The Minister of State for Petroleum Resources, Dr Ibe Kachikwu and Group Managing Director of NNPC, Mr Maikanti Baru, met on Tuesday and discussed opportunities to further develop the nation’s oil and gas sector.
They met in Abuja at the ongoing Nigerian Economic Summit at the Energy Policy Committee session.
The News Agency of Nigeria reports that the duo had been involved in controversies over alleged misapplication of funds at the NNPC, leading to the intervention of President Buhari.
Baru, who led a session, came first at the venue of the programme, while Kachikwu walked in some few minutes later.
As soon as the Minister of State entered, Baru stood up, approached him and exchanged pleasantries with him.
Kachikwu also suggested that he be represented at the second session of the dialogue by Baru, a request the organisers declined, because Baru was to chair a session as it would affect his participation.
Kachikwu left while the breakout held and did not return until the end of the closing session.
Baru stood in for him as the Chairman of the session, and when he returned, he joined as the co-chairman.
At the end of the programme, they exchanged pleasantries further, took some photographs, chatted and walked out of the hall together.
On the opportunities in the Nigerian oil and gas industry, Kachikwu said the industry had enormous potentials evolving on a daily basis.
He, however, said that the operating environment was tough, adding that the Federal Government was looking at areas it could provide incentives to boost returns for investors, to attract more investors into the industry.
He said that the Federal Government was putting in place modalities to increase the scope of its earnings in the industry.
He said that the environment was improving, adding that companies that had suspended their big projects were beginning to look at the potentials of reviving them.
Kachikwu further stated that the Federal Government was currently conducting a study to determine reasons why only nine marginal oil fields awarded were involved in production out of the 24 awarded over a decade ago.
He said that the essence of the investigation was to determine factors preventing the oil fields from producing.