Oil & Gas

NNPC saves over $3bn from arbitrations – Kyari



The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), says the corporation saved more than three billion dollars from arbitrations.

Kyari made this known in a statement signed by Mr Samson Makoji, the acting spokesman for the corporation in Abuja on Tuesday.

The GMD spoke during  a Town Hall meeting that also involved the participation of the corporation’s outstation members of staff.

He commended the management of the corporation’s Legal Division for the savings, saying due diligence accounted for the feat.

Kyari urged the corporation’s workforce to redouble their efforts to ensure that the nation reaped bountifully from its vast hydrocarbon resources which the National Oil Company had the mandate to superintend.

He added 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 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 Transparency, Accountability and Performance Excellence (TAPE ) agenda.

He listed the steps to include well defined processes benchmark to World-class Oil and Gas company requirements, Right cost structure that guarantees value realisation and profitability.

Others are 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 noted that some remarkable successes had been recorded within the short period of his tenure.

He listed some of the achievements to include the attainment of over two billion litres of Premium Motor Spirit reserve and completion of Phase1 of Port Harcourt Refinery Rehabilitation.

Others, he noted include 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 issues between the host community/Belema Oil and Shell Petroleum Development Company.

Our achievements also include “signing of novation agreement with Nigerian Agip Oil Company (NAOC) to formalise the transfer of OMLs 60, 61 and 63 to the Nigerian Petroleum Development Company (NPDC).

“The execution of a funding, technical services agreement and alternative financing deal worth 3.15 billion dollars OML 13 and 876 million dollars OML 65.

“Signing of 2.5 billion dollars prepayment agreement with Nigerian Liquefied Natural Gas Limited (NLNG) for Upstream gas supply for trains 1-6, Finalisation of the 2018 audit of the NNPC Group and improved engagement with key stakeholders, notably, the National Assembly”.

Kyari commended the NNPC workforce for its dedication and constructive feedbacks which, he said, had gone a long way in shaping the successes recorded thus far.

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 members  of staff to the aspirations of the NNPC management.

Edited by Ese E, Ekama


A’Ibom Assembly raises concern over invasion of market by criminals  Foundation inaugurates digital platform to track press freedom violations in Africa Group lauds ISPHCDA’s giant stride in healthcare delivery in Imo Deputy VC seeks collaboration among medical practitioners to solve emerging health challenges Reps urge FG to release take-off grants for universities NEPZA urges zone operator, enterprise, to stop attacks on each other PDP NWC ratifies removal of Adagunodo as Osun Chairman UN urges action to address economic devastation caused by COVID-19 Zoho stresses the need for long-term business approach Kaura LG Chairman: Abductors yet to contact family – Council spokesman Senate to receive 2021 budget estimates next week — Lawan RMAFC visit: Umahi canvasses enhanced revenue allocation to Ebonyi Nigeria @60: FG presents N16.5m to winners of anniversary branding competition COVID-19:NIMR presents SIMA test kits to Health Ministry Nigeria at 60: CAN appeals to Buhari to sign Electoral Reform Bill COVID-19: NGO support Police with protective equipment in Sokoto FG declares Thursday public holiday to mark Nigeria’s 60th Independence Anniversary FAO tasks Nigeria on livestock sector investment for food, economic growth Coalition seeks protection for local businesses Alleged pension fraud: Absence of Maina, Sen. Ndume stalls trial COVID-19: Jigawa Govt to reopen schools soon – Gov. Badaru Sokoto: Police arrest man over alleged circulation of rape video on social media IOC has been working to improve opportunities and image for women, official says Gov. Buni swears in new Yobe chief judge NCC inaugurates evaluation committee for 2020 research proposals NGO advises parents against promoting sex trafficking abroad [email protected]: Ben Bruce says entertainment Industry reduced unemployment Mutual funds record 305% growth in 4 years – Coronation Research AUDA-NEPAD set to commence empowerment of small-holder farmers in Nigeria Bulls maintain dominance on NSE, index up 0.39% Uzodinma, 16 other governors bag 2020 SDGs champions Katsina Govt reopens schools Oct. 5 — Commissioner COVID-19: Afreximbank spends $100m on procurement of medical resources Senate receives Buhari’s request to confirm Chairman,DG of PenCom UN Chief pays tributes to late Emir of Kuwait Uni Abuja VC thanks China for facilitating railway engineering course Djokovic crushes Ymer to begin French Open campaign Buhari sympathises with Hadejia flood victims, says it’s a set back to agriculture P&ID: Malami expresses appreciation as court orders release of $200m back to Nigeria Court dismisses suit against Gov. Uzodinma, awards N1.5m cost against RAP candidate Injured Napoli captain out for league and international action Osinbajo seeks expansion of whistle-blower policy Drogba to receive UEFA President’s Award Tricycle operator dies in Anambra accident NAF wings first female combat pilot officer, 5 others Nigeria at 60: Lawyers, rights campaigners want judiciary to do better Ondo govt. promotes 31,066 workers in 4 years – Official Senate receives Buhari’s request for confirmation of 8 nominees as Justices of Supreme Court, others Gov. Zulum reconstitutes management board of El-Kanemi Warriors FC COVID-19 exposes imbalance in access to education – former minister