…Says it will continue to strive to meet its objective of becoming a world class oil and gas company of global repute
The Nigeria National Petroleum Corporation (NNPC) says it will continue to strive to meet its objective of becoming a world class oil and gas company of global repute.
The corporation demonstrated this by beginning its week with redeployment of some management staff to ensure effective operations and to attain global excellence and profitability.
It appointed Mr Billy Okoye as the new Group Executive Director, Ventures & Business Development while Mrs Aisha Ahmadu-Katagum was promoted to the position of Group Executive Director, Corporate Services.
Until their new appointments, Okoye and Ahmadu-Katagum were Group General Managers, Crude Oil Marketing Division (COMD) and Supply Chain Management Division in the Corporation, respectively.
Mr Adeyemi Adetunji, formerly Chief Operating Officer, Ventures &Business Development, was appointed the Group Executive Director, Downstream, while Mr Mohammed Abdulkabir Ahmed, formerly Chief Operating Officer, Corporate Services, now the Group Executive Director, Gas & Power.
The corporation revealed that other Chief Operating Officer positions in the Corporation have now been redesignated as Group Executive Directors (GEDs), in alignment with the rules of the Company & Allied Matters Act (CAMA), preparatory to the new status of the Corporation as a Limited Liability Company, post-Petroleum Industry Bill (PIB).
The repositioning also saw the disengagement of Mr Yusuf Usman, formerly Chief Operating Officer, Gas & Power and appointment of Mr Garba Deen Muhammad, to take over from Dr Kennie Obateru as the Group General Manager, Group Public Affairs Division of the Corporation.
In the week under review, the corporation also announced on its monthly Financial and Operation Report (MFOR) a trading surplus of ₦43.57bn in April 2021 representing a 23.64 per cent increase over the ₦35.24bn surplus it recorded in the previous month of March 2021.
Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
According to the report, the NNPC Group operating revenue in April 2021, as compared to March 2021, increased by 17.73 per cent or N80.67bn to stand at N535.61billion.
The NNPC Chief Financial Officer, Umar Ajiya, explained that the sustained publication of the monthly report is in consonance with the letters and spirit of the Transparency, Accountability and Performance Excellence (TAPE) management philosophy of the Group Managing Director of NNPC, Malam Mele Kyari.
Similarly, expenditure for the month increased by 17.24 per cent or N72.34billion to stand at N492.05billion, while expenditure as a proportion of revenue stood at 0.92, same as last month.
The report attributed the rise in trading surplus to the activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), such as crude oil lifting from OML 119 (OkonoOkpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as increase in gas sales.
The positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company Limited (NETCO).
In the Downstream Sector, in order to ensure uninterrupted supply and effective distribution of fuel across the country, a total of 1.67billion litres of Premium Motor Spirit (PMS) translating to 55.79mn liters/day were supplied in the month under review.
Also, in the Gas sector, a total of 209.27billion cubic feet (bcf) of natural gas was produced in the month under review, translating to an average daily production of 6,975.72million standard cubic feet per day (mmscfd).
In keeping with the Corporate Social Responsibility (CSR) policy of corporation, in the week under review, members of the NNPC’s Advanced Leadership Programme (ALP) Class 098 renovated a block of classrooms at the Government Secondary School, Ushafa, and the Edem-Nse Children’s Home, Karu.
Speaking at the commissioning ceremony of the projects, the President of the class, Mr Benjamin Awani Gold, said the projects worth over ₦11million were the collective efforts of the class to give hope to the students and orphans by providing a favourable environment for them to learn and grow into responsible leaders in the future.
The Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, who was represented by Deputy Manager, Internal Issues Analysis, Mrs Ayo Ojiako, applauded the class for the quality of the projects and urged the school and the community to ensure they are put to good use.
Also speaking at the event, Chairman of the Secondary Education Board (SEB), Federal Capital Territory, Dr Yahaya Musa, expressed gratitude to members of the class for carrying out the project, adding that they have proved that education for all was the business of all.
He presented a letter of commendation from the Minister of the FCT, Alhaji Muhammed Musa Bello, to the class.
The Principal of the school, Mr Balogun Emmanuel, who said the renovated block of classrooms would save the management of the school from running morning and afternoon sessions, a situation which was forced on the school due to shortage of classrooms.
