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NNPC mulls $20 bn investment in 2016

By Sebastine Obasi

The Nigerian National Petroleum Corporation, NNPC, said it expects to invest about $20 billion in its operations in 2016.

The Group Managing Director, Dr. Ibe Kachikwu, stated this at a luncheon organised by the Petroleum Club, Lagos. He said that already Chevron has indicated interest to provide $1.2 billion, while other companies are also willing to partner with NNPC.

He said, “I am looking at 2016 to raise about $20 billion. Chevron is bringing in $1.2 billion, though we expect more from them. Luckily, the environment is right for investment. We are going to put the money on infrastructural development, production. We are going to be looking at all manners of how to raise money for our operations,” he said.

The GMD also said that the fiscal regime of the petroleum industry bill, PIB, will be removed so as to address other salient issues in the contentious bill.

According to him, NNPC will experience structural and cultural shift in its management, as its targets 3 million barrels production for 2016, while complete unbundling of the Corporation will be effected. The GMD also said that the complete forensic audit of the NNPC will be ready in December.

 


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