Nigeria Reduces Upstream Contracting Cycle To Nine Months
Nigeria has successfully fast-tracked contracting cycle for upstream operations from 24 months to nine months with a strong commitment to further reduce the process to less than six months.
In a presentation at the 12th Annual International Conference of the Nigerian Association for Energy Economics/International Association for Energy Economics (NAEE/IAEE), the Group Managing of the NNPC, Dr. Maikanti Baru, said the process would allow for free flow of investments into the industry with far reaching effect across all tiers of its operation.
Speaking on the theme entitled: Energy Efficiency and Access Imperatives for Sustainable Development in Emerging Economies, the NNPC GMD who was represented by the NNPC Chief Operating Officer (COO), Ventures, Dr. Victor Babatunde Adeniran, said the Corporation had been able to automate crude oil marketing process in the country.
He said: “This process has helped to evaporate the mystery around the management and sale of Nigeria’s crude oil grades with introduction of innovative solutions triggering an ambiance of transparency and stakeholders’ confidence in the operations of the COMD. I can state without equivocation that, today at a click of a button, we can tell you how much crude is sold, at what price, who bought it and where it has gone to”.
Providing a long list of recipe that could be deployed to achieve energy efficiency, Baru noted that within the last three and half years the corporation had adopted a cocktail of practical approaches at achieving sustainable cost reduction in everyday business anchored on penetrating reforms across the entire value chain of its operations.
He advocated sync between energy efficiency and sustainable development while harping on the need to always strike the delicate balance between commitment to social development and economic growth to achieve a win-win scenario.