NIPCO Plc said that it was poised to acquire marginal fields and deepwater acreages in the upstream sector through its subsidiary, NIPCO Upstream Limited.
The Chairman of the company, Dr. Bestman Anekwe, who said this at the Annual General Meeting of the company in Abuja, expressed confidence that this would be realised in the next licensing round slated by the Federal Government this year.
Anekwe told shareholders that a lot of inroads have been made in this regards, adding that the companyâ€™s focus in the year is to build a formidable petroleum company, and to deliver greater value to both customers and the shareholders.
He said: â€œIt is pursuant to this goal, that your company is poised to acquire marginal fields and deepwater acreages in the upstream sector through our subsidiary, NIPCO Upstream Limited. A lot of inroads have been made in this regard and we are confident that this will be realized in the next licensing round slated by the Federal Government in the first quarter of this year.
â€œOur retail division is growing beyond leaps and bounds. We are determined to grow our outlets to 200 by the end of this year.
â€œOur foray into the Compressed Natural Gas project is yielding desired results and is second to none in the West African sub region. We have expanded this from Benin City to Warri, and Asaba (Delta State), Onitea (Ondo State) and now Ibafo (Ogun State). Ibadan is next on line.
The phenomenal movement is gathering momentum and we will not stop until every car in Nigeria runs on Natural gas.â€
On the distribution network in the Liquefied Petroleum Gas (LPG) market, Anekwe said â€œMore cylinders and accessories have been provided to deepen LPG utilisation as domestic cooking gas.
â€œIt is also pertinent to recall that we commenced our diversification into lubricants with the franchise for Lukoil. We have recently introduced Shell lubricant which is one of the premium brands in the international market and is consistent with the brand policy of NIPCO.
â€œGradually as our market develops, we are planning to go into blending of quality lubricants in the country which will be of very high standards. We hope to leverage on our growing retail outlets and our partnering stations across the length and breadth of the nation to grow a robust customer network base for both retail and industrial customers.
â€œIt is our firm belief that all great companies were built with the spirit of team-work and constructive partnership. Without your help, support and loyalty over the years, NIPCO would not have become the corporate icon it is today.â€
He also informed the stakeholders that the company has been accorded the status of major marketer by the PPMC.
â€œI equally have the pleasure to inform you that due to our growing investment in retail outlets and other trailblazing activities in the downstream sub sector, your company was accorded the status of major marketer by the PPMC,â€ he said.