President Muhammadu Buhari on Tuesday unveiled the new Nigerian National Petroleum Company Ltd (NNPC Ltd.) at the presidential villa.
Speaking at the event, Buhari said the transformation would strengthen the capacity and market relevance of Nigeria’s oil industry.
“We are transforming our petroleum industry to strengthen the growth today July 19, 2022,” Buhari said at the event.
“NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence.”
‘‘We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.
‘‘By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on July 1, 1977. Forty-Four (44) years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector,” he said.
The Minister of State for Petroleum Resources, Timipre Sylva, said the unveiling of NNPC Limited was a new dawn in the quest for the growth and development of the Nigerian oil and gas industry, opening new vintages for partnerships.
“While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments. In fact, between 2015 and 2019, KPMG states that “only 4 per cent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves,” Sylva said.
“We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before us. With the PIA assuring international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.
“The PIA avails us with the golden opportunity to strengthen our institutions, improve our regulatory and fiscal frameworks and attract the much-needed investments. Some of the golden opportunities presented by the reforms are coming at a time when the global energy conversation is moving towards gas as a cleaner energy fuel,” he said.
“I have no doubt that the leadership of this brand new Limited Liability Company is super-charged to meet the high expectations,” he said.
Recalled that the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mal. Mele Kyari had informed that plans were on the way to transit to a new company in line with the requirements of the newly enacted Petroleum Industry Act (PIA).
The Group Chief Executive Officer of NNPC Limited, Mal. Mele Kyari, announced that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.
