A Review of the Nigerian Energy Industry

NNPC earns $16.7bn in 11 months

30 November 2011, Sweetcrude, ABUJA – Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Austin Oniwon, has disclosed that the corporation has surpassed its revenue target for 2011.

Oniwon told the Senate Committee on Petroleum (Upstream) that the revenue target for NNPC was $13.9 billion but it has earned $16.7 billion.

According to him, the feat was achieved because the management “has been firm and volume has been good with production of oil stabilising at 2.4 million barrels per day at that time.”

This came as Shell Petroleum Development Company ((SPDC) has alleged that oil thieves steal a 150,000 barrels per day (bpd) of Nigeria’s oil with the assistance of some international collaborators.

In his presentation at the event, Country Chairman, SPDC, Mutiu Sunmonu, blamed recurrent oil spillage in the Niger Delta on sophisticated oil theft with the backing of some international collaborators.

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