NNPC to implement efficiency, profitability framework

The Nigerian National Petroleum Corporation (NNPC) says it will implement “12 Business Focus Areas (BUFA)’’ framework aimed at institutionalizing efficiency, profitability and growth in the corporation.

Group Managing Director of NNPC, Dr Maikanti Baru, stated this on Tuesday while receiving reports of the eight committees mandated to develop appropriate strategies and drive the implementation of the 12 BUFA in the corporation.

In a statement in Abuja ,Baru said that the document would “put NNPC on the path of growth and profitability’’.

Commending the committees for completing their assignments, he directed Chief Operating Officers (COOs) of the corporation’s subsidiaries to start immediate implementation of the policy framework.

He advised them to revert to the management should they encounter grey areas that required intervention.

Baru acknowledged that though the planning stage of transformation initiatives was usually slow, but said that the implementation of the 12 BUFA would herald phenomenal growth that Nigerians could attest to.

The committees are Upstream; Refineries; Gas and Power; Downstream; Finance and Accounts; Ventures; Corporate Services and Corporate Planning and Strategy.

The Group General Manager, Corporate Planning and Strategy, Mr Umar Ajiya, commended the committees for formulating the template for implementing the initiatives.

Ajiya said the committees’ work was a very important step in setting the corporate scorecard for each of the BUFAs.

The BUFA comprised Ensuring Security of NNPC Assets; Developing New Business Models that would grant autonomy to the various units of the corporation and Settling Joint Ventures Cash Calls.

Others are Ramping Crude Oil Production and Reserves Growth; Growing NPDC as the Corporation’s Cash Cow and Focusing on Gas Development for Domestic and Export Markets.

It also includes upgrading existing refineries and creating opportunities for refining expansion; focusing on renewable energy and frontier exploration; revamping the oil and gas infrastructure.