Nigerian National Petroleum Corporation


Nigerian National Petroleum Corporation
Nigerian National Petroleum Corporation
Type public
Industry Oil and gas
Founded 1977
Headquarters Abuja, