ERHC Energy Inc (ERHE)

[THE HuB]

A new National Nigerian oil company

By Yemie Adeoye

IN anticipation of the passage of the Petroleum Industry Bill, PIB, currently before the National Assembly, the management of the Nigerian National Petroleum Corporation, NNPC, has concluded plans to formally kick-off its transformation agenda.

NNPC’s spokesman, Dr. Levi Ajuonuma, said this in a statement in Lagos, Wednesday.

“In readiness for the unprecedented reforms that the Petroleum Industry Bill is expected to bring about in the entire oil and gas industry when it is passed into law, we are formally unveiling what will constitute the NNPC transitional transformation agenda and its timeline.”

I am speculating that the restructuring bill will break up NNPC into a handful of autonomous units and allow its new national oil company to raise funds by investing in capital markets, instead of relying on government revenues.

The reforms envisage a Nigerian oil company operating like former Brazilian oil monopoly Petrobras, Malaysia's government-owned Petronas, which has dozens of subsidiaries or Saudi Arabian state oil giant Saudi Aramco.

SNP will buyout ERHE VERY soon...IMO

THE HuB