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NNPC weekly review: NNPC prioritizes safety and partners with firefighters



NNPC weekly review: NNPC prioritizes safety and partners with firefighters

The Nigerian National Petrole Corporation (NNPC) has started its weekly activities with its subsidiary, the NNPC Trading Company, in partnership with federal firefighters to ensure the safety of operations.

According to the Company, this is in line with the goal zero initiative of the NNPC Security Policy to ensure the safety of the lives of employees and of the company’s operational facilities.

Speaking at a training program organized by the NNPC Trading Company in conjunction with the Federal Fire Services in Abuja, the Executive Director of Shared Services (EDSS), Ms. Philomena Ikoko, said the exercise was conducted at the request of the CEO of the company, Mr. Sade Lawal.

She said this was to ensure that all staff were equipped with the relevant safety skills for efficient and safe operations.

Ikoko stressed that the partnership with the Federal Fire Department was aimed at achieving the NNPC leadership’s safety goal of zero aspiration “no harm to people, equipment and the environment” in the areas. operation of the company.

While appreciating the value of the company’s recently acquired fire safety certification, EDS said their organization was more interested in deepening the skills of staff and other workers on safety issues, noting that only one hand -Well-trained and safety-conscious worker could protect assets. the company.

“We decided to organize this program because, as we all know, NNPC is a company that believes in health, safety and the environment. Currently, the NNPC pursues the zero objective in terms of HSE. Thus, at NNPC Trading, we have decided to subscribe to the zero objective to make our employees aware of the need to protect the environment, ”she said.

Also speaking, the Executive Director, Operations and Commercial (EDO & C), Mr. Muhammad Kudu Suleiman, reiterated that the decision to involve all levels of workers was to ensure that everyone was equipped with the right knowledge to take the right measures in case of emergency, stressing that security does not know the status.

Nigeria Petroleum and Natural Gas Senior Executives Association (PENGASSAN) Branch President Mr. Zachariah Peter Azeez praised the leadership of NNPC Trading for prioritizing safety and welfare staff members.

Likewise, the Senior Trainer and Deputy Fire Superintendent of the Federal Fire Service, Mr. Oduye Sunday, commended the management of NNPC Trading for their willingness to embrace the culture of safety in the organization.

Also in the week under review, oil prices fell after an unexpected increase in crude oil inventories in the United States and as rising COVID-19 infections threaten demand, but prices have held steady. Most of their gains from the previous session on expectations that supplies will remain tight until the end of the year.

Brent crude fell 11 cents, or 0.2% to 72.12 dollars a barrel, after rising 4.2% in the previous session.

US West Texas Intermediate (WTI) crude fell 6 cents, or 0.1%, to $ 70.24 a barrel, after rising 4.6%.

NNPC’s London office Market Intelligence Department reported that in New York, September’s Nymex West Texas Intermediate (WTI) contract was moving at the same pace and was also up $ 2.88 a barrel, closing the session at $ 70.30 a barrel.

Lower price volatility had a calming effect on the oil complex, with the oil volatility index dropping from 52.16% to 40.17%.

Part of the price increase was likely due to portfolio calculations, as some commodity index funds may have simply rebalanced their positions to accommodate changing levels of volatility.

Crude oil also followed a broader shift in market sentiment, although it did not rebound as much as stock markets. Although the Organization of the Petroleum Exporting Countries (OPEC-plus) provided more clarity on its plans to increase production, market concerns have shifted to the lack of demand surge after the summer.

China’s appetite for crude is cooling and the country has started to tap into its strategic reserve in an effort to lower prices and put pressure on the physical market. If prices recover, India could also do the same to ward off a surge in domestic inflation.

What would you like to know

A quick look at crude and refining production capacity per capita and the size of gross domestic product (GDP) across the world shows that countries with higher refining and petrochemical capacity have more GDP. raised.

In 2019, a resource-poor country like South Korea has 66 barrels of refined capacity per 1,000 citizens and Nigeria stands at 2 barrels per person.

Between 2015-2019, Africa attracted five billion dollars of investment in refining against 45 billion in the Middle East and Europe despite the clamor of decarbonization and additional investments of 26 billion dollars.

The NNPC, under the leadership of the Group Managing Director, Malam Mele Kyari, oversees and in accordance with the mandate of the President, focuses on the rehabilitation of existing refineries, modernization of the terminal and linkage product pipelines through the Build Operate Transfer strategy. (BOT).

By September 2022, part of Port Harcourt Refining Company Limited is expected to start supplying petroleum products to the downstream market.

Like so many businesses around the world, Nigeria’s oil and gas industry and in particular, the NNPC has taken a number of steps to navigate the tide of this global pandemic in order to stay afloat.

The COVID-19 situation has also prompted the NNPC to activate business automation process improvements to reduce waste in its contracts and lower costs across all segments of its business and operations.

As a business entity, the vision of NNPC is to become an integrated energy company focused on increasing production and reserves, expanding the footprint of the country’s gas sector, improving capacity of local refining and the guarantee of the country’s energy security.

The NNPC has established the Philosophy of Transparency, Accountability and Performance Excellence (TAPE) to ensure the culture of openness, meet its commitments to various stakeholders and anchor efficiency. and efficiency in all of its operations. (NAN) ()

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