A Review of the Nigerian Energy Industry

IPMAN commends FG on product stability, war on oil theft

Fuel trucks waiting to load petroleum products05 September 2013, Lagos – The Independent Petroleum Marketers Association of Nigeria, IPMAN, has commended the Federal Government and the Nigerian National Petroleum Corporation, NNPC, for stability and growth in the petroleum industry.

The National Secretary of IPMAN, Mr Mike Osatuyi, who attributed the positive development of the industry on the quality and competent hands being appointed to head the various parastatals under the Ministry of Petroleum Resources, equally lauded the Federal Government’s efforts to curb crude oil theft in the country.

Osatuyi stated that the appointments of the Group Managing Director of NNPC, Engr. Andrew Yakubu, and Executive Secretary of Petroleum Technology Development Fund (PTDF), Dr. Oluwole Oluleye, showed the commitments of Alison-Madueke to use experienced and qualified hands for sensitive jobs in her ministry.

He also commended Minister of Petroleum Resources and the Pipeline and Product Marketing Company, PPMC, leadership under Prince Haruna Momoh for constant stability of petroleum products supply to the system.

According to him, IPMAN would continue to work with PPMC in all the 21 depots across the country in ensuring seamless product supply to all the nooks and crannies of Nigeria, pointing out that IPMAN controlled over 85 per cent of Nigeria’s petroleum product retailing, which had made the association a dominant player in the Nigerian downstream market.

Osatuyi said: “There is evidence in both the upstream and downstream sub-sectors of the industry has justified the minister’s appointment and launch the country on the path of sustainable growth.”

He listed some of the achievements to include “the steady and unbroken stability in the supply of petroleum products throughout the country in the last four months and the unveiling of the Nigerian Content Act recently signed into law by President Goodluck Jonathan as a major enabler for building indigenous capacities for the long term survival of the oil and gas industry.”

The IPMAN scribe noted that Alison-Madueke had already superintended the signing of a gas supply and purchase agreement, GSPA, between key industry operators and the Power Holding Company of Nigeria (PHCN) for the supply of gas as an incentive to guarantee adequate supply of electricity in the country.

Osatuyi said: “Nigerian Content Act is another achievement epitomising the depth of the Minister’s patriotism, considering that the maximum of four years period set for all international oil and gas operators to Nigerianise all expatriate positions would create opportunities for indigenous participation in the development of the nation’s oil and gas industry.

“When one looks at these achievements by the Minister, one cannot but commend President Goodluck Jonathan for his wisdom in appointing Mrs. Alison-Madueke to the position at this time in our nation’s history when we require leaders with a clear idea of what is required to attract real development to the society.

“She has brought to bear on her assignment her huge experience as a one-time chieftain in one of the top multinational companies in the country. Through her leadership, electronic tracking of oil vessels has made round tripping, diversion impossible which is a good innovation to ensure accountability, probity and conserving hard earned Nigeria Foreign Exchange.

“We condemn the activities of the pipeline vandals and crude oil thieves, which have been a great challenge for optical output from our refineries. We are seeking the fullest cooperation of Nigerians to bring to a halt the activities of the pipeline vandals and crude oil thieves.

“Despite the challenge of pipeline vandals and oil thieves, Nigeria crude oil production has stabilised to between 2 to 2.4 million barrels per day under Honourable Minister of Petroleum Resources Mrs Alison Madueke.

“IPMAN thank President Goodluck Jonathan for bringing Mrs Alison Madueke, one of the best hands of our time who has garnered wide experience in multinational Oil & Gas to manage the Nigeria Petroleum Industry,” he stressed.

– Charles Okonji, Daily Newswatch

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