We Remain Committed To Our Mandate Of Ensuring National Energy Security – Kyari

Major Takeaways from Tuesday’s press briefing by NNPC Group Chief Executive Officer (GCEO), Mele Kyari, at the state house in Abuja

  • Since the coming of the PIA 2021, we’ve made significant progress. We’ve established robust standards for transparency and accountability. We’ve established world-class governance & compliance procedures, and we’ve automated our processes. 
  • We’ve established the national reserve company which we’ll manage on behalf of Govt. Every country in the world has it. We’ll also revamp our pipeline network so that products will come closer to consumers & we’ll maintain the pipelines/depots as strategic reserve locations. 
  • NNPC Limited has a huge asset base in the excess of $60billion and a strong balance sheet. We are the largest single asset holder in the entire African petroleum industry.
  • NNPC Limited is supporting gas infrastructure development/utilization. We have completed the 100mmscf Integrated Gas Handling Facility (IGHF) in Oredo, Edo State. We’re working hard to complete the AKK, OB3, TSGP & NMGP projects. We’ve also taken the FID for NLNG Train 7.

  • In the upstream, we’ve discovered hydrocarbon of commercial quantity in Kolmani, North-East Nigeria. We’ve also resolved a 20-yr-old Production Sharing Contract (PSC) dispute to unlock investments in the deep-water space, saving Nigeria contingent liability of over $9bn. 
  • We’ve secured financing for refinery rehabilitation. We’ll get them back running as a business. We borrowed money to fix them & repayment for loans obtained is tied to their productivity. We’ve also taken 20% equity in Dangote Refinery, as part of the National energy security strategy. 
  • So far, 122 persons have been arrested for oil theft between April and August 2022. Security operatives have also discovered at least 295 illegal connections tethered to a 200km stretch of pipeline. 
  • We understand that transition is a journey, not a switch. We remain committed to our mandate of ensuring National Energy Security. We’ll operate profitably & declare dividends to our shareholders. We are poised to become IPO-ready in mid-2023.

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