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  • NNPCL blames petrol scarcity on distribution challenge

    NNPCL blames petrol scarcity on distribution challenge

    The Nigerian National Petroleum Company Limited (NNPCL) has blamed the scarcity of petrol in Abuja and Lagos on the distribution challenge.

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    In a statement issued by its chief corporate communications officer, Olufemi Soneye, the national oil company said: “The NNPC Ltd regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT, which is as a result of distribution challenges.”

    He urged motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy.

  • NNPCL denies $6.8bn debt to international traders

    NNPCL denies $6.8bn debt to international traders

    The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that it owes international traders $6.8 billion.

    In a statement issued on Sunday, August 18, the company’s Chief Corporate Communications Officer, Olufemi Soneye, addressed the allegations.

    Soneye stated that NNPCL’s attention was drawn to a media report alleging that the company is indebted to international oil traders for $6.8 billion and that it has not remitted revenues to the Federation Account since January, among other accusations.

    “Consequently, the following clarifications have become necessary: That NNPC Ltd. does not owe the sum of $6.8bn to any international trader(s),” he said.

    Soneye noted that in the oil trading business, transactions are carried out on credit, and so it is normal to owe at one point or the other.

    He further explained that NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders.

    The spokesperson added that the company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis. 

    Read Also: 2025 Budget: Shettima charges agencies on adherence to extant mandates

    The rejoinder said: “It is not correct to say that NNPC Ltd. has not remitted any money to the Federation Account since January.

    “NNPC Ltd. and all its subsidiaries remit their taxes to the Federal Inland Revenue Service (FIRS) regularly. This is in addition to payments of CIT to road contractors under the Road Investment Tax Credit Scheme.

    “In all, NNPC Ltd. is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC). 

    “On the issue of quality/quantity fiscalization of imported petroleum products, NNPC Ltd. has no role whatsoever as it is not a regulator. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is the relevant regulatory agency in charge of such issues, is an independent body and does not report to the NNPC Ltd.  

    “That NNPC Ltd. is not averse to inquiries by the media into issues on and around its operations before dissemination to the public either through the print or electronic channels of communication as the company will, always, gladly take the opportunities to state the facts of the subject matter(s). “This is in line with the company’s commitment to the Transparency, Accountability, and Performance Excellence (TAPE) philosophy as emplaced by the Mele Kyari-led management since stepping into the saddle in 2019.”

  • 1.65mpd Crude Oil Output: Tinubu’s Executive Orders bearing fruit – NNPCL Spokesman Soneye

    1.65mpd Crude Oil Output: Tinubu’s Executive Orders bearing fruit – NNPCL Spokesman Soneye

    • Explains what Kyari is doing to reactivate capped oil wells

    Olufemi Soneye, the Chief Corporate Communications Officer, CCCO, of Nigeria National Petroleum Corporation Limited (NNPCL) discusses the successes recorded by the Mele Kyari-led organization in increasing crude production output, improved earnings and the positive impact of the Executive Orders of President Bola Tinubu in the energy space and concludes that things can only get better, soon. He spoke with Funsho Kareem. Excerpts:

    There’s this buzz about NNPC’s repositioning by its Group CEO, Mele Kyari.  What’s this about?

    The truth is that the buzz about Mele Kyari’s transformation of NNPC Ltd is well-deserved. Since taking charge in July 2019, he has driven significant organizational renewal and greatly improved NNPC’s performance and long-term viability. Kyari has been the driving force behind ambitious business growth and has instilled a new commercial mindset throughout the company’s entire value chain.

    Under his leadership, the NNPC Ltd workforce has been revitalized. Today, the company continues to attract the interest of business partners, customers, suppliers, and shareholders. Since its transition to a commercial entity under the Petroleum Industry Act (PIA) 2021, and in line with the Company & Allied Matters Act (CAMA) provisions, NNPC Ltd has consistently delivered value despite its unique operational challenges.

