PMB vows to reform NNPC
President Muhammadu Buhari has vowed to reform the Nigerian National Petroleum Corporation, saying the national oil company will be divided into two successor entities under his administration.
The President, who stated this in an interview with journalists in Washington DC during a four-day visit to the United States,
He said, “I am reforming the oil and gas sector, breaking up the NNPC into two parts – the first will become an independent regulator for the sector, while the second will act as an investment vehicle for the country.”
Buhari also said there would be a new bid round for oil blocks in the country, adding that he favours transparent
auction process.
“I will also end political control of the awarding of drilling and exploration rights by introducing a system of independent, transparent auctioning for licences,” the President said.
The President, who stated this in an interview with journalists in Washington DC during a four-day visit to the United States,
He said, “I am reforming the oil and gas sector, breaking up the NNPC into two parts – the first will become an independent regulator for the sector, while the second will act as an investment vehicle for the country.”
Buhari also said there would be a new bid round for oil blocks in the country, adding that he favours transparent
auction process.
“I will also end political control of the awarding of drilling and exploration rights by introducing a system of independent, transparent auctioning for licences,” the President said.
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