The Nigerian National Petroleum Corporation NNPC has outlined plans to attract private investments, ensure sustainable development and spur growth in the nation’s Oil and Gas Industry.
The Group Managing Director of the Corporation, Dr. Maikanti Baru, disclosed this while speaking on the theme “Investment in the Oil and Gas Industry” at the seventh International Seminar of the Organization of the Petroleum Exporting Countries OPEC in Vienna, Austria.
Dr. Baru observed that investments in the Oil industry had become imperative in the wake of recent turbulence experienced in oil price cycle, supply driven glut in the oil market, world economic growth, uncertainties regarding oil’s future, as well as the fiscal imbalance experienced by OPEC member nations.
He said that NNPC recognized the challenge as well as the opportunity presented by oil demand growth, particularly as an exporter experiencing a surge in local demand.
He assured that the NNPC is working hard to keep the sanctity of all contracts so that investors are given the right framework to operate.
Meanwhile, as part of efforts to improve the standard of education in Nigeria, the National Science Quiz competition being organized by the NNPC for secondary schools across the country has commenced.
A statement endorsed by the Group General Manager Group Public Affairs Division of the NNPC Mr Ndu Ughamadu says the competition that will culminate in the National finals has been divided into zones with the one for the South-East, taking place in Awka Anambra State on July fourth.
According to Mr Ughamadu NNPC quiz competition designed mainly for students in the nation’s secondary schools, has impacted positively on the intellectual attainment of young Nigerians in addition to providing financial succour to successful contestants who have been placed on scholarships throughout their tertiary education.
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