Following the current wind of change blowing through every sector of the Nigerian economy since the emergence of President Muhammadu Buhari, an indigenous exploration and production, Atlantic Energy Drilling Concepts has taken a bold step in re-positioning its mode of operation.
According to multiple reports, the company is currently undergoing a complete and universal transformation, which is aimed at boosting its capacity and professionalism to favourably compete in the nation’s oil and gas industry without fear or foe.
It was reliably gathered that this mission is coming shortly after the approval by the Presidency for the implementation of the company’s debt repayment plan, which before now has prevented it from operating optimally as an exploration and production company.
With gratitude to the Presidency and the Minister of State for Petroleum Resources, Dr Kachukwu Ibe, the Oil exploration company got the chance to show its plan of settling its debts while resolving all contending issues between it and the Nigerian National Petroleum Corporation, NNPC, as well its creditors.
In a statement by the company recently, “The plan, drawn by the company and submitted a month ago was finally approved by the Presidency last week and referred to the Minister of state for Petroleum Resources, Ibe Kachikwu for implementation.
“Modalities for implementation of the approved plan and the investor’s involvement in the repayment plan have been the agenda for talks between the company and petroleum sector regulators,” it noted.
Atlantic Energy ran into troubled waters when it took charge of eight oil blocks - where it was to provide funds, technical services, drill and sell crude oil.
The company battled series of allegations and industry battle from rivals after its phenomenal success in securing the juicy Strategic Alliance Agreement with the Nigerian Production Development Company, NPDC.
It was alleged that the juicy contract was in breach of industry rules as well as its inability to honour its obligations in the agreement with the regulatory authorities because it had to fund its mandate by borrowing funds from financial institutions, which has left it indebted.
However, since the good news hit the corridors of Atlantic energy, workers have approached their different sections with a renewed strength to ensure the second chance by the Federal Government is neither wasted nor lavished.