Time To End NNPC's Poor Performance Is Now - NNRC Tells FG | Nigeria News
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Time To End NNPC’s Poor Performance Is Now – NNRC Tells FG

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NNRC Urge FG To Take Prompt Actions To End NNPC's Poor Performance

NNRC Charges NNPC On Good Performance

The  Nigerian Natural Resource Charter, NNRC, has urged the Federal Government to launch swift and pro-active steps to make Nigeria National Petroleum Corporation, NNPC, to improve on its poor performance for five years.

Participants at a seminar organized by the NNRC and Centre for Petroleum, Economics, Energy and Law, CPEEL, of the University of Ibadan, made this submission.

The seminar was entitled: ‘Engagement with Stakeholders in the Nigerian Oil & Gas Industry’., it was pointed out that NNPC has failed to make any significant contribution to the economy.

The Project Coordinator of NNRC, Ms. Tengi George-Okoli said: “We have done assessments in 2012, 2014 and 2017 respectively. In those three assessments, we found out that there are red-scores for poor performance at NNPC and that had been happening over the years, whereas, other government indicators have changed.”

George-Okoli said: “Operationally, current country reserves stands at 37 billion barrels supporting a production capacity of approximately 2 million barrels a day.

“Efforts to boost reserves have not been successful because of the uncertainty surrounding the Fiscal Regime (the PIB, which has significantly curtailed funding for new Exploration and Development;

“In recent years, pipeline disruptions and other security threats to Oil and Gas Infrastructure have played a major role in constraining production and Countrys ability to meet allocated OPEC quota;

“Aggregate Refinery Capacity Utilization consistently below 30% and often less than 20% due to chronic under funding and problems with Turn-Around-Maintenance, TAM, resulting in rising levels of product importation.”


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Last Modified: 16 July, 2019 at 9:45 am