How NNPC saved $3 billion from arbitration

At a town hall meeting that had several workers of the Nigerian National Petroleum Corporation (NNPC) in attendance, the Group Managing Director of the corporation, Mele Kyari disclosed that NNPC saved the sum of $3 billion from court judgements.

He went on to shower praises on the NNPC’s legal team for helping the oil firm retain those monies which could be well utilised for futuristic purposes. He reminded all the workers of the need to always pipe down expenses in order to boost revenue.

Going forward, Kyari decided to look back in time to the beginning of his tenure as the helmsman of the NNPC and noted that major success stories that have been achieved so far.  

Recent Developments: Reeling out his success stories, he mentioned the discovery of oil and gas deposits in Bauchi State; the part completion of the repairs ongoing at the Port Harcourt refinery, and the attainment of over two billion litres of petrol reserves.

More of the achievements include:

  • The re-opening of OML 25 flow station after a two-year spell of inactive usage owing to community issues between the host community/Belema Oil and Shell Petroleum Development Company.
  • Transfer of OMLs 60, 61 and 63 to the Nigerian Petroleum Development Company.
  • Execution of a funding, technical services agreement and alternative financing deal worth $3.15 billion for OML 13 and $876 million for OML 65 as achievements.
  • The signing of a $2.5 billion prepayment agreement with Nigerian Liquefied Natural Gas Limited for upstream gas supply for trains 1-6.
  • The 2018 audit of the NNPC Group and improved engagement with key stakeholders.

In a recent Nairametrics article, NNPC disclosed its plan to become a beacon of hope and creativity in Africa’s Oil and gas landscape. The corporation decided to tackle daunting business challenges by using internal talents to drive positive change in society and the world at large.

Leave a Reply

Your email address will not be published.