Tuesday, 26 July 2016

Why NNPC is not meeting revenue targets--Baru



The NNPC has blamed its inability to meet financial obligations to the country on accelerated attacks on oil and gas facilities.

Group Managing Director of the NNPC, Mr. Maikanti Baru, while receiving the governor of Bauchi State, Mr. Mohammed Abubakar, who paid him a courtesy visit in Abuja, said the country was facing serious economic problem.

 “It is a very difficult time for us with all the leakages that we suffer, especially infractions on our infrastructure, in terms of pipeline vandalism and theft to be able to meet our obligations to the Federation Account Allocation Committee, FAAC”, he said.

Baru said the NNPC was aggressively expanding oil exploration in the northern areas of Chad basin and Kolmani River near Bauchi , in line with president Buhari’s directive to discover more oil fields to increase oil revenue.

“The NNPC was taking steps to re-strategise and get into those regions to step up crude oil exploration activities.

“We will re-invigorate the Frontier Exploration Services and see how they collaborate with the Northern Nigeria Development Company, NNDC.

 ‘’NNDC is holding bloc 809 where we have some of the finds and also the Department for Petroleum Resources, DPR, for the other blocs that have not been assigned.”

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