By Helen Okechukwu, JKNMedia Reporter
THE NATIONAL Assembly has pledged its support for the Nigerian National Petroleum Corporation (NNPC) to enhance crude oil production and tackle oil theft and vandalism.
This announcement followed the visit of the Assembly’s Joint Committee on Petroleum Resources (Upstream) to the NNPC Upstream Investment Management Services (NUIMS) headquarters in Lagos on Tuesday.
Senator Eteng Williams and Hon. Alhassan Doguwa, who led the oversight visit, highlighted the severe impact of crude oil theft and vandalism on Nigeria’s revenue and budget targets.
They emphasized the need for stronger legislative measures to combat these challenges.
Williams said, “It is imperative for the National Assembly to take legislative action to stop crude oil theft and increase Nigeria’s crude oil production.
“What we observed at NUIMS demonstrates the need for decisive measures to help the government achieve its set targets in the oil and gas sector.”
Doguwa reiterated the commitment of the legislature to strengthen the legal framework needed to address the issues plaguing the oil and gas sector.
He praised NNPC’s industry-wide security efforts and stressed the necessity of increasing Nigeria’s crude oil production and reserves.
He stated, “The legislature will consider deploying a combination of incentives and penalties to address the issue.
When necessary, strict measures will be enforced to protect Nigeria’s economic growth and development.”
During his presentation, Bala Wunti, NNPC’s Chief Upstream Investment Officer, described NUIMS as a trustee of Nigeria’s upstream investments, ensuring the country maximizes returns through effective supervision of its Joint Venture (JV), Production Sharing Contracts (PSC), and Service Contracts (SC) operating partners.
He emphasized the critical role of the National Assembly in supporting NNPC’s mandate.
“We are here to see how the National Assembly can help us produce more barrels and deliver value to our shareholders.
Increasing production is our new narrative, and your support is essential to achieving our set targets based on safety, speed, compliance, and efficiency,” Wunti informed the legislators.
Olufemi Soneye, Chief Corporate Communications Officer, outlined NNPC’s four-way strategy of “Detect, Deter, Respond, and Recover,” which has been instrumental in restoring some of the nation’s lost barrels due to oil theft and vandalism.
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