At the commissioning of the renovated orphanage, the Edem-Nse Children’s Home, Karu, the Chairman of the CSR Committee Mrs. Ogbonne Nnachi-Ibiam, said that apart from the renovation of the exterior of the building, the project involved the replacement of 21 doors, installation of nets on all the windows, refurbishment of the dining hall and provision of funds for the payment of first term school fees and new set of school uniforms for the orphans.
The proprietress of the home, Dr Favour Edem-Nse, expressed gratitude to the class and NNPC for the putting smiles on the faces of the children.
Still on the week under review, no fewer than 1,292 persons benefited from the Nigerian Petroleum Development Company Limited (NPDC) medical outreach in Oghareki, Koko and its environs in Ethiope West Local Government Area of Delta State.
The former NPDC Managing Director, Mr Mansur Sambo, stated that the free medical services programme will cater for people of all age groups as the company was prepared to treat diverse medical conditions such as malaria, upper respiratory tract infections, dyspepsia, allowlowerback pain, respiratory errors issues,(eyes problems), hypertension, diabetes mellitus, and urinary tract infections.
At the end of the three-day mission in Oghareki, a total of 878 people were given medical attention, while a total of 414 people were also given medical coverage which included deworming of children from two to six years in koko community during the two-day medical campaign.
Also, the NPDC MD who was represented by the Superintendent, Remediation, Environment of the Company’s Health, Safety and Environment outfit, Dr Timi Oriaku, reiterated the need for the host communities to say no to Oil pipeline vandalism.
He assured all present that NPDC would continue its free medical service to members of its host communities and sued for sustainable sustained harmonious relationship which will ultimately lead to non-stop operational activities for the benefit of all stakeholders. “We have a good relationship with them, you can see that there is no hostility during the exercise.
He further said if there is restiveness among us, we won’t be here, we are living within the community, we have good relationship .
Earlier, Dr Barnabas Ndukwu of NNPC Medical Services Limited, Benin Zone, also educated mothers on the need and importance of regular deworming of children from age two to six.
What you need to know
- The NPDC is an upstream subsidiary of the NNPC with head office located in Benin city, Edo state.
2, The NPDC was established in 1988 as wholly owned subsidiary of the NNPC with responsibility for petroleum exploration activities.
- The NPDC is currently being repositioned to become the largest producer of oil and gas producers in the country
- The NPDC owns and operates the seventh largest Floating Products Storage and Offloading (FPSO) in Nigeria popularly known as Mystras.
- NPDC is targeting nine dollar per barrel unit operation cost in line with the federal government aspiration to reduce crude oil unit operation cost per barrel? Cost of crude oil production to 10 dollar or less per barrel.
- Also, the Direct Sale of Crude oil for Direct Supply of Petroleum Products (DSDP) is a major component of the petroleum products supply portfolio introduced by the NNPC in order to enshrine cost efficiency?
- The DSDP has stabilized petroleum products supply since inception in 2016.
- The DSDP programme is a major instrument of partnership between the NNPC and product suppliers?
- The programme is in line with the NNPC’s transparency, accountability and performance excellence principle.
Global Crude Oil Outlook for the week
Oil edged towards 71 dollar per barrel as signs of rising fuel demand in the United States of America offset concerns about travel curbs in Asia caused by the spread of the COVID-19 Delta variant.
Industry data showed U.S. crude and gasoline inventories fell last week, while the United States of America (USA) Energy Information Administration said U.S. job growth and increasing mobility have boosted gasoline consumption so far this year.
Brent crude rose 22 cents, or 0.3 per cent, to 70.85 dollars per barrel, following a 2.3 per cent rally. While the United States America West Texas Intermediate (WTI) gained 21 cents, or 0.3 per cent, to 68.50 dollars, adding to a 2.7 per cent.
The price of Brent is up 37 per cent this year, supported by OPEC-led supply curbs, although oil last week suffered the steepest weekly loss in months on worries that travel restrictions to curb coronavirus infections will derail the demand recovery.
Meanwhile, the Market Intelligence Department of NNPC’s London Office reported that Oil prices staged a stunning comeback as traders reassessed the impact of the Covid-19 Delta variant on the demand and after the US Senate approved a $1.2 trillion infrastructure development bill.
Both Brent and West Texas Intermediate (WTI) jumped two per cent higher during the session, erasing the previous day’s battering.
Analysts say part of the rally came from profit-taking, as traders who held short positions before the steep decline opted to sell and lock in a tidy profit.
SOURCE: nannews.ng