    Kyari has successfully positioned NNPC Ltd for success in the global energy industry by strengthening competencies and capabilities through broad-based leadership exposure and deepening a culture of performance across the organization. Governance within NNPC Ltd has also been enhanced, with a focus on agility and consequence management.

    Through his vision of Transparency, Accountability, and Performance Excellence (TAPE), Kyari has instilled a clear culture of commerciality, profitability, efficiency, and growth. The results speak for themselves. For the first time in 43 years, NNPC declared a profit. From a loss of N803 billion in 2018, the company reduced this to just N1.7 billion in 2019. Remarkably, in 2020, NNPC posted its first-ever profit of N287 billion, which grew to N674.1 billion in 2021, and by the end of 2022, it had soared to N2.548 trillion—a historic achievement in the company’s financial performance in over 46 years.

    Kyari’s impact is also evident in the successes of the nation’s gas infrastructure projects. Since his tenure began, several gas projects have been completed, with many more underway. These include the expansion of AHL Gas Processing Plant in Imo State, the ANOH Gas Processing Plant, the 23.3 km ANOH to OB3 Gas Pipeline in Kwale, the IGHF in Oredo, and the Methanol Plant in Bayelsa. Upcoming critical gas projects include the OB3, Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, and the Nigeria-Morocco Gas Pipeline Project (NMGP). These projects aim to enhance domestic gas utilization, improve power generation, create jobs, and increase national revenue.

    NNPC Ltd, under Kyari, is also leading the charge in deepening CNG/Autogas utilization through its NRL Filling Stations and partnerships with downstream players like NIPCO. Thousands of Nigerians are now adopting this cheaper, cleaner energy alternative, aligning with global trends.

    The excitement surrounding Kyari’s leadership is genuine and well-earned due to the positive changes he has brought to the company. He remains committed to these monumental achievements. As the GCEO often says, “Stop the debate, get it done,” and he leads by example. That’s why we focus on the enormous task of ensuring energy security for the nation, rather than responding to every criticism.

    But you will agree that there are some Nigerians who would disagree with your assessment…

    That’s true because people naturally have different opinions and perspectives on these issues. However, it’s clear that the majority would likely agree with this assessment. When we say Kyari has put NNPC Ltd on a path of growth and profitability, it’s not just talk. Under Kyari’s leadership, NNPC Ltd is actively working to grow Nigeria’s oil and gas reserves by intensifying exploration across the country.

    The results of Kyari’s efforts speak for themselves. He has been investing in new projects and assets aimed at proving at least one billion barrels of crude oil reserves. Just consider the achievements like the Kolmani Spud-in and oil discovery in Gombe/Bauchi, the Ebenyi-A Well Spud-in in Nasarawa, and the Wadi-A Well Re-entry in Borno.

    Read Also: Tinubu orders reduction of Nigeria’s official delegation to UNGA

    Soon, our refineries will be back online, thanks to Kyari’s crucial role in enhancing in-country refining and ensuring national energy security. The simultaneous rehabilitation of the Port Harcourt, Warri, and Kaduna refineries is well underway. Additionally, NNPC Ltd is in strategic partnerships with some private refineries and has been supporting modular refineries. For instance, we backed the Dangote refinery with a $1 billion investment to take a stake in the project.

    Kyari’s contributions are not just visible; they are driving tangible progress across the board.

    How will NNPCL ensure that the decades long non-release of financial statements that it has broken would be sustained?

    This is a new NNPC with a fresh business focus and a commercial mindset. Most importantly, we are now a limited liability company. With our new status, it’s mandatory for us, like all companies under the Company & Allied Matters Act (CAMA), to regularly open our books. Plus, don’t forget we’re working towards a groundbreaking Initial Public Offering (IPO).

    I’m confident that this progress will be sustained. Under Mele Kyari’s leadership, we’ve broken numerous positive records at NNPC and have continued to build on them. He took the company from a loss of N803 billion in 2018 to a profitable business, declaring profits for three years in a row.

