ENUGU, Nigeria (VOICE OF NAIJA)- The National Assembly has thrown its weight behind the Nigerian National Petroleum Company (NNPC) Limited’s efforts to increase Nigeria’s crude oil production and grow its reserves.
The lawmakers have pledged to consider stronger laws and stiffer consequences for crude oil thieves and vandals of the nation’s critical hydrocarbon infrastructure, according to the press release issued by Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye.
This was disclosed on Tuesday when the National Assembly’s Joint Committee on Petroleum Resources (Upstream) paid an oversight visit on the NNPC Upstream Investment Management Services (NUIMS), an upstream arm of the NNPC Ltd, at its headquarters in Lagos State.
The legislators jointly led by the Committee Chairmen from both chambers, Senator Eteng Jonah Williams and Hon. Alhassan Ado Doguwa, 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, saying that it must be curtailed.
Senator Williams in his remarks stated that it was necessary for the National Assembly to come up with legislative action that will help stop crude oil theft and increase Nigeria’s crude oil production.
According to him, 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.
Speaking also, 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 bedeviling the nation’s oil and gas sector.
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He commended NNPC Ltd’s efforts for its industry-wide security collaboration against the nation’s hydrocarbon infrastructure, noting that more needs to be done to ensure the Company increase Nigeria’s crude oil production and grow its reserves.
Doguwa also added that 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 encumbrance standing in the way of Nigeria’s economic growth and development.
Earlier in his 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.
He commended the lawmakers for their consistent support to the NNPC Ltd, saying that engagements with the National Assembly are crucial as they will help the NNPC Ltd in the attainment of its mandate.
“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 told 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.
L-R: Chairman, Senate Committee on Petroleum Resources (Upstream), Sen. Eteng Jonah Williams; Chief Upstream Investment Officer, NNPC Ltd, Mr. Bala Wunti and Chairman House of Representatives Committee on Petroleum Resources (Upstream) Hon. Alhassan Ado Doguwa during an oversight visit by the National Assembly Joint Committee on Petroleum Resources (Upstream) to the NNPC Upstream Investment Management Services (NUIMS) Headquarters in Lagos, on Tuesday.
Chairman, Senate Committee on Petroleum Resources (Upstream), Sen. Eteng Jonah Williams in a tete-a-tete with the Chief Upstream Investment Officer, NNPC Ltd, Mr. Bala Wunti during an oversight visit by the National Assembly Joint Committee on Petroleum Resources (Upstream) to the NNPC Upstream Investment Management Services (NUIMS) Headquarters in Lagos, on Tuesday.
Pic 3: Management of the NNPC Upstream Investment Management Services (NUIMS) in a group photograph with members of the National Assembly Joint Committee on Petroleum Resources (Upstream) during an oversight visit by the Joint Committee to the NUIMS Headquarters in Lagos, on Tuesday.