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Dr Maikanti Baru, group managing director, Nigerian National Petroleum Corporation (NNPC) has declared Nigeria Oil and Gas 2017 open this week, and he expressed optimism on Nigeria’s oil Industry
Dr Baru expressed optimism that the Nigerian oil industry is turning the corner and that things can only get better. He said that the optimism could be seen in the attendance of exhibitors and conference attendees at the 2017 edition, which he said was the highest since the inception of the exhibition and conference in Nigeria.
Speaking specifically on the Nigerian oil industry, he made reference to the improved scenario for operators, citing the reduced prevalence of pipeline vandalism, which he pointed had reduced by 20 per cent in 2017 compared to the 2016 figures.
“There had been lots of engagements with the stakeholders in the industry that is now reflected in the more enabling environment and the reduction of pipeline vandalisation,” said Dr Baru.
The NNPC has joint ventures with IOCs and previously none or late payment of counterpart funding by NNPC had impacted negatively on production, but Dr Baru said that had been a significant improvement by the Nigerian government on the cash calls payment. He said this has considerably improved the investment climate in the oil industry, giving "a significant measure of hope. “