NNPC Attains 98 Per cent Automation of Crude Oil Marketing Operations

NNPC Attains 98 Per cent Automation of Crude Oil Marketing Operations

The Nigerian National Petroleum Corporation (NNPC) has achieved 98 per cent automation of all transactions involving the supply, marketing and sale of the various grades and blends of Nigeria’s crude oil across the world.

Group General Manager, Crude Oil Marketing Division of the Corporation, Malam Mele Kyari, stated yesterday in an interview with Oil & Gas Forum, NNPC Weekly TV show that the automation exercise which would be concluded in 2018 had enabled the corporation to achieve an end-to-end monitoring of every barrel of crude oil sold in the country.

“Today at a click of a button we can tell you how much crude oil is sold, at what price, who bought it and where it has gone to etc,’’

he said.

He said that the projection was to operate a complete paperless crude oil data management regime in line with the ongoing transformation of the processes which has witnessed sweeping reforms since 2015.

He listed the reforms to include; the open bid process of customer selection for lifting and purchase of Nigeria’s crude oil grades, emplacement of efficient crude for product import processes, leading to savings of $1 billion in one year as well as the introduction of improved pricing system, which has evolved into a robust and auditable pricing mechanism.

The GGM also explained that the reform had led to the harmonization of Nigeria’s crude oil data and lifting information, providing access to major internationally recognized reporting agencies like Plat and Argus Media to achieve real time reporting of Nigeria’s crude oil transactions.

He said this development had enabled the country to eliminate the perennial disagreement with its major stakeholder, the Organisation of Petroleum Exporting Countries (OPEC) on actual production and lifting figures.

On the recent Policy Dialogue on crude oil sales and reserve Management in Nigeria organized by the African Centre for Leadership, Strategy and Development, Malam Kyari said the forum provided the corporation an avenue to clarify some misinformation on the operations of crude oil marketing.

He said NNPC would continue to engage members of the public and other critical stakeholders to keep them abreast of innovations in the supply, marketing and sale of the various grades and blends of Nigeria’s crude oil across the world.

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Companies Lift 8.8 Million Barrels of Crude Oil

    The attention of the Nigerian National Petroleum Corporation (NNPC) has been drawn to a story in a national weekly alleging that the following Companies: AMG Petroenergy Limited, Brittania-U, Cassiva Energy, Hyde Energy, Masters Energy, Bono Energy Ltd and Sahara are Ghost Companies and have lifted a total of about 67.2Million Barrels of Nigerian crude oil valued at about $3.5 billion between January-October 2017 from NNPC.

Contrary to the assertions, NNPC duly entered into the 2017/2018 crude oil term contracts with the Companies in their appropriate registered corporate names as follows:

S/NO……..COMPANY NAME AS PER CONTRACT

1 AMG Petroenergy Limited, CAC REG NO 191430

2 Brittania-U Nigeria Ltd, CAC REG NO 284481

3 Cassiva Ltd, CAC REG NO 1091598

4 Hyde Energy Ltd, CAC REG NO 1051332

5 Masters Energy Oil& Gas Ltd, CAC REG NO 616872

6 Bono Energy Ltd, CAC REG NO 609822

7 Sahara Energy Resources Ltd, CAC REG NO 318527

Furthermore, the Companies collectively lifted a total of 8.8 Million Barrels of crude oil valued at $436.35 Million as at 30th October 2017 contrary to the claim that 67.2Million Barrels were lifted.

The above clarifications demonstrate that the allegations are not only baseless but intended to mislead the public while disparaging the Corporation.

The Corporation wishes to place on record that all crude oil lifting transactions are backed by irrevocable letters of credit issued by investment grade banks and, therefore, all payments are pre-secured.

The lifting by the Seven (7) companies and all other off-takers are bound by these requirements.

NNPC remains open to media that wish to cross-check their facts to avoid misrepresentation as in the case being referenced.

Source / More: NNPC

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