… recovers $208m, N14bn from IOCs, crude swap.
…targets 37bn barrels, 197 trillion cubic feet of gas reserve.
Management of Nigerian National Petroleum Corporation (NNPC) has denied knowledge on the alleged diversion of multi-million dollar special intervention foreign exchange allocated to some petroleum products’ importers between 2015 to date.
Representatives of the oil companies, their bankers and agents are currently being investigated by the House of Representatives’ Adhoc Committee on the review of price of premium motor spirit (PMS), chaired by Nnanna Igbokwe, were handed over to the Sergeant-at-Arms and Nigeria Police officers deployed to the National Assembly.
The document made available by Godwin Emefiele, Governor of Central Bank of Nigeria (CBN) showed that a logistics agent of one of the major oil company, accessed over $20 million without requisite permits from various regulatory agencies in the oil sector.
Meanwhile, investigative hearing into the operations of NNPC and its subsidiaries over ‘alleged $17 billion undeclared crude oil and liquefied natural gas
(LNG) handled by the Adhoc Committee chaired by Abdulrazak Namdas (APC-Adamawa) is expected to resume this week in the House of Representatives as members resume from the Easter recess on Tuesday, 25th April, 2017.
However the Corporation confirmed the recovery of total sum of $208 million from major International Oil Companies (IOCs) and N14 billion from one of the companies involved in oil swap arrangement.
Maikanti Baru, NNPC Group Managing Director who disclosed this during an interactive session with Media Practitioners in Abuja, also disclosed that the Corporation is collaborating with various security agencies towards the recovery of $103 million from Ontario and additional sum of N11 billion from one of the oil companies which NNPC partner under the throughput arrangement.
Baru said: “in the spirit of ensuring accountability, we have taken far-reaching measures toward recovering over 130 million litres of PMS worth about N14 billion stored in the facility of some depot owners whom we have throughput agreement with.
“One of these operators have fully complied by retiring the exploitated volumes while we are working with the security agencies to recover about N11 billion from the second operator.
“Similarly, we are determined to ensure full recovery of all outstanding crude oil swap products under-delivery from three companies. Aiteo Energy Resources, Televaras Group of Companies and Ontario Oil and Gas Limited.
“So far, we have been able to recover $202 million from Aiteo, $6 million from Televaras; we are also working hard to recover $103 million from Ontario,” the NNPC helmsman told the media stakeholders.
On the Corporation’s efforts geared toward boosting productivity in the oil and gas sector, Baru informed the gathering that the Corporation has commenced oil exploration at the Gongola Basin.
“Aside increasing the nation’s oil and gas reserve base to about 37 billion litres and 197 trillion cubic feet of gas respectively, we have already started exploration activities in the Gongola Basin with the aim of further growing oil and gas reserve taking advantage of the low oil prices which make inland exploration cost bearable.
“Equally, we have recently signed contracts to exit the famous joint venture Cash Calls agreement that would enable us through incremental production which will not only take care of the outstanding arrears but also transit us into an incorporated joint ventures (IJVs), he assured.
KEHINDE AKINTOLA
