The Minister of State for Petroleum Resources, Ibe Kachikwu and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru Tuesday, at the Nigerian Economic Summit in Abuja – the Energy Policy Committee breakout session.

Both Kachikwu and Baru set aside their back and forth accusations and sat to discuss the way forward for the Nigerian Petroleum industry.

Highlights (Vanguard):

• Speaking on the opportunities in the Nigerian oil and gas industry, Kachikwu said Nigerian petroleum industry has immense potentials which are growing on a daily basis.
• He agreed that the operating environment is tough, but stated that the Federal Government was looking at areas where it can provide incentives to boost returns for investors, so as to attract more investors into the industry.
• He explained that the Federal Government is putting in place machinery to increase the scope of its earnings in the industry.
• He also noted that the environment is improving, adding that companies that had suspended their big-ticket projects are beginning to look at the potentials of reviving the projects and are set to take Final Investment Decision, (FID).
• Baru, on the other hand, highlighted the opportunities in the forthcoming marginal oil fields bid round, stating that the successful completion of the process would present a veritable opportunity for Nigeria to grow its crude oil output and create employment.

Reference:

• Kachikwu claimed Baru was destroying his reforms – writing a letter President Buhari, which was leaked.
• President Buhari met with Kachikwu over the allegations.
• Baru later said he is not mandated to discuss NNPC contracts with him.