A Review of the Nigerian Energy Industry

Transparency: NNPC releases new monthly oil and gas report

*NNPC Towers.
*NNPC Towers.

Oscarline Onwuemenyi

11 October 2015, Sweetcrude, Abuja – Following up on the promise by the new General Managing Director of the the Nigerian National Petroleum Corporation, NNPC, Dr Emmanuel Ibe Kachikwu to increase transparency at the corporation, the NNPC has officially released its new monthly oil and gas report.

The current report which is in PDF and posted on the NNPC website, covers the activities of the corporation for the months of January to August and showcases activities and financial transactions in the upstream, midstream and downstream sectors.

The report also shows the refining capacity of the nation’s refineries and also details crude allocation to them.

Other areas covered by the report includes but are not limited to: Crude Oil & Condensate Lifting and utilization; Crude Oil Lifting Values; Refineries Capacity Utilization; Gas Supply to Power plants & Generation; and NNPC Group Revenue and Financial Performance

Last month, in his first interaction with journalists, the Group Managing Director of NNPC, Dr.
Emmanuel Kachikwu announced that the corporation would urgently embark on a transparency operation to regain its lost credibility.

Kachikwu said the transparency operation would start with an audit of the corporation’s finances, which was last audited in 2010‎.

He said the corporation’s finance would not only be audited and brought up to date, but would also be made available to the general public.

The NNPC GMD said the transparency operation would also involve posting of the corporation’s activities on its website regularly.

He added that along with the regular data, there would also be a weekly broadcast of issues concerning the corporation on its website from now henceforth.

“Contracts will be made open to the public and we will choose the best module that works for us and that helps us save money.

“We need to clean the system and carry everybody along. The concept of what is right and wrong will take us very far,’’ Kachikwu stressed.

According to him, though, there are huge challenges in driving the corporation forward but they will be surmounted with good planning and efficiency.

The NNPC GMD said the challenge of cleaning NNPC would be a bumpy, exciting ride, which would eventually yield positive results

Commenting on the state of the nation’s refineries, he said they were currently working at 30 percent capacity, which was unprofitable.

Kachikwu noted that for the refineries to be profitable, they needed to attain a minimum of 60 percent operation capacity.

“Personally, I will have chosen to sell the refineries, but President Buhari has instructed that they should be fixed.

“After they are fixed, if they still operate below 60 per cent, then we will know what to do.

“The 90-day ultimatum for the refineries to be fixed will end in December and Port Harcourt Refinery looks like the only one that will meet the deadline, but we will wait and see what happens at the end of the 90 days,’’ he said.

In this article

Join the Conversation