When Mele Kyari assumed duty as the Group Managing Director of the now defunct Nigerian National Petroleum Corporation on 7 July, 2019, it was at a critical period not only in the life of the corporation but for entire Nigerian oil and gas sector as well as the national economy.
With his appointment in 2021 by Nigeria’s President Muhammadu Buhari as Chief Executive Officer of the Nigerian National Oil Company Limited , successor company to the NNPC under the new dispensation ushered in by the Petroleum Industry Act, which came into force in 2021, the TAPE became the standard for steering the new company forward in a global economy still reeling from the effects of the Coronavirus pandemic, which devastated the world in 2020 and 2021.
Before the launch of the application, Kyari in a determined bid to check oil theft and vandalization of pipelines, had in March 2022, accompanied the then Minister of State, Petroleum Resources, Chief Timipre Sylva, to the creeks in the Niger Delta to check the malfeasance. Other top officials of government including the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission , Gbenga Komolafe; Chief of Defence Staff, General Lucky Irabor, and security operatives.
In 2022, the company posted its second consecutive year of ‘profit’ announcing N674.1 billion in the 2021 financial period and growing it from N287 billion in 2020. The figure represented an increase of N387 billion or 134.8 per cent when compared to the previous N287 billion recorded in 2020. Still about the relationship with the IOCs, a notable accomplishment of Kyari’s leadership of NNPCL is the payment of Nigeria’s joint venture cash call arrears to the IOCs totaling $5.1 billion. This was made possible through the introduction of the Alternative Funding Approach , which replaced the erstwhile cash call payment model.
The Production Sharing Contract for the blocks was initially signed in 1973 between NNPC and Ashland but was terminated after 25 years. In 2022 the NNPC Limited, sealed a $1.4 billion external project finance agreement for hydrocarbon projects in the Niger Delta. Codenamed Project Panther , the agreement was signed at a ceremony in London.
The Kolmani Oil Field, estimated to have a reserve of about one billion barrels of crude oil, OPL 809 and 810, lie in the Gongola Basin of the Upper Benue Trough, straddling Bauchi and Gombe States.
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