    How has NNPCL given teeth to some aspects of President Tinubu’s Executive Orders in the energy space?

     The Presidential Executive Orders on oil and gas have been absolutely crucial for NNPC Ltd in fulfilling its mandate. President Bola Ahmed Tinubu has shown strong support and has truly set the sector on the path to success.

     Under Kyari’s leadership, NNPC Ltd is fully aligned with the Federal Government’s ambition to accelerate economic growth and diversify the economy for the benefit of all Nigerians. This is being achieved through timely, credible, clear, and consistent policies.

     The results are visible to everyone, and we must commend Mr. President for the Executive Orders and for empowering the nation’s security agencies with the resources they need to protect national assets.

     For instance, First E&P has often shared how NNPC helped save the company from financial difficulties by supporting them in delivering the 60,000 bpd Madu-Anyala fields. There are many other businesses in the industry today that speak about how NNPC Ltd’s partnership has been instrumental in their success

    What is being done to revive oil wells that have been capped?

    We’re doing quite a bit in that area. For example, NNPC Limited recently launched an Upstream Hydrocarbon Production War Room to review and support all activities aimed at increasing hydrocarbon production. This includes safely reopening temporarily suspended wells for maintenance and well intervention activities. We’ve already identified candidate wells for reactivation across various assets, and NNPC Limited is providing operators with the necessary support to fast-track these operations and get the wells back online.

    To give you a better understanding, it’s important to know why oil wells are suspended (or plugged) in the first place. Generally, in the oil and gas industry, there are three main reasons for deciding to plug and abandon a well: safety concerns and environmental protection, resource depletion, and the end of a lease agreement. In cases of resource depletion or the end of a lease, wells are typically permanently plugged and abandoned because there’s no reason to reopen them unless further exploration uncovers significant opportunities.

    In Nigeria, insecurity is another factor that can lead to the plugging of a producing oil well. In some instances, companies have had to abruptly abandon producing facilities due to safety concerns, waiting for conditions to improve before resuming operations. However, with the improving security situation, thanks to the success of the Industry-Wide Security Collaboration for protecting hydrocarbon infrastructure, we’re seeing fewer cases of facilities being abandoned due to insecurity. Operators are now able to re-enter those previously abandoned wells.

    But don’t you think these efforts may not enjoy good dividends because of oil theft?

    Thinking that way would undermine the efforts of our security agencies and other stakeholders in the fight against crude oil theft. As I mentioned earlier, we’ve made significant progress, as shown by our current crude oil output of 1.65 million barrels per day. We’re grateful to the Chief of Defense Staff, the team, and all other stakeholders involved.

  • NNPCL uncovers 63 illegal refineries in Rivers, Delta, A/Ibom

    NNPCL uncovers 63 illegal refineries in Rivers, Delta, A/Ibom

    The Nigerian National Petroleum Company Limited has said security operatives uncovered 19 illegal pipeline connections and 63 illegal refineries in the past week.

    “In the past week, 19 illegal pipeline connections and 63 illegal refineries have been uncovered,” said the state-owned company.

    It statd this in its report, which covered August 3-9 2024, entitled: “War on Crude Oil Theft’’.

    The report said there were 177 cases.

    Read Also: NNPCL and the sustained disinformation campaign

    NNPCL noted that the reports were from Tantita Security sources, Shell Petroleum Development Company, Pipeline Infrastructure Nigeria Limited, NNPCL 18 Operating Limited, NNPC Command and Control Centre and government security agencies. In the past week, said the report, 19 illegal connections were uncovered in Rives, Bayelsa, Delta and Akwa Ibom states.

    It added that the 63 illegal refineries were discovered and confiscated in Oloibiri in Bayelsa State and also in Delta State.

    Stolen crude oil, said the report, was discovered in River State. NNPCL further noted that 17 vehicles were arrested in Bayelsa, Rivers and Akwa Ibom states. The report said 15 wooden boats conveying crude oil were confiscated in Rivers and Bayelsa states.

