'We have seen the worst, lessons have been learnt, and the solutions are being institutionalised to ensure we never see a repeat,' an official said.
had cleared the $3.8bn cash call indebtedness to its Joint Venture Partners.
Mr Wunti dwelt on the successes recorded in the last twelve months as a panacea for growth and unlocking opportunities in the Nigerian Upstream Oil and Gas Industry. According to him, the enactment of the Petroleum Industry Act 2021 and its implementation effectively ended the fiscal uncertainties and empowered the newly established institutions to discharge their mandates effectively.
He explained further that the response to the security challenges was deploying the industry-wide security architecture, adding that the NNPC Ltd sought and obtained Presidential approval to rally stakeholders to implement a holistic hydrocarbon infrastructure security architecture to tackle the issue of crude oil theft and vandalism of oil and gas assets.
To address the Upstream Production Cost, he stated that the Nigerian Upstream Cost Optimization Program was launched to bring synergy amongst upstream payers in the Country to drive down costs.
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