28 September 2016, Abuja – The Nigerian National Petroleum Corporation says it has started working out modalities that will enable it to exit Joint Venture cash call arrears by ensuring that outstanding and future payments are liquated from oil and gas royalties and taxes under a first line charge model.
The Group Managing Director, NNPC, Dr. Maikanti Baru, said this during a working visit to the National Petroleum Investment Management Services, according to statement issued in Abuja on Tuesday by the corporation’s Group General Manager, Group Public Affairs Division, Mr. Garba-Deen Muhammad.
Baru noted that the current JV payment structure required urgent review, adding that the new model being proposed by the NNPC would enable the corporation to plough back the profit and grow the oil and gas business in the upstream for the benefit of all stakeholders.
He urged management and staff of NAPIMS to carry out their assignments with professional integrity by benchmarking their operations with global best practices.
The NNPC boss added that the 12 key business focus areas of the NNPC under his watch were targeted at rejuvenating the entire business operations in order to enable the corporation deliver on its core mandate to all its stakeholders.
He described NAPIMS as a strategic unit and sued for maximum support from members of staff to enable the corporation to meet its set goals in the short, medium and long-term.
The Group General Manager, NAPIMS, Mr. Dafe Sajebor, who was represented by the General Manager, Production Sharing Contract, Mr. James Jock, assured the GMD that the organisation would ensure efficient management of all Joint Venture and Production Sharing Contract arrangements even in the face of dwindling crude oil prices and incessant pipeline vandalism.