Nigerian National Petroleum Corporation (NNPC) has said that it has
saved over $3billion from arbitrations.
The Corporation’s Group Managing Director, Mallam Mele Kyari, who
disclosed, recently, at Abuja when he engaged staff of the corporation in a
Town Hall meeting that also involved the participation of the corporation’s
outstation-staff, gave kudos to the Management of the corporation’s Legal
Division for the save, saying its due diligence accounted for the feat.
Speaking further at the Town Hall engagement, Mallam Kyari urged the
corporation’s workforce to redouble their efforts to ensure that the nation
reaps bountifully from its vast hydrocarbon resources which the National Oil
Company has the mandate to superintend.
He charged that it was imperative for the corporation to increase its level of
efficiency, reduce cost and increase revenue across value chain of its
businesses within the shortest possible period.
The GMD seized the opportunity of the event to update members of staff on the
recent NNPC Top Management retreat which prescribed a five-step approach for
the corporation to attain global excellence via the TAPE agenda (Transparency,
Accountability and Performance Excellence).
He listed the steps to include: Well defined processes benchmarked to
World-class Oil & Gas company requirements, Right cost structure that
guarantees value realization and profitability, Goals, priorities and
performance guarantee, Suitable governance structure for strategic business
units and Entrenching team work and collaboration with all key stakeholders.
The NNPC GMD took stock of his tenure, noting that some remarkable successes
had been recorded within the period.
The achievements, he explained, included: attainment of over 2billion litres of
Premium Motor Spirit reserve, completion of Phase1 of Port Harcourt Refinery
Rehabilitation exercise, Discovery of Oil in Kolmani River-II Well and the
Re-opening of OML 25 flow station after two years of inactivity as a result of
community issues between the host community/Belema Oil and Shell Petroleum
Development Company.
The achievement, he noted, also included; signing of novation agreement with
Nigerian Agip Oil Company (NAOC) to formalize the transfer of OMLs 60, 61 and
63 to the Nigerian Petroleum Development Company (NPDC), Execution of a
funding, technical services agreement and alternative financing deal worth USD
3.15billion for OML 13 and USD876million for OML 65.
Others are; signing of USD2.5billion prepayment agreement with Nigerian
Liquefied Natural Gas Limited (NLNG) for Upstream gas supply for trains 1-6,
Finalization of the 2018 audit of the NNPC Group and improved engagement with
key stakeholders, notably, the National Assembly.
Kyari commended the NNPC workforce for dedication and constructive feedbacks
which, he said, had gone a long way in shaping the successes recorded thus far.
During the event, the GMD also launched the banners of the corporation’s
Downstream company, the NNPC Retail Limited, with a view to positioning the
company as a market leader in the products distribution subsector in the
Country.
Comrade Mathew Duru, the NNPC Group Chairman of the Petroleum and Natural Gas
Senior Staff Association of Nigeria (PENGASSAN) pledged the commitment of staff
members to the aspirations of the NNPC Management.
Similar sentiment was expressed by Comrade Paul Idache, NNPC Group Chairman of
the National Union of Petroleum and Natural Gas Workers (NUPENG
NNPC Saves Over $3bn from Arbitrations
