Nigerian petroleum development company

Nigerian petroleum development company DEFAULT

Petrofac and Taleveras Sign Cooperation MOU with Nigerian Petroleum Development Company

Petrofac, the international oil and gas services provider, together with African independent oil and gas company Taleveras Energy Resources Limited (“Taleveras”), announce that they have signed a five year Memorandum of Understanding (“MOU”) for cooperation with the Nigerian Petroleum Development Company Ltd (“NPDC”), a wholly owned subsidiary of the Nigerian National Petroleum Company (“NNPC”).

The MOU, which is extendable, allows the parties to explore options including funding, technical support, training services, and asset development/management support on a risk service contract, production enhancement or similar contract basis, to support NPDC’s aims to further build indigenous capacity and technical capabilities of NPDC & its affiliates. The MOU has been reached as part of the ongoing promotion of the Nigerian Oil and Gas Industry Content Development legislation.

The parties also announce that, as an initial result of this strategic collaboration, Petrofac has,  together with Taleveras, agreed with NPDC to provide financial, technical, and capacity and capability building support for the further development of NPDC’s offshore block OML in a risk-based support agreement, whereby reserves and license ownership are retained by NPDC.

Sours: https://www.petrofac.com/media/news/petrofac-and-taleveras-sign-cooperation-mou-with-nigerian-petroleum-development-company/

Abstract Profitability remains the key driver for investment in the oil & gas business. Profit margins are enhanced through cost minimisation or revenue maximization, and in some instances, companies deploy tools to guarantee the combination of both to deliver increased corporate profit. Given the relative challenges associated with ability of players in the industry to grow production capacity and increase market share/revenue, cost minimisation becomes the tool deployed most often to achieve increased profitability. As the global oil prices continue to plummet, focus on cost reduction/saving as a tool for profitability has gained renewed attention from industry players. Thus, technical cost or unit technical cost remains a critical KPI for measuring operational efficiency/profitability in the E&P business. Crude handling cost, which covers the cost of crude transportation and terminaling, constitute significant chunk of operating cost for most E&P companies in Nigeria. With an average contractual price of $ per barrel of wet crude and $ per barrel of dry crude, driving down this cost element underpins a significant cost saving for any E&P company. Alas, actual handling cost per barrel is always higher than the contractual rate per barrel. The magnitude of variance depends on the operational efficiency of the company and how best it has been able to manage Reserved Production Capacity (RPC) vis-à-vis the ability to perform the work programme upon which its production forecast that informed the choice of RPC was premised. In this article we seek to demonstrate how NPDC was able to reduce unit technical cost through the combination of deployment of optimal RPC selection model and increased vigilance/effective CHA Management. In addition, we intend to also demonstrate how related actions such as increased-RPC-Review-Window (IRRW) could poster greater collaboration between facility-users and facility-owners and help achieve reduce crude handling tariff rates in a fairly win-win scenario.

Sours: https://search.spe.org/i2kweb/SPE/search?filters=institutions%3ANigerian+Petroleum+Development+Company
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Nigerian National Petroleum Corporation

Oil corporation wholly owned by government of Nigeria

The Nigerian National Petroleum Corporation is the oil corporation through which the federal government of Nigeria regulates and participates in the country's petroleum industry. The NNPC business operations are managed through Strategic Business and Corporate Services Units (SBUs/CSUs) in diverse locations across Nigeria. In that case; The Nigerian National Petroleum Corporation (NNPC) initiated a recruitment scheme and since then, until date the NNPC recruitment have been a yearly scheme.[1]

History[edit]

NNPC was established on 1 April as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Petroleum and Energy Resources.[2] NNPC by law manages the joint venture between the Nigerian federal government and a number of foreign multinational corporations, which include Royal Dutch Shell, Agip, ExxonMobil, Total S.A, Chevron, and Texaco (now merged with Chevron). Through collaboration with these companies, the Nigerian government conducts petroleum exploration and production.[2] In , the head of the Nigerian wing of Transparency International said salaries for NNPC workers were too low to prevent graft.[3]

The NNPC Towers in Abuja is the headquarters of NNPC. Consisting of four identical towers, the complex is located on Herbert Macaulay Way, Central Business District Abuja. NNPC also has zonal offices in Lagos, Kaduna, Port Harcourt and Warri. It has an international office located in London, United Kingdom.[4] In October , NNPC stated that it had signed a $ billion pre-payment agreement with Nigeria LNG for upstream gas development projects.[5]

Leadership[edit]

President Buhari appointed Mele Kyari as the new Group Managing Director (GMD) Of NNPC.[6] Kyari replaces Maikanti Baru. The new GMD and the other appointed NNPC officials would work alongside the current officers in the same position until the 7th of July [7]

Dr. Maikanti Baru (July 7, – May 29, ) was the former Group Managing Director (GMD). He was appointed Group Managing Director on July 4, , under the presidency of Muhammadu Buhari; he succeeded Dr. Emmanuel Ibe Kachikwu, the Nigerian Minister of State for Petroleum ( - ).[8]

Organisational structure[edit]

The NNPC Group comprises the NNPC Board, the group managing director's office, Seven operational units as listed below. Each of the units is headed by a chief operating officer (COO). Its divisions are headed by group general managers (GGM), while its subsidiary companies are headed by managing directors.[9] NNPC has several subsidiaries, two partly owned subsidiaries and 16 associated companies.

