The Nigerian National Petroleum Corporation (NNPC) has explained why it unveiled new policy framework tagged, ‘12 Business Focus Areas (BUFA)’.
According to the Group Managing Director Dr. Maikanti Baru, the new idea will drive the business development of the corporation and refocus the business mindset to be profitable.
The components of 12 BUFA, include security of NNPC assets and the development of new Business Models that would grant autonomy to the various units of the Corporation.
In a statement, NNPC said “Settling Joint Ventures Cash Calls; Ramping up crude oil production and reserves growth; Growing NPDC as the Corporation’s cash cow and Focusing on gas development for both domestic and export markets.
Others are the upgrading of existing refineries and creating opportunity for refining expansion.
“Focusing on renewable energy and Frontier Exploration, revamping the oil and gas infrastructure; pursuing profitable ventures and common services; and ensuring professionalism and Accountability of the Corporation.
Catering for the welfare of staff who are regarded as critical stakeholders for the success of the vision, is another component.
Baru who received the report, described the preliminary work done by the various 12 BUFA committees as “a commendable effort”.
He directed the Chief Operating Officers (COOs) of the Corporation to start immediate implementation of the policy framework.
He advised the COOs to revert to Management in cases of getting better clarifications on any grey areas, saying in such cases, the documents would be subsequently reviewed jointly by NNPC Management and the Committees, followed by full implementation.
