A Review of the Nigerian Energy Industry

NNPC, Shell, others to reconcile oil payments with NEITI

15 September 2012, Sweetcrude, ABUJA – THE Nigeria Extractive Industries Transparency Initiative, NEITI, has invited the Nigerian National Petroleum Corporation, NNPC, and some oil companies operating in the country including Shell, to reconcile their record of payments to the government.

NEITI also sent out the invitation to all companies and government agencies involved in payment and receipt of revenue from Nigeria’s petroleum sector.

The move is aimed at avoiding misrepresentations in the payments made by the companies and thus, ensure accuracy of figures in NEITI’s evaluation and audit report for the oil and gas sector.

Besides NNPC, the list of companies invited to reconcile their records include Nigerian Petroleum Development Company – an NNPC subsidiary, Shell Petroleum Development Company of Nigeria, Mobil Producing Nigeria Unlimited, Chevron Nigeria Limited, and Nigerian Agip Oil Company Limited, Shell Nigeria Exploration and Production Company, Nigeria Agip Exploration, Agip Energy and Natural Resources and Esso Exploration and Production Nigeria Limited.

Others are ConocoPhillips, Nigeria Gas Company, Nigeria Liquefied Natural Gas, Department of Petroleum Resources, Nigeria Petroleum Investment Management Services, Power Holding Company of Nigeria, Nigeria Maritime Administration and Safety Agency, Central Bank of Nigeria (CBN), Federal
Inland Revenue Services and the Office of the Accountant General of the Federation.

In the process of validating the payments by the oil companies, NEITI would reconcile such payments with data collected by NEITI’s independent auditors.

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