Autonomous Business Units:

  • Upstream Company
  • Downstream Company
  • Refining Company
  • Ventures Company
  • Gas & Power Company

Corporate Services Units:

  • Finance and Accounts
  • Corporate Services

Strategic Business & Corporate Services Units:

SBU's/CSU'sSBU's/CSU's
National Petroleum Investment and Management ServiceNNPC Trading Company
Crude Oil Marketing DivisionNigerian Petroleum Development Company
Government & Labour RelationsIntegrated Data Services Limited
Corporate Secretariat, Legal DivisionNNPC Retail Limited
Corporate Social ResponsibilityPetroleum Products Marketing Company
Marine LogisticsNigeria Pipeline & Storage Company
Renewable Energy/Frontiers ExplorationKaduna Refining & Petrochemicals Company
Group Public Affairs DivisionWarri Refining & Petrochemicals Company
Financial ControllerPort Harcourt Refining Company PHRC
TreasuryGas & Power Investments Company
Liabilities ManagementNigeria Gas Marketing Company
Group Human Resources DivisionNigeria Gas Company
Engineering & TechnologyNNPC Properties
Information Technology Division/SAPNNPC Shipping with NIDAS & NIKORMA as Independent Subsidiaries
NNPC Medical ServicesNational Engineering & Technical Company
NNPC Leadership AcademyNNPC Oilfield Services
NNPC Capital NIGAZ (NNPC/GAZPROM JV)
Nigeria LNG Limited NLNGNNPC Pension Fund

Installations[edit]

NNPC has sole responsibility for upstream and downstream developments, and is also charged with regulating and supervising the oil industry on behalf of the Nigerian Government. In , the corporation was commercialised into 11 strategic business units, covering the entire spectrum of oil industry operations: exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments.[10] On Wednesday July 10, at a meeting of Nigeria’s revenue generating and monitoring agencies with the leadership of the Senate at the National Assembly Complex, Abuja, the group's managing director, Mele Kyari called for adequate funding of the petroleum sector.[11] The subsidiary companies include the Nigerian Petroleum Development Company (NPDC).

Legal premise[edit]

Main article: Energy law

According to the Nigerian constitution, all minerals, gas, and oil the country possesses are legally the property of the Nigerian federal government. As such, the oil corporations operating in Nigeria appropriate portions of their revenue to the government, which accrues nearly 60% of the revenue generated by the oil industry in this manner. The revenue gained by the NNPC accounts for 76% of federal government revenue[3] and 40% of the entire country's GDP. As of , oil and gas exports account for 98% of Nigerian export earnings.[12]

Corruption at the NNPC[edit]

KPMG Report[edit]

In December , the Nigerian government permitted a forensic report conducted by KPMG to be published. The audit, commissioned by the Ministry of Finance following concerns over the NNPC's transparency, detailed the NNPC's sharp business practices, violation of regulations, illegal deductions of funds belonging to the state, and failure to account for several billions of naira that should go to the federation account.[13]

Auditors found that between and alone, the NNPC over-deducted funds in subsidy claims to the tune of N&#;billion. It has not been able to account for the sum ever since.[14]

Willbros Group Inc[edit]

In May , Willbros Group Inc, a US company, admitted to making corrupt payments totalling over $&#;million to officials at the NNPC and its subsidiary NAPIMS, in return for assistance in obtaining and retaining contracts for work on the Eastern Gas Gathering System (EGGS).[15]

ABB Vetco Gray[edit]

In July , ABB Vetco Gray, a US company, and its UK subsidiary ABB Vetco Gray UK Ltd, admitted to paying over $1&#;million in bribes to officials at NNPC subsidiary NAPIMS in exchange for obtaining confidential bid information and favourable recommendations from Nigerian government agencies.[16]

Trafigura and Vitol[edit]

In November after a report was published by Swiss Non-governmental advocacy organisation – Erklärung von Bern – allegations of heavy fraud surfaced, placing the NNPC under suspicion of siphoning off $&#;billion in crude oil revenues.[17][18][19]

Unremitted funds (–)[edit]

On 9 December , a letter from the Central Bank of Nigeria Governor, Sanusi Lamido Sanusi to the President of Nigeria, Goodluck Ebele Jonathan, dated show of 25 September details that the NNPC had not remitted over $&#;billion proceeds of crude oil sales to the Government surfaced.[20] On 13 December , NNPC responded that no money was missing. Reconciliation Committee (comprising representatives of (i) CBN (ii) NNPC (iii) DPR (iv) FIRS (v) OAGF (vi) The Budget Office of the Federation (vii) Federal Ministry of Finance (viii) Federal Ministry of Petroleum Resources) was set up.[21]

