Minister of State for Petroleum Resources, Dr. Ibe Kachikwu and Group Managing Director, Nigerian National Petroleum Corporation, (NNPC) Dr Maikanti Baru, on Tuesday held a brief discussion on the sidelines of the ongoing National Economic Summit in Abuja.
The two gladiators in a current spat involving operations of the NNPC were discussants at the Energy Policy Committee breakout session on opportunities in the Nigerian petroleum industry and ways to grow the sector.
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Baru who lead discussions at one of the sessions, arrived first at the venue of the programme, followed by the minister about 15 minutes later with Baru standing immediately to welcome Kachikwu while the two of them exchanged pleasantries.
Kachikwu later asked to be represented at the second session of the dialogue by Baru, a request the organisers politely declined, because Baru was to chair a session and it would affect his participation.
However, Kachikwu left before the end of the programme and Baru represented him. However, Kachikwu returned and joined Baru in chairing the event. After the session, both men held brief chat before departing.
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 machineries 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 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.
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