Home News NNPC saves over $3bn from arbitrations – Kyari

NNPC saves over $3bn from arbitrations – Kyari

by Business News Report

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. 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. 

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