The GMD stated that drilling activities were expected to commence in Benue Trough in Q4 this year.
“We are working with the security agencies for an early return to the Chad Basin. Drilling activities will be a priority on resumption while continuing with seismic data acquisition with improved parameters,” he said.
In the Downstream Sector, Dr Baru explained that in the last one year, NNPC had stabilised the market with sufficient products availability across the Country through modest local refining efforts as well as the Direct Supply Direct Purchase, DSDP, scheme, which he observed had saved the nation about N40billion in 2017.
“We have also commenced the resuscitation of our products transportation pipelines network, thus enabling us move products to depots at faster rate and cheaper distribution costs to consumers. The Aba, Mosimi, Atlas-Cove and Kano Depots have all been re-commissioned and are currently receiving products, thereby enhancing products availability across the Country”, the GMD said.
Dr Baru said in the last one year, NNPC had improved capacity utilisation of the refineries with the projection that they would attain supplying 50 per cent of the non-gasoline white products to the nation, including Diesel and Kerosene that are commonly consumed in the Country.
The GMD said after more than seven years of dormancy, the Asphalt Blowing Unit of the Kaduna Refining and Petrochemical Company, KRPC, was resuscitated to meet road construction needs in the Country.
He declared that efforts were ongoing to secure 3rd party financing to revamp the refineries to their full operational capacities.
Drawing his address to a close, Dr Baru disclosed that the overwhelming support he received from the Corporation’s staff and the Industry’s in-house Unions, Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, and Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, contributed to the successes recorded by NNPC Management under his leadership in the past year.
“I look forward to your continued cooperation and support as we navigate the Corporation out of its current challenges towards profitability with integrity and transparency,” the GMD stated.
and then