Baru tells energy economists to develop models for predicting oil industry boom-burst cycle

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The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has called on members of the Nigerian Association for Energy Economics (NAEE) to come up with economic models for predicting the boom and burst cycle in the global Oil and Gas Industry.

Dr. Baru who threw the challenge at the NAEE Annual Conference Dinner and Award Night which held Monday in Abuja said such a model could help cushion the effects of price volatility on oil dependent countries like Nigeria.

“Cycles of booms and bursts like the one we had in 2014/2015 have always been there in the Oil and Gas Industry, but no one has been able to come up with reliable scientific models to help in predicting the critical trends capable of inflicting grave impacts on our economy. My charge to you, therefore, is that your members consider channeling their energies and resources to research in this direction and come up with solutions that can save the world, and particularly crude oil dependent countries”, he said.

The GMD who was honoured with the association’s most prestigious and highest award of Distinguished Public Service commended the association for its contribution to the growth of the Oil and Gas Industry.

He said the award would spur him to do more in the service of Nigeria.

Presenting the award to the NNPC helmsman, former NNPC GMD and Grand Patron of the NAEE, Engr. Funsho Kupolokun, lauded Dr. Baru for his numerous cost-saving efforts with particular reference to his achievements when he served as the Chairman of the NNPC Anti-Corruption Committee.

Engr. Kupolokun disclosed that Nigeria was lucky to have a man of high integrity and transparency like Dr. Baru at the helms of affairs of the corporation at this time.

On his part, NAEE President, Prof. Wumi Iledare, commended the GMD for his quality leadership and outstanding contributions to the growth of the energy sector in Nigeria and remarked that the professional body’s highest award was only given to deserving Nigerians, who through their track records, have demonstrated efficiency in management.

Tracing Baru’s track-record of efficiency, the NAEE President stated that he helped save over $70 million and $575 million for the corporation as Engineering Manager at the National Engineering and Technical Company (NETCO) and at the Gas Development Division respectively through project costs optimization.

He said the award was given to Dr. Baru in recognition of his honesty and consistent commitment to quality service delivery to his fatherland.

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