  • NNPCL and the sustained disinformation campaign

    NNPCL and the sustained disinformation campaign

    • By Tayo Williams

    There is a steady and sustained dispensation of disinformation about Mele Kyari, the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited. But, what did Kyari do to upset the apple cart? Is he a victim of his success? What could he have done to offend those attempting to obliterate his catalogue of achievements, and hanging him out to dry as an economic saboteur?

    The campaigns of calumny against Kyari are of frightening volume, velocity, and variety.

    In the past couple of weeks especially, a deluge of disingenuous disinformation, dilettante opinion articles and editorials, blog posts, and even tweets has been unleashed, underpinning the consensus that ‘Project Batter, Bruise, Bash, and Boot Out Kyari’ is in motion and has become the sun around which the daily to and fro of the masterminds revolves.

    Given his successful turnaround records in the NNPCL, it would have been easy to say that the masterminds are on a wild goose chase. However, a lie left unchallenged for too long may be taken as the Holy Grail.

    The oil and gas industry is Nigeria’s cash cow and has churned out substantive and emergency billionaires. Before it transitioned into a limited liability company, the legacy corporation, NNPC, was regarded as the cash dispenser (Automated Teller Machine) of successive Nigerian governments. Oil theft and pipeline vandalism were the order of the day with the resultant effect on production. Over the years, billions of naira went down the drain in the name of reviving the comatose refineries while the corporation was never known to remit revenue to the federation account.

    Nigerians have not forgotten how former governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, caused nationwide panic when he said that $20bn in oil revenue had not been accounted for. It was the reign of flagrant impunity, opacity, and corruption. Then came Mele Kyari, the University of Maiduguri-trained geologist. He superintended the corporation’s transition into a limited liability company and has been steering its ship adroitly since then.

    In two years, the NNPCL has grown from a loss-making position to a profit-making entity. The days of opacity are over with the introduction of the Transparency, Accountability, and Performance Excellence (TAPE) initiative, which occasioned the publication of the Monthly Financial and Operations Reports (MFOR), underscoring the corporation’s commitment to transparency, accountability, and open dialogue that are fundamental to building public trust. The TAPE initiative, Kyari said, “places NNPCL in a unique position globally as the only national oil company that publishes its financial and operations reports every month. Such transparency not only enhances accountability but also provides valuable insights into NNPCL’s activities, performance, and strategic direction.”

    Read Also: CNG: NNPCL leads Nigeria’s quest for a new world

    Further, Kyari enlisted the NNPC LTD with the global transparency body, Extractive Industries Transparency Initiative (EITI), a Norway-based organisation that seeks to establish international standards for the good governance of oil, gas, and mineral resources while addressing the key governance issues in the extractive sectors. In its recent global assessment of the NNPCL, the EITI scored the corporation high for enhanced transparency and accountability standards, increased competitiveness, and concerted efforts in combating corruption in the global oil, gas, and mining sectors.

    He also instituted a broad range of reforms including collaborating with security agencies and private security contractors while also establishing a control centre known as the Central Coordination, Data Integration, and Activation Control Room to provide surveillance of all the country’s oil and gas assets in the Niger Delta. The NNPC Data Control Centre uses video visibility to monitor the pipeline networks in the Niger Delta where more than 90 percent of the country’s crude is explored.

    Kyari has vowed to get the Kaduna, Port Harcourt, and Warri refineries working optimally again, promising that Nigeria will become a net exporter of petroleum when they are rejuvenated. He has also led the charge in reducing the impact of the fuel subsidy removal on Nigerians with the implementation of the Presidential Compressed Natural Gas (CNG) initiatives launched by President Tinubu to provide cheaper alternative fuel to motorists, stimulate the economy, and reduce carbon footprints.

