18 August 2017, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC, has floated five new arms to handle its operations.
The Corporation’s Group Managing Director, Dr. Maikanti Baru revealed this at the yearly National Association of Energy Correspondents, NAEC, conference held in Lagos on Thursday.
The arms include the Nigerian Petroleum Assets Management Company, NPAMC, to manage assets currently held by NNPC under the Production Sharing Contracts; while the Nigerian Petroleum Company, NPC, is the commercial arm.
Policy & General Strategy Formulation would be controlled by the minister of petroleum resources, the Nigerian Petroleum Regulatory Commission, NPRC, would be the regulator.
Other entities are the Ministry of Petroleum Incorporation, MOPI, the Nigerian Petroleum Liability Management Company, NPLMC, and an ancillary entity, the Petroleum Equalisation Fund, PEF.