A Review of the Nigerian Energy Industry

Government sets 250,000 bpd output target for NPDC

*Company’s board inaugurated

Oscarline Onwuemenyi

1 November 2011, Sweetcrude, Abuja – The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has charged the newly inaugurated board of the Nigerian Petroleum Development Company, NPDC, to grow the company from 80,000 bpd to 250,000 bpd by 2015.

Alison-Madueke made the charge on Tuesday on Abuja when she inaugurated the Board of the NPDC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, at the NNPC Towers Abuja.

The Minister urged the board members to run the NPDC as a profitable business in the upstream sector of the oil and gas industry.

She maintained that the NPDC must stand independently for it to compete favourably with other National Oil Companies, NOC, like the Petronas and Petrobras of this world.

“The task before the NPDC board is an enormous one but with the calibre of the members, I am sure that the aggressive mandate of growing the company from 80,000 to 250,000 bpd will be achieved in the shortest possible time,” Mrs. Alison-Madueke said.

The Minister implored the new board to support the achievement of the vision of the company adding that the board is expected to provide the necessary guidance and leadership in strengthening the operations of the company.

“In accordance with Article 25(a) of the Memorandum and Article of Association of NPDC, “All Directors of the NPDC shall be appointed by the Corporation”. On this note and in my capacity as the Chairman of the Board of the Nigerian National Petroleum Corporation, I hereby inaugurate the 6th Board of the Nigerian Petroleum Development Company Limited,” Mrs. Alison-Madueke declared.

The Minister thanked President Goodluck Jonathan for the enormous support to the NPDC so far and assured that the growth mandate of the NPDC would be aggressively pursued with the new board that has been inaugurated.

Speaking on behalf of the Board, the Chairman and Group Managing Director of the NNPC, Engr. Austen Oniwon assured the Minister and the Federal Government that the board would justify the confidence reposed in them, informing that already the NPDC owns 55 per cent of some of the most productive assets in the western part of the Niger Delta.

“I believe that with the calibre of people in the board, the growth agenda given to us by the Honourable Minister and the Federal Government would be achieved and surpassed. The board would support the management of the Company and allow the NPDC to opertate just like other International Oil Companies, IOCs, and National Oil Companies, NOCs,” Engr. Oniwon reassured.

The NPDC is a wholly owned commercial subsidiary of the NNPC and was set up in 1988 to engage in the business of oil and gas exploration and production nationally and internationally.

Members of the NPDC board include: Engr. Austen Oniwon GMD and Chairman, Engr. Andrew Yakubu Group Executive Director Exploration and Production, Mr. Michael Arokodare Group Executive Director Finance and Accounts, Engr. Abiye Membere Managing Director, NPDC, Mr. Goddy Jeddy-Agba Group General Manager Crude Oil Marketing Division, Mr. Morrison Fiddi Group General Manager NAPIMS, Mr. Ishaya Timothy Executive Director Services, NPDC, Engr. Ikechukwu Okafor Executive Director Operation, NPDC and Mr. Ahmed Adamu, Company Secretary and secretary of the Board.

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