    Despite this catalogue of achievements, Kyari continues to be blackmailed, vilified, and scapegoated by an oil mafia that wants the old days of flagrant impunity and milking of Nigeria’s commonwealth to return. Nigeria’s economy is slowly rebounding after tail-spinning into an abyss due to bad management. But the recovery pace has been further slowed down by the forces that want to hang Kyari out to dry.

    He has been accused of sabotaging the Dangote Refinery by not meeting up with its crude oil supplies. But he denied the allegation saying the law is clear on domestic crude oil supply obligations and providing for local refineries. “(The) Refining business is a straightforward business. You must secure (a source for) your feedstock and you must find a market. This is basic and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery,” Kyari stated.

    While appearing before an ad hoc senate committee on August 7, Kyari declared that the attacks were deliberate and calculated to create the impression that the NNPCL and its leadership are creating economic sabotage in the country, saying, “And all of us see what is happening in the media – targeted attack on my person, on the institution, and we all know how this works.”

    On the alleged importation of sub-standard products into the country, Kyari said the NNPC Limited has nothing to do with that as the relevant regulatory agencies will, by law, not allow any sub-standard product into the country.

    The most recent attack came from Daily Trust, which jumped on the obnoxious bandwagon with the editorial, last Monday, “NNPC Must Go,” asking rather astonishingly, “Is the NNPC a state-owned enterprise, a public service provider like a university or yet, a private company like Innoson Motors? Or is the NNPC all three at once?”

    Bynow, every Nigerian ought to know that after about 45 years of operating as a fully-owned government company, the NNPC was transformed into a limited liability company in July 2022 to operate in the country’s petroleum industry. And, it has been operating as such for the past two years, and profitably and transparently too.

    It is one of three things – either Kyari is a victim of his success, a soft target for the prevailing economic hardship, or he is merely a personification of the aphorism that uneasy lies the head that wears the crown. Whatever it is, the damaging disinformation needs to stop immediately in the interest of Nigeria.

    • Williams is a Lagos-based media executive.
  • NNPCL uncovers 63 illegal refineries

    NNPCL uncovers 63 illegal refineries

    The Nigerian National Petroleum Company Limited (NNPCL) has said security operatives have uncovered 19 illegal pipeline connections and 63 illegal refineries in the past week.

    “In the past week, 19 illegal pipeline connections and 63 illegal refineries have been uncovered,” said the state – owned company.

    The NNPCL in its 3rd to 9th August 2024 report on “War on Crude Oil Theft,” made this disclosure.

    The report said there were 177 cases at different incidence sources.

    NNPCL noted that the reports were from Tantita Security sources , Shell Petroleum Development Company, Pipeline infrastructure Nig Ltd , NNPCL 18 Operating Limited, NNPC Command and Control Centre and government security agencies.

    In the past week, said the report, the 19 illegal connections were uncovered in Rives, Bayelsa, Delta and Akwa Ibom States.

    It added that the 63 illegal refineries were discovered and confiscated in Oliobiri in Bayelsa State and also in Delta State.

    Stolen crude oil, said the report, was discovered in River State NNPCL further noted that 17 vehicles were arrested in Bayelsa, Rivers and Akwa Ibom States.

    The report said 15 wooden boats conveying crude oil were confiscated in Rivers and Bayelsa States.

    51 of the incidences, said NNPCL, took place in the deep blue water with 21 in the Western region, 29 in the central region, and 76 in the Eastern region.

    In the period under review, NNPCL said 16 suspects were arrested.

    The report vowed “For NNPC Limited there is no backing down on the war against crude oil theft until the menace is eradicated for good.” 

  • Senate panel knocks NNPCL, FIRS, police for not responding to audit queries

    Senate panel knocks NNPCL, FIRS, police for not responding to audit queries

    The Nigerian National Petroleum Company Limited (NNPCL), Federal Inland Revenue Service (FIRS), Nigeria Police Force yesterday came under scathing criticism for persistently failing to respond to queries raised against them in the 2019 report of the Auditor General of the Federation (AuGF).

