NNPC Says It Can Account for Every Barrel of Oil Sold in Nigeria

NNPC Says It Can Account for Every Barrel of Oil Sold in Nigeria

The Nigerian National Petroleum Corporation (NNPC) has achieved 98 per cent automation of all transactions involving the supply, marketing and sale of the various grades and blends of Nigeria’s crude oil across the world.

“Today at a click of a button we can tell you how much crude oil is sold, at what price, who bought it and where it has gone to etc,’’ said Group General Manager, Crude Oil Marketing Division of the Corporation, Malam Mele Kyari.

He said that the projection was to operate a complete paperless crude oil data management regime in line with the ongoing transformation of the processes which has witnessed sweeping reforms since 2015.

Kyari stated that the automation exercise which would be concluded in 2018 had enabled the corporation to achieve an end-to-end monitoring of every barrel of crude oil sold in the country.

He listed reforms to include; the open bid process of customer selection for lifting and purchase of Nigeria’s crude oil grades, emplacement of efficient crude for product import processes, leading to savings of $1 billion in one year as well as the introduction of improved pricing system, which has evolved into a robust and auditable pricing mechanism.

The GGM also explained that the reform had led to the harmonization of Nigeria’s crude oil data and lifting information, providing access to major internationally recognized reporting agencies like Plat and Argus Media to achieve real time reporting of Nigeria’s crude oil transactions.

He said this development had enabled the country to eliminate the perennial disagreement with its major stakeholder, the Organisation of Petroleum Exporting Countries (OPEC) on actual production and lifting figures.

He said NNPC would continue to engage members of the public and other critical stakeholders to keep them abreast of innovations in the supply, marketing and sale of the various grades and blends of Nigeria’s crude oil across the world.

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