NNPC, NEITI engagement attains global transparency

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The Nigerian National Petroleum Corporation (NNPC) and Nigerian Extractive Transparency Initiative (NEITI) have attained global standards set for operators in the oil and gas industry, NNPC’s General Manager, Crude Oil Marketing, Mansur Sambo, has said.

He said since the enactment of NEITI law by the government, NNPC and NEITI have committed themselves to transparecy in every aspect of their operation.

He said the two agencies have  been having frequent engagments on transparency, as regards attaing global standards, adding that their efforts have paid off, as the two bodies were adjudged to have attained the standard.

Sambo said the engagement started with the reconciliation of crude oil produced, recalling at some point the allegations/issues that we didn’t know what we were producing as a country. He added that through frequent engagment the story has changed today.

In an interview with The Nation in Abuja,  Sambo said Nigeria  has moved from hydrocarbon accounting to hydrocarbon revenue accounting, and has transited to hydrocarbon revenue utilisation. “We have moved through all these stages because of the engagements we have been having in the past.

“We moved from the level where we hear that crude oil is disappearing at the terminals through ships, and the engagements have brought much enlightenment to the public on what happens in the terminals,” he said, adding that some of those perceptions people were having did not even happen at the terminals

Stressing the need for continuous engagement, he said the Corporation has been able to clear some of the issues in the industry with further engagements.

On the deep offshore Act, he said the industry has pursued the deep offshore, however, there are many other fundamental and salient items that if looked at would generate more revenue than the deep offshore Act.

“The deep offshore Act can only increase profit sharing we will get from the production sharing contracts (PSCs). Similarly, the petroleum industry bill (PIB) is part of the solution to the increase in revenue that we are heading to, however, the bill alone will not address all the issues to the problem, and it has to go beyond the deep offshore Act,” he added.

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