By Helen Okechukwu, JKNMedia Reporter
THE NATIONAL Assembly has expressed its backing for the Nigerian National Petroleum Corporation (NNPC) in boosting oil production and tackling oil theft.
This announcement followed the Assembly’s Joint Committee on Petroleum Resources (Upstream) visit to the NNPC Upstream Investment Management Services (NUIMS) headquarters in Lagos on Tuesday.
Senator Eteng Williams and Hon. Alhassan Doguwa led the visit.
They highlighted the severe impact of oil theft and vandalism on Nigeria’s revenue and budget.
They emphasized the need for stronger legislative measures to combat these issues.
Williams said, “It is imperative for the National Assembly to take legislative action to stop oil theft and increase Nigeria’s oil production.
“What we observed at NUIMS shows the need for decisive measures to help the government achieve its targets in the oil and gas sector.”
Doguwa reiterated the legislature’s commitment to strengthening the legal framework needed to address the issues in the oil and gas sector.
He commended the NNPC’s security efforts and stressed the necessity of increasing Nigeria’s oil production and reserves.
He stated, “The legislature will consider using 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.”
Upstream Investments
During his presentation, Bala Wunti, NNPC’s Chief Upstream Investment Officer, described NUIMS as a trustee of Nigeria’s upstream investments.
He said it ensures that the country maximizes returns through effective supervision of its Joint Venture (JV), Production Sharing Contracts (PSC), and Service Contracts (SC) 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 targets based on safety, speed, compliance, and efficiency,” Wunti informed the legislators.
Olufemi Soneye, Chief Corporate Communications Officer, outlined NNPC’s strategy of “Detect, Deter, Respond, and Recover.”
He notes that this strategy has been instrumental in restoring some of the nation’s lost barrels due to oil theft and vandalism.
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