HighlightOil & Gas

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

268

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.

Leave a comment

Related Articles

May 29: Tinubu orders low-key celebration of first anniversary

President Bola Tinubu’s first anniversary in office on May 29 will be...

Tax Evasion: Absence of Binance official, Gambaryan, in court stalls arraignment

Daniel Okejeme The absence of Binance official Tigran Gambaryan in court on...

I started administering Rivers State eight months after assuming office, says Gov. Fubara

by Daniel Okejeme Rivers Gov. Siminalayi Fubara has said that he started governing...

Plateau, Benue killings, one death too many, says Obi

Daniel Okejeme A former governor of Anambra State, Mr. Peter Obi, says...

Chad PM Submits Resignation To Newly Elected Junta Chief

Two weeks after his defeat to junta chief Mahamat Deby in the...

Banex Plaza attack: A threat to national security – Nigerian Army

Daniel Okejeme The Nigerian Army’s spokesperson, Maj.-Gen. Onyema Nwachukwu has described the...

Rivers Gov. Fubara swears in eight newly-confirmed commissioner-nominees

Daniel Okejeme The Governor of Rivers State, Siminalayi Fubara, has conducted the...

Banex Plaza closure: HURIWA cautions against misusing military troops

By Daniel Okejeme The Human Rights Writers Association of Nigeria (HURIWA) has...

Breaking: OPay, Moniepoint, Others To Resume Onboarding New Customers ‘In Months’ – CBN

The Central Bank of Nigeria (CBN) has announced that mobile money operators,...

Updated: CBN raises interest rate to 26.25% amid rising inflation

The CBN’s Monetary Policy Committee (MPC) has increased the benchmark interest rate...

Popular Abuja pastor in abusive marriage, evicts wife, six children from his house

A popular Abuja pastor (names withheld) has allegedly thrown out his estranged...

Renewed Hope City: FG Launches Portal for Intending Homeowners

The Federal Government has launched the Renewed Hope Cities and Estates portal...

Woman collapses following soldier’s alleged assault at Banex military checkpoint, Abuja

Days after shutting down Abuja’s Banex Plaza over traders attack on a...

Only students from federal institutions will benefit first from student loans scheme, says FG

The Nigerian Education Loan Fund (NELFUND) has announced that only students from...

Bandits break into houses, kidnap 20 residents in FCT’s Dawaki

In a new wave of kidnappings in the Federal Capital Territory, no...

UBA at 75: It’s testament to resilience, innovation, remarkable financial strength – GMD

In its 75 years of operation, the United Bank for Africa (UBA)...

Just in: Few hours after President Raisi’s death, earthquake hits Iran

A few hours after the tragic death of Iran’s President Ebrahim Raisi...

Rivers NSCDC busts nine stolen crude oil refiners extracted from vandalized oil wellheads

The Nigeria Security and Civil Defence Corps (NSCDC) says it has apprehended...

Just in: Court rejects Nnamdi Kanu’s bail, house arrest request

A Federal High Court in Abuja on Monday rejected the plea of...

Nigeria’s oil production nears 1.7mbpd – NNPC Ltd

Nigeria’s crude oil production is approaching 1.7 million barrels per day, according...