    Twelve Ministries, Departments and Agencies (MDAs) were also reprimanded yesterday by the Senate Committee on Public Accounts.

    Chairman of the Committee Senator Ahmed Wadada Aliyu (SDP – Nasarawa West), told reporters in Abuja that his panel would sustain such queries and equally report the affected agencies to the Senate in plenary since their heads refused to respond to queries raised against them after several opportunities.

    He added that the attitude of the affected public agencies on persistent refusal to respond to queries against them in the audit report was both frustrating and detrimental to the aspirations and goals of the President Bola Tinubu-led federal government.

    He said that apart from the NNPCL, FIRS and the Nigeria Police Force, other heads of agencies involved in the habit of not honouring committee’s invitation to respond to queries against them are the Office of the Accountant-General of the Federation Nigeria Mining Cadastre Office, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Federal Ministry of Industry, Trade & Investment.

    Read Also: Minister urges commitment to promoting Tinubu’s vision for Nigeria

    Others are the Federal Capital Territory (FCT) Internal Revenue Service, Nigeria Immigration Service, Federal Ministry of Women Affairs, Ministry of Defence, Nigeria Communications Satellite Limited, etc.

    Wadada said: “It is worthy to state that the Committee commenced the consideration of the Audit Report in October, 2023, with a view to presenting its report to the plenary.

    “However, some agencies have willfully failed to honour invitations to defend their written responses to the audit queries as submitted to the Committee’s Secretariat.

    “Besides the demand for submission of written responses to audit queries, part of the Committee’s rules of engagement require that Accounting Officers attend the Committee’s Public Hearing to respond to questions arising from the analysis of their submissions which in turn forms a basis for informed decision on the matter by the Committee.

    “The desire of the Public Accounts Committee to timeously discharge its constitutional and legislative function is being frustrated by the evasive and negative actions of some CEOs or accounting officers of the concerned MDAs.”

  • Lagos gas explosion unconnected with CNG centre — NNPCL

    Lagos gas explosion unconnected with CNG centre — NNPCL

    The Nigerian National Petroleum Company Limited (NNPCL) has clarified issues surrounding the reported fire at the Mobil filling station at Ikeja, Lagos on Thursday, August 7.

    The Nation had reported that the Mobil fuel station located near the Airport Hotel on Obafemi Awolowo Way, Ikeja, Lagos had exploded on Thursday, leaving two people critically injured, six vehicles burnt, and segments of a nearby building destroyed.

    It was learnt that the explosion occurred at about 10:49 am on Thursday, August 8, when a gas tanker was discharging its content into a surface storage tank when it ignited.

    Read Also: NNPCL, marketers disagree over petrol availability

    However, a statement by Chief Corporate Communications Officer NNPC Ltd, Olufemi Soneye after the incident, said the explosion had nothing to do with the recently commissioned NNPC Gas Marketing Ltd (NGML)/NIPCO Compressed Natural Gas (CNG) Stations, which are currently functioning and running safely without any incident.

    He added that the CNG station was not affected by the explosion.

    The statement added: “The NNPC Ltd also wishes to add that the NGML was not affected by the explosion; it is not involved in the activities of the affected station and all NGML facilities in Lagos, including pipelines, metering stations, above-ground installation, and CNG facilities are in safe operating condition.”

  • Economic sabotage: NNPCL, NMDPRA, others deny complicity

    Economic sabotage: NNPCL, NMDPRA, others deny complicity

    The Nigerian National Petroleum Company Limited (NNPCL), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and some other critical stakeholders in the Petroleum sector, on Wednesday denied being involved in acts of economic sabotage in the sector

    The Minister of Finance and Coordinating Minister for the Economy, Dr Wale Edun, said the federal government is currently targeting two billion barrels of crude oil production per day as a way of gaining more foreign exchange.

    This is as the Dangote Refinery admitted that 60% of its crude oil is sourced from the NNPCL.

