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NNPC earns $200bn in 10 years, says Barkindo

By Yemie Adeoye &Oscarline Onwuemenyi
In an apparent attempt to reflect the spirit of transparency and accountability ahead of its full transformation into a fully commercial  oil and gas company, the management of the Nigerian National Petroleum Corporation, NNPC, has disclosed that it had collected more than $200.34 billion over the past ten years from the lifting and sale of crude oil.

This disclosure was made recently by the Group Managing Director of the NNPC, Dr. Mohammed Sanusi Barkindo, during the Nigeria Extractive Industries Transparency Initiative, NEITI, High Level Roundtable on issues arising from the 1999-2005 EITI audits of the nation’s oil and gas sector, in Abuja.

Barkindo explained that the lifting and sale profile of the corporation showed that between 1999 and 2009, the “NNPC has disposed over 4.56 billion barrels and collected $200.34 billion in revenue.”

Speaking in a paper entitled, Applying Best Practices to Marketing and Sale of Nigerian Crude Oil, Barkindo noted that the nation’s fortune in the lifting and sale of crude products had dwindled over the years due to several factors, including insecurity and violence in the Niger Delta.

According to him, the Corporation lifted and sold the most oil in 2001, with an average of 473.42 million barrels lifted and sold, while it realized the most proceeds in 2008 earning over $38994 million from the sale of crude.

The NNPC GMD stressed that the Corporation had adopted numerous oil and gas price reporting platforms to publish its oil lifting activities, including Platt’s Datasource, Argus Crude Report, Reuters Energy and Bloomberg Energy.


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