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Business News

How NNPC saved $3 billion from arbitration 

The Group Managing Director of the corporation, Mele Kyari disclosed that NNPC retained the sum of $3 billion from court judgements.

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NNPC, Domestic Crude Allocation, Why NNPC’s Duke Oil is quitting London operations for Dubai , NNPC divests stake in four oil wells to NPDC , How NNPC discovered oil, gas deposits in the North , Nigeria to leverage on condensate refineries to be petrol net exporter, How NNPC saved $3 billion from arbitration , NNPC, IPPG donate medical supplies to South West state governments, NNPC discloses bases for employment and managerial progression in the oil firm, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel

At a town hall meeting that had several workers of the Nigerian National Petroleum Corporation (NNPC) in attendance, the Group Managing Director of the corporation, Mele Kyari disclosed that NNPC saved the sum of $3 billion from court judgements.

He went on to shower praises on the NNPC’s legal team for helping the oil firm retain those monies which could be well utilised for futuristic purposes. He reminded all the workers of the need to always pipe down expenses in order to boost revenue.

Going forward, Kyari decided to look back in time to the beginning of his tenure as the helmsman of the NNPC and noted that major success stories that have been achieved so far.  

Oil

Recent Developments: Reeling out his success stories, he mentioned the discovery of oil and gas deposits in Bauchi State; the part completion of the repairs ongoing at the Port Harcourt refinery, and the attainment of over two billion litres of petrol reserves.

More of the achievements include:

  • The re-opening of OML 25 flow station after a two-year spell of inactive usage owing to community issues between the host community/Belema Oil and Shell Petroleum Development Company.
  • Transfer of OMLs 60, 61 and 63 to the Nigerian Petroleum Development Company.
  • Execution of a funding, technical services agreement and alternative financing deal worth $3.15 billion for OML 13 and $876 million for OML 65 as achievements.
  • The signing of a $2.5 billion prepayment agreement with Nigerian Liquefied Natural Gas Limited for upstream gas supply for trains 1-6.
  • The 2018 audit of the NNPC Group and improved engagement with key stakeholders.

[READ MORE: OML 119: NNPC records 14 bids for development of oil well]

In a recent Nairametrics article, NNPC disclosed its plan to become a beacon of hope and creativity in Africa’s Oil and gas landscape. The corporation decided to tackle daunting business challenges by using internal talents to drive positive change in society and the world at large.

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Corporate Press Releases

Asharami Energy’s graduate program targets future Upstream experts

Application for the program kicks off on Friday, 7th May 2021 and closes on Monday, 17th May 2021.

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Asharami Energy, a Sahara Group Upstream company, has commenced its 2021 Graduate Trainee Program that is geared towards enhancing the sustainability and future of the sector through training of exceptional young talent.

Henry Menkiti, Chief Operating Officer, Asharami Energy, said the widely sought-after program has been instrumental to the transformation of young engineers and others professionals into top talent across the value chain at Sahara Group. “At the heart of our operations lies unrivaled engineering expertise that is driven by innovation, responsible engineering, and an unwavering commitment to improvements aligned with global environmental, social and Corporate governance standards. The Graduate Trainee Program is for enthusiastic and future thinking individuals desirous of becoming future leaders in the oil and gas sector,” he said.

Ivie Imasogie-Adigun, Group Head, HR at Sahara Group said the program resonates with Sahara’s human capital transformation strategy aimed at building a leading, nimble and agile organisation for optimal performance.

Imasogie-Adigun said the program gives graduate trainees exposure to top-level responsibility early in their careers, with ample opportunity to hone their potential across the Upstream value chain. “Sahara’s Graduate Trainee Programs are deliberately innovative and disruptive as we are always ahead on the curve of making a difference. The program has over the years produced outstanding business leaders at Sahara and I enjoin graduates to apply for an opportunity to commence their journey towards excellence in the Upstream sector. ”

Application for the program kicks off on Friday, 7th May 2021 and closes on Monday, 17th May 2021. It is open to candidates with a Bachelor’s Degree in Engineering, Applied & Social Sciences with a minimum of Second-Class Honors (Upper Division) and NYSC discharge certificate. Applicants can follow Sahara Group on twitter and Instagram @iamsaharagroup for more information on the Graduate Trainee Programs.

Asharami Energy is one Africa’s leading independent Exploration and Production (E&P) Companies with a diverse portfolio of 8 (eight) oil and gas assets in prolific basins across Africa. Asharami Energy Limited and Sahara Energy Fields Holdings UK Limited are the entities at the forefront of Sahara’s upstream operations.

These assets are at various stages of development ranging from exploratory fields to mature producing fields with huge potential for positive returns.

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Economy & Politics

Nigeria needs urgent economic diversification – AfDB

The AfDB said that the diversification of the Nigerian economy had become important for it to respond favourably to the emerging challenges of the 21st century.

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AfDB, Lutoyilex Construct Ltd, fraud

The African Development Bank has stated that Nigeria, Africa’s largest economy, needs urgent economic diversification to move the country from a single income source (oil and minerals) towards multiple income sources.

This was disclosed by Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB), at the 22nd Founder’s Day Lecture of the Igbinedion University, the first private university in Edo state, on Monday.

What the AfDB said about diversification

“In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19.

Economic diversification entails a shift away from a single income source (oil and minerals) toward multiple income sources from an increasing spectrum of sectors, products and markets,” he said.

In case you missed it

The International Monetary Fund (IMF) stated earlier this year that economic diversification was important to Nigeria and critical for her economic recovery.

They said the limited gains from inward-oriented policies in terms of creating jobs and improving living standards suggested that Nigeria needed to have a change of strategy. It was pointed out that in order to accommodate a growing number of young people entering the labour market, Nigeria would need to create at least 5 million new jobs each year over the next decade.

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