    The Minister of State, Petroleum, Senator Heineken Lokpobiri, the Group Chief Executive Officer of NNPCL, Mele Kyari and the Chief Executive Officer of NMDPRA, Engineer Farouk Ahmed made the denial during an interactive session organised by the Senate ad-hoc committee investigating alleged economic sabotage in the Petroleum Industry, chaired by the Leader of the Senate, Senator Opeyemi Bamidele in Abuja.

    Senator Lokpobiri in his remarks during the session said a lot of misinformation is already in the public domain on roles being played by his Ministry and other agencies in making it inclusive for interested investors.

    The planned public hearing by the Committee according to the Minister would afford Nigerians to know the truth about happenings in the sector.

    He said: “Please do us a favour by televising the planned investigative hearing on the alleged economic sabotage in the Petroleum Industry live.”

    The GCEO of NNPCL, Kyari, said the Company owned by over 200 million Nigerians should be counted out of any act of sabotage.

    Kyari said: “We are faithful, loyal and committed to the greatness of this country. We are not criminals, thieves or saboteurs as being alleged through wrong narratives.

    “The NNPCL under our management and by operational guidelines or relevant provisions of PIA Ana CAMA, is today a profit-making company after about 43 years of losses.

    “Today from 1.4million barrels it was months back, the production level has increased to 1.65million barrels per day and will soon hit the expected two million barrels per day.

    “There is nothing for NNPCL to sabotage because we are out to maximize value and profits for the country.

    “We are not against any domestic refinery because the laws are clear as far as processes and procedures are concerned.

    “As requested by the Hon Minister of State for Petroleum, the planned public hearing on alleged sabotage in the sector, should be televised live for Nigerians to know the truth of the situation on the ground,” he said.

    On his part, the Chief Executive Officer of NMDPRA, Engr Farouk Ahmed, said the planned public hearing should be televised live for Nigerians to know those indulging in the alleged economic sabotage in the sector.

    Ahmed said: “A lot of negative stories and narratives have been written and published against us in NMDPRA on how we are carrying out our regulatory functions without us telling our own story.

    “Gratifyingly, the planned public hearing will give us the appropriate platform of laying our facts bare to Nigerians for them to know who is sabotaging who.

    “The investigation should be public and televised live,” he said.

    In his presentation, the Group Chief Strategy Officer of Dangote Refinery, Aliyu Sulaiman, said out of the five million crude oil they got in recent times, they got 60% from NNPCL, 20% imported and 20% purchased.

    He commended the NNPCL for making the huge supply to Dangote but added that the refinery is a baby that should be supported by all relevant stakeholders to grow and not die.

    However, the National Chairman of the Depot and Petroleum Marketers Association of Nigeria (DAPMAN) Abdulkabir Adisa Aliyu said Dangote declared N133 billion profit from Sugar sales in Nigeria within the last six months.

    He said such a feat was made possible for Dangote by monopolizing the Sugar business in Nigeria.

    The Petroleum sector, he added, should not be allowed to be monopolized by any person or company, saying “Monopoly kills business.”

    Similarly, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Abubakar Shettima in his presentation, advised the committee against monopoly in the petroleum sector.

    “The current value chain in the downstream should be sustained to allow other investors to participate.

    “NNPCL is doing its best but should please improve on the supply of products to retail outlets across the country to end the incessant queues at filling stations,” Shettima said.

    In his remarks, Edun said the increase in crude oil would stabilise the country’s foreign exchange market while expressing confidence in the leadership of the ad-hoc committee to conduct an unbiased and impartial investigation.

    Edun said: “In the 2024 budget, we have estimated and projected 1.7 billion barrels per day. We are below that target. Crude oil production is moving up. I believe that we have the expansion. We are up 1.6 billion barrels per day and we have this commitment that we will be able to reach two billion barrels per day.

