The Group managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Ibe Kachikwu, has disclosed that the corporation will need at least one year to revamp the Petroleum Industrial Bill, but that major reforms will be ongoing before the revamping is completed.
“The PIB is important, but we need to x-ray the issues. We need at least one year to get it back on track. The reality is that we cannot afford to wait any longer for change in the petroleum sector. Because of the delay in the passage of PIB, things have got to start happening and that’s exactly what we are doing.
“PIB is a serious affair; it is an essential piece of legislation but, as we all know, a lot of engagement is required to address all the issues because the oil and gas environment has changed. There are issues of cost; with oil going down to $40 per barrel, the PIB cannot be the same.”
“The reform of the petroleum industry is key and it is an area where we are going to put a lot of focus. Sometimes people don’t realize that the problem hasn’t been NNPC, it is a problem of political will to go forward and implement the outcome of researches and reports that had been done. But fortunately for us this time around, that is what the president has brought to the table. He has strong political will to see this through,’’ he stated.