The Nigerian National Petroleum Corporation (NNPC) has said that it is working on the right strategies to remain in business for a long time.
The Group Managing Director of the corporation, Maikanti Baru, who spoke at the NNPC first quarter 2018 top management steering committee meeting in Abuja at the weekend, said in order to operate as many other national oil companies across the world, the firm was fine-tuning strategies to enhance its position as an integrated energy company.
Maikanti Baru the group managing director
He said the oil firm must prosper despite the changing dynamics of the global oil and gas industry.
Baru, in a statement by Group General Manager, Group Public Affairs Division of NNPC, Mr. Ndu Ughamadu, admitted that changes at play in the petroleum industry landscape globally, called for oil firms to create long-time survival strategy that would allow them adapt to the changes for efficiency, growth and profitability.
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“The changes we are seeing in the industry over the last few years call for some actions on our part.
This is because as a business concern, we don’t live in isolation in the industry and therefore, we must act now,” Baru said.
NNPC tower in Abuja
According to the him, some of the strategies considered by the corporation included reviewing key performance indicators, setting realistic targets for immediate sign-off, as well as spending items capable of improving the organisation’s bottom-line.
Also, Chief Operating Officer (COO), Downstream, Henry Ikem-Obih, who spoke at the meeting, said a lot of work had been done towards getting NNPC on the same pedestal with its peers.
Obih stated that the corporation’s focus in the downstream sub-sector would revolve around imbibing world-class culture, implementing best practices, focusing on cost reduction, improving efficiency, deploying cutting-edge technologies and having a clean balance sheet that reflects NNPC’s corporate business vision.
He said: “Gradually, we are repositioning from an intervention engine for the nation to one that is ready to make profit, grow and create value for our teeming stakeholders.”
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