    “And that is critical. Why it is critical is that that is the first source of foreign exchange as well as foreign revenue and at a time when President Bola Tinubu’s policies are geared at stabilizing the economy, a critical aspect of that is the inflow of foreign exchange to stabilize the exchange rate, enable the exchange rate to appreciate, thereby helping to reduce inflation, and that will now lead to the Central Bank and monetary authorities being in a position to lower interest rates and therefore encourage investment to get the economy going.

    “As we know, investment is the basis on which we can increase productivity, grow the economy, create jobs, and reduce poverty.

    “So it is critical that NNPCL, that the oil sector as a whole, performs and that’s why the fiscal environment has been improved. We all know the oil is there.

    “It is the investment environment that encourages the private investors to come in, to produce the oil, especially in the scenario of moving away from fossil fuels.

    “The NNPCL has even declared a war on issues militating against oil production in the country. We know of issues of insecurity, and issues of damage that have limited and made us come below the target. So there is a commitment to dealing with these issues.

    “The focus also remains in the oil and gas industry, in improving incentives already established as signs of executive orders, which have meant that oil and gas investments, particularly in the gas sector, have started to flow back.

    “The outlook of oil prices for the rest of this year and beyond is that the positive could be strong. We expect that the price is going to stay relatively high and so we must seize this opportunity.

    “Among other things, we must seize this opportunity to maximize the whole oil and gas sector value chain and that’s why we are here to discuss what it will take to get us really moving.

    “So I welcome this all-important conversation that I look forward to today with all my heart, in helping to achieve greater efficiency, greater investment, and greater success in our all-important oil and gas sector, particularly as well as the source of the oil, the petroleum industry.”

    In his opening remarks, the Chairman of the ad-hoc committee, Senator Opeyemi Bamidele said the committee was not out to witch-hunt anybody or a group of persons but to unravel the identities of those sabotaging the petroleum sector.

    Read Also: Fubara to monarchs: fight oil theft, end economic sabotage in your domains

    He cited the alleged importation of hazardous petroleum products and substandard diesel into the country due to the non-functional government-owned refineries in Nigeria.

    “In 2021, specifically, the Federal Executive Council approved $1.5 billion for the turn-around maintenance of the Port Harcourt Refinery. Yet, this investment has not yielded significant returns.

    “For us, in the Senate, we believe, it is unfair and unpatriotic to treat government businesses or public corporations as an orphan while private businesses are flourishing and thriving,” Bamidele said.

    The committee has fixed the public hearing for September 10 to 12, 2024 along with their counterparts from the House of Representatives.

  • There is petrol – NNPCL insists as marketers complain of shortages

    There is petrol – NNPCL insists as marketers complain of shortages

    The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday, August 7, insisted that it is not short of the Premium Motor Spirit (PMS) petrol.

    NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, who confirmed this to The Nation on the phone, also said he was yet to know if there were supply issues in the petrol market.

    He vowed to get in touch with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to find out the state of PMS distribution in the country.

    Soneye said: “We have supply. Like I was saying, we don’t have supply issues. If there are distribution issues, I will try and get in touch with NMDPRA to find out what is going on. But we have supply.”

    This is coming on the heels of a complaint of supply glitch from the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) that virtually all the filling stations have no petrol.

    Speaking with The Nation on the phone, PETROAN’s National President, Dr. Billy Harry, said the marketers are not loading the product due to supply challenges.

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    “There is no fuel. Almost every filling station is empty. I am in Port Harcourt now, there is no product.

    “We have not been able to load. We are still having the same supply glitch. It is the same supply challenge,” he said.

    On depot price, Harry noted the NNPCL has left its depot price unchanged while the product is not available in private depots.

    The National President said, “NNPCL has not changed price. Private depots don’t have fuel. If they had we would have been buying. We are all waiting for NNPCL.”

    Retail outlets across the Federal Capital Territory (FCT) were under lock and key on Wednesday for lack of the product.

    This resulted in very long queues in the few petrol stations mostly NNPCL that ended the product.

    Black marketers were on different expressways selling petrol for as much as N10,000 per 10 litre in plastic containers.