The Nigerian National Petroleum Company (NNPC) Limited started another busy week with its Group Managing Director (GMD) and Chief Executive Officer (CEO), Malam Mele Kyari harping on the importance of technology and innovation to the survival of contemporary business organizations.
Speaking at a retreat organized by the Company’s Research, Technology and Innovation (RTI) Division in Abuja, Kyari noted that the survival of NNPC as a limited liability company would depend majorly on the innovative ability of the work force.
He therefore tasked NNPC staff on the need to generate new ideas that would align the company with the present-day realities in the petroleum industry.
He reiterated the need to develop a culture of innovation, where people are allowed to make propositions, improve on processes and speak out freely, adding that there is no way that a culture of innovation can be entrenched without leaning towards technology.
Also speaking at the event, the Group Executive Director, Ventures and Business Development, Dr Billy Okoye said that the NNPC was looking forward to RTI to chart a new course for the growth of the NNPC business in tandem with the global reality.
He said that the retreat would provide an insightful perspective that would shape the evolution of the NNPC Limited into a company that Nigerians would be proud of.
On her part, the Chief Innovation officer, Mrs Betty Ugona urged participants to focus on the key priorities of energy transition with particular focus on NNPC’s business sustainability.
She said the new NNPC with the backing of the PIA is focused on innovation towards the demonstration of extended energy forms away from the fossil fuels via technology that have the potentials to outperform the current market leaders.
The chief innovation Officer noted that innovation was the watchword in every corridor of today’s business, while expressing delight that the NNPC through the RTI was not going to be left behind.
The event also had in attendance, the Group General Manager, NNPC Leadership Academy, Mrs Ada Oyetunji.
Meanwhile, the NNPC Limited has urged Nigerians to look inwards for the financing of major projects, as this would help to mitigate the effect of stoppage of funds from the international market
The company was of the view that the current global gas crisis was as a result of shortage of investments in the oil sector as activists, investors, and climate change advocates also continue to mount pressure on banks and oil companies to withdraw funding for fossil fuel related projects.
Speaking at the 10th Practical Nigerian Content (PNC) Conference organised by Nigerian Content Development and Monitoring Board (NCDMB), in Yenegoa, Bayelsa State, Adokiye Tombomieye Group Executive Director, Upstream, NNPC, urged Nigerians to look inwards for financing of major projects.
He said there might be no end in sight to the overheating of the oil market, which could even worsen if the required financing of major oil and gas projects continued to lag.
The event was attended by several industry and non-sector players, including the governor of Bayelsa State, Douye Diri, Group Managing Director and Chief Executive officer, NNPC, Malam Mele Kyari and Simbi Wabote, Executive Secretary NCDMB.
Others present at the event were the Country Chair, Shell Nigeria, Osagie Okunbor; Chief Executive Officer, Nigerian Upstream Regulatory Petroleum Agency (NURPC), Gbenga Komolafe attended virtually
Tombomieye, who was represented by the Group General Manager, National Petroleum Investment Management Services (NAPIMS) Bala Wunti, said there had been a downward spiral in investment in the oil and gas industry since 2000. But he stressed that with the Petroleum Industry Act (PIA) things would change from 2022
Tagged, “Driving Nigerian Content in the New Dawn of the Petroleum Industry Act,” the NNPC top official, who spoke during one of the sessions, maintained that there is an on-going trend of upward movement in the industry.
“The reason is not far-fetched,” Tombomieye stated, adding, “We have seen the consequence of uncertainty in the industry. Investment and uncertainty never mix.
“Whether we go ahead with the energy transition or not we have already created a monster and that monster is that we now have finance activists, investment activists that have come into the space to create problems for energy investment.
“Energy investment is being attacked and will continue to be attacked in the fossil fuels industry. Investment capital is now very discriminatory against fossil fuels, but not only that, it has become more and more impatient.”
According to the GED, the crunch on finance and investment has not created the new energy crisis across the globe, but has seen the prices of gas skyrocketing in the last few months.
However, he stated that the situation had also brought about significant opportunities for Nigeria, which would now have to look elsewhere to finance major projects.
He said: “If I’m not getting money from JP Morgan and I’m not getting money from Blackwell, if Shell is running away, where else will the money come from.
“And this is a challenge for the service contractors. We know that there should be active collaborations by the service contractors.”
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