The Minister of State for Petroleum Resources, and the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, has identified procurement as the weakest link in the Nigerian oil and gas industry value chain, Vanguard reports.
Kachikwu, said this at the opening of the 2016 edition of the Offshore Technology Conference (OTC), which kicked off Monday, at the Reliant Park in Houston, Texas, United States of America. Represented by Mr. Saidu Mohammed, Group Executive Director, GED, Gas and Power, NNPC, Kachikwu said that there is a need for Nigeria to domesticate its oil and gas industry so as to achieve optimum benefits especially with regards to the procurement aspect.
While acknowledging the negative effects of the dwindling oil price, the Minister reiterated the need to look inwards and reduce costs, so as to stay afloat. He said “You can only reduce the cost when you produce them locally. That is the direction we are going now. That is why we appreciate PETAN and its members. We need to be cohesive. We need to be focused. We need to be determined to make sure that the Nigerian oil and gas industry is completely managed by Nigerians”.