr. Maikanti Baru, disclosed this at this year’s NNPC First Quarter 2018 Top Management Steering Committee (Steerco) Meeting held at the NNPC Towers in Abuja, Nigeria’s capital.
Dr. Baru, who admitted the tremendous changes at play in the Petroleum Industry landscape globally, said adapting to the changes was key for efficiency, growth and profitability.
“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,” Dr. Baru affirmed.
According to the GMD, some of the strategies considered by the corporation included reviewing Key Performance Indicators (KPIs), setting realistic targets for immediate sign-off, as well as spending on items capable of improving the organization’s mandate.
According to him, other strategies include expediting action on the holistic rehabilitation of the refineries, trengthening internal control mechanisms and intensifying exploration efforts in the frontier Basins.
“Today, we are reviewing the mission and vision of the corporation and have also ventured into renewable energy and power sectors,” Dr. Baru added.
Speaking at the meeting, Chief Operating Officer (COO), Downstream, Henry Ikem-Obih, said a lot of work had been done towards getting NNPC on the same pedestal with its peers.
He explained that the corporation’s focus in the downstream sub-sector revolved around imbibing world-class culture, implementing best practices, focusing on cost reduction, improving efficiency, deploying cutting-edge technologies and having a clean balance sheet that reflects NNPC’s corporate business vision.
“Gradually, we are repositioning from an intervention engine for the nation to one that is ready to make profit, grow and create value for our teeming stakeholders,” Obih stated.