The Nigerian National Petroleum Company Ltd has received the backing of the National Assembly in its ongoing efforts to boost Nigeria’s crude oil production and grow its reserves.
The lawmakers on Tuesday assured that it will consider stiffer consequences for crude oil thieves and vandals of the nation’s critical hydrocarbon infrastructure.
This was one of the outcomes of a meeting between members of the National Assembly’s Joint Committee on Petroleum Resources (Upstream) and members of the NNPC Upstream Investment Management Services (NUIMS), an upstream arm of the NNPC Ltd.
The meeting, according to a statement from the Chief Corporate Communications Officer, Olufemi Soneye was held at NUIMS headquarters in Lagos, on Tuesday.
Jointly led by the Committee Chairmen from both chambers, Senator Eteng Jonah Williams and Hon. Alhassan Ado Doguwa, the legislators described the menace of crude oil theft and vandalism of critical oil and gas infrastructure as major challenges to Nigeria’s revenue generation and budget targets, which must be curtailed.
In his remarks, Senator Williams said it was imperative for the National Assembly to come up with legislative action that will help stop crude oil theft and increase Nigeria’s crude oil production.
He said from what they found at NUIMS, it is duty-bound on the legislature to come up with decisive measures that will help the government to achieve its set targets in the oil and gas sector.
On his part, Hon. Alhassan Doguwa said by virtue of their duties as a legislature, the lawmakers will fast-track the strengthening of a legislative framework to be able to check the excesses bedevilling the nation’s oil and gas sector.
Doguwa, who commended NNPC Ltd’s efforts for its industry-wide security collaboration against the nation’s hydrocarbon infrastructure said more needs to be done to ensure the Company increases Nigeria’s crude oil production and grows its reserves.
He said the legislature will consider deploying the stick and carrot approach towards addressing the issue, but where it becomes necessary, the stick approach must be emphasised to rise vehemently against any encumberance standing in the way of Nigeria’s economic growth and development.
Earlier in his detailed presentation to the lawmakers, the Chief Upstream Investment Officer (CUIO) of NNPC Ltd, Mr. Bala Wunti described NUIMS as a trustee of Nigeria’s upstream investments which ensures the country maximises returns through effective supervision of its Joint Venture (JV), Production Sharing Contracts (PSC) and Service Contracts (SC) operating partners.
Wunti, who commended the lawmakers for their consistent support to the NNPC Ltd, said engagements with the National Assembly are crucial as they will help the NNPC Ltd in the attainment of its mandate.
He said, “We are here to see how the NASS will help us produce more barrels and deliver value to our shareholders. Increasing production is the new narrative and your support is needed to enable us achieve our set targets based on our key principles of safety, speed, compliance and efficiency,” Wunti informed the legislators.
He said so far, the industry-wide security collaboration against crude oil theft and vandalism of Nigeria’s critical hydrocarbon infrastructure through the four-way strategy of “Detect, Deter, Respond and Recover” have been instrumental in the recent restoration of some of the nation’s lost barrels.
ENDS