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How FG can improve NNPC’s 5yr poor performance — NNRC

By Ola Ajayi

IBADAN — THE Nigerian Natural Resource Charter, NNRC, has called on the Federal Government to take proactive steps to make the  Nigeria National Petroleum Corporation, NNPC,  improve on its poor performance over the past five years.

This was the submission of participants at  a seminar organized by the NNRC and Centre for Petroleum, Economics, Energy and Law, CPEEL, of the University of Ibadan.

The seminar was entitled: ‘Engagement with Stakeholders in the Nigerian Oil & Gas Industry’., it was pointed out that NNPC has failed to make any significant contribution to the economy.

The Project Coordinator of  NNRC, Ms. Tengi George-Okoli said:  “We have done assessments in 2012, 2014 and 2017 respectively. In those three assessments, we found out that there are red-scores for poor performance at NNPC and that had been happening over the years, whereas, other government indicators have changed.”

She, however, advised the federal government to allow for the successful take-off of the Petroleum Industry Bill, PIB, for the nation’s earnings to increase beyond the current annual turn over to engender leap in the performance of the NNPC.

George-Okoli said: “Operationally, current country reserves stands at 37 billion barrels supporting a production capacity of approximately 2 million barrels a day.

“Efforts to boost reserves have not been successful because of the uncertainty surrounding the Fiscal Regime (the PIB, which has significantly curtailed funding for new Exploration and Development;

“In recent years, pipeline disruptions and other security threats to Oil and Gas Infrastructure have played a major role in constraining production and Countrys ability to meet allocated OPEC quota;

“Aggregate Refinery Capacity Utilization consistently below 30% and often less than 20% due to chronic under funding and problems with Turn-Around-Maintenance, TAM, resulting in rising levels of product importation.”

 

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