The Reconciliation Committee estimated unremitted funds at $bn on 18 December while CBN changed its claim to $12bn. CBN then informed senate committee on Finance on 4 February that NNPC needs to account for $20bn as the CBN could only confirm receipt of $47bn out of $67bn revenue for the period under review.[22] The then Finance Minister recommended the conduct of an independent Forensic Audit and PwC was officially appointed by the office of the Auditor General of the Federation (AuGF) to conduct a forensic audit into the allegations.[21]

Among the conclusions reached by PwC at the end of their work, as stated in their report, which was made public are:

1. Total cash remitted into the Federation accounts in relation to crude oil liftings was $bn and NOT $47bn as earlier stated by the Reconciliation Committee for the period from January to July [21]

2. NNPC has provided information on the difference leading to a potential excess remittance of $ billion (without considering expected remittances from NPDC). Other indirect costs of $ billion which were not part of the submission to the Senate Committee hearing have been defrayed to arrive at this position.[21]

3. A major consideration centres on the ownership of oil and gas assets controlled by NPDC. Subject to additional information being provided, we estimate that the NNPC and NPDC should refund to the Federation Account a minimum of $billion as summarised in the next page.[21]

No staff of the NNPC or Ministry of Petroleum has so far been punished, though on Thursday, 20 February , the whistle-blowing CBN Governor was suspended from office by the President.[22]

Unremitted funds ()[edit]

An official audit reported in March that the NNPC had failed to pay US$ billion.[23]

References[edit]

  1. ^admin (24 September ). "NNPC Profile, Law, Structure & NNPC Unremitted Funds". Aziza Nigeria. Retrieved 30 May
  2. ^ abNwokeji, G. Ugo (). The Nigerian National Petroleum Corporation and the Development of The Nigerian Oil and Gas Industry: History, Strategies and Current Directions(PDF). Rice University: The James A. Baker III Institute For Public Policy, Rice University. p.&#;
  3. ^ ab"Reforming the oil industry". The Economist. The Economist Newspaper Limited. 29 September
  4. ^"NNPC Directory". www.nnpcgroup.com. Retrieved 28 May
  5. ^"Nigeria's state oil company signs $ billion pre-payment deal for gas projects with NLNG". Reuters. 11 October Retrieved 12 October
  6. ^"JUST IN: Buhari drops Baru appoints Mele Kyari new GMD NNPC". 20 June Retrieved 24 June
  7. ^"Buhari Appoints Kyari As New Group Managing Director Of NNPC, Replaces Maikanti Baru". Sahara Reporters. 20 June Retrieved 28 May
  8. ^"Buhari Appoints Kyari As New Group Managing Director Of NNPC, Replaces Maikanti Baru". Sahara Reporters. 20 June Retrieved 21 June
  9. ^"Executive Management". nnpcgroup.com. Retrieved 28 May
  10. ^"Operators". nnpcgroup.com. Retrieved 28 May
  11. ^"NNPC Calls for Adequate Funding of Petroleum Sector". Oak TV Newstrack. 11 July Retrieved 15 July
  12. ^"Africa's biggest oil producer | Doing Business In". Retrieved 24 May
  13. ^Musikilu Mojeed (9 December ). "Monumental Oil Subsidy Fraud And Corruption at the NNPC-The Damning KPMG Report :Premium Times". Sahara Reporters.
  14. ^ENERGY AND NATURAL RESOURCES (22 November ). "Current State Assessment Report on the Process and Forensic Review of the Nigerian National Petroleum Corporation (Project Anchor)"(PDF). Federal Ministry of Finance.
  15. ^Department of Justice (14 May ). "WillBros Group Inc. Enters Deferred Prosecution Agreement and Agrees to Pay $22 Million Penalty for FCPA Violations". Department of Justice.
  16. ^Department of Justice (6 July ). "ABB VETCO GRAY, INC. AND ABB VETCO GRAY UK LTD. PLEAD GUILTY TO FOREIGN BRIBERY CHARGES". Department of Justice.
  17. ^"Nigeria lawmakers order probe of NNPC, Swiss oil dealers' $ billion scandal - Premium Times Nigeria". Premium Times Nigeria. 12 November Retrieved 29 August
  18. ^http://www.thisdaylive.com/articles/house-probes-collusion-between-nnpc-swiss-and-nigerian-traders//
  19. ^"Traders collude in oil corruption, says Swiss NGO". Retrieved 4 November
  20. ^Abdul-Baki, Zayyad (14 June ). "The role of accounting in conflicts resolution: The case of PwC's forensic audit of the Nigerian National Petroleum Corporation". Managerial Auditing Journal. 36 (2): MAJ–03– doi/MAJ ISSN&#;
  21. ^ abcdePwC Final Report on NNPC forensic audit (PDF). Vanguard Newspaper Download of PwC Report (Report). Price Waterhouse Coopers. April p.&#; Retrieved 25 August Investigative Forensic audit of crude oil revenues and remittances by Nigerian National Petroleum Corporation (NNPC) (January – July )
  22. ^ abadmin (8 July ). "NNPC Again&#;!!!". THISDAYLIVE. Retrieved 28 May
  23. ^"Nigeria's NNPC 'failed to pay' $16bn in oil revenues". BBC News. Retrieved 15 March

External links[edit]

Sours: https://en.wikipedia.org/wiki/Nigerian_National_Petroleum_Corporation

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