The Chairman and Managing Director of the ExxonMobil, Paul McGrath, who is also the Chairman of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industries (LCCI), disclosed this today at the 2019 edition of the Annual Conference of the Nigerian Association of Energy Correspondents (NAEC) in Lagos.

The ExxonMobil boss, in his opening remarks as chairman of the conference, listed NNPC prompt settlement of the cash-call arrears as one of the many interventions by the corporation that helped the company to remain stable in business.

In his keynote address, the Group Managing Director of the NNPC, Mallam Mele Kyari, said the corporation, beyond efforts to fix the refineries, was focusing on unlocking the huge opportunities in the gas sector to fast-track the country’s industrialization agenda.

“Of much importance is the position of gas as a catalyst for national development. All hands must be on deck to ensure that, using the realistic government policies, gas is fully utilized domestically to power industries and fast-track the nation’s march towards industrialization”, the GMD stated.

Mele Kyari, who was represented by the corporation’s Chief Financial Officer, Umar Ajiya, stated that the national oil company was looking at the full deployment of modern technologies to drive efficiency and institute a transparent system that could compete favourably with other players on the global stage.

“We are also leveraging on technology and innovation to achieve the goal of building an energy company of global excellence, ready to impact positively on the nation’s economy”, he said.

The NNPC boss emphasized the need for all stakeholders to work together in an atmosphere that is beneficial to all players in order to place Nigeria on the path of development.

Mele Kyari informed that the corporation was committed to taking critical decisions that would position Nigeria on the path of growth, prosperity and development, noting that the teeming Nigerian youth have high hope in the current leadership.

Earlier in his address, the Chairman of the Nigerian Association of Energy Correspondents (NAEC), Tunde Dodondawa, said there was need for the country to look beyond fossil fuel and venture into renewable energy for a safer environment.

The post ExxonMobil attributes business success to NNPC’s transparent leadership appeared first on New Mail Nigeria.

The Group General Manager, Group Public Affairs Division of NNPC, Ndu Ughamadu, stated this in a press release made available to press men on Wednesday.

According to Ughamadu, the Managing Director of NNPC, Dr. Maikanti Baru, who spoke at a commemorative close-out ceremony to mark the conclusion of NNPC/MPN Cash Call Repayment Agreement, disclosed that the feat was a product of determination and hard work.

Dr. Baru stated that NNPC management came up with the novel cash-call exit strategy to boost investors’ confidence and grow the nation’s oil and gas industry, adding that the payment did not in anyway undercut remittances to the Federation Account as it was achieved through revenue from incremental production.

“It is gratifying to note that within two years of this agreement, the NNPC/MPN JV significantly executed in incremental activities that generated adequate proceeds to liquidate the $833.57 million cash-call arrears, whilst ensuring that revenue flow from the JV to the Federation remained stable”, the GMD stated.

He explained that with the close-out of the repayment agreement, the entire incremental production which is over 45,000 barrels of oil per day (bopd) has been migrated to Federation’s equity and would invariably lead to an increase in revenue to the Government.

Dr. Baru acknowledged the support of President Muhammadu Buhari and some relevant agencies in achieving the speedy execution of the repayment plan, adding the next level “is for NNPC and MPN to within two years, migrate the Joint Venture (JV) into an Integrated Joint Venture (IJV) with its Board operating independently and paying dividends to its shareholders”.

On his part, the Managing Director of the Mobil Producing Nigeria, Paul McGrath said the milestone was a victory for MPN, NNPC and Federal Government of Nigeria.

MacGrath commended Dr. Maikanti Baru for driving a transparent system that brought about the early close-out of the repayment agreement, stressing that MPN had no more fear or reservation in dealing with NNPC in future projects.

“I would like to commend the leadership team of the NNPC, especially the Group Managing Director, Dr. Maikanti Baru, for his strong and relentless leadership that has resulted in the resolution of what was becoming an intractable matter. This is in addition to other noteworthy contributions he has made to the advancement of the industry since assuming office”, the MPN boss said.

The high point of the event was the official signing of Deed of Settlement of Pre-Production Costs for Usan in OPL 222/OML 130 at a negotiated cost of about $1.076billion as against initial $1.45billion cost.

The post NNPC concludes payment of cash-call arrears to Mobil appeared first on New Mail Nigeria.

Ogechukwu Udeagha, Manager, Media and Communication, said in a statement issued in Lagos that McGrath will succeed Nolan O’Neal, who elected to retire after 34 years of service.

Udeagha said that McGrath was a senior executive in charge of project execution for ExxonMobil Development Company, based in Houston, Texas.

McGrath joined ExxonMobil in 1999 and had held a variety of technical and managerial positions in upstream and downstream operations while working in the U.K, Korea, Qatar, Australia and the U.S.

Follow Us

“

The post Exxomobil Nigeria appoints Paul McGrath as new MD appeared first on New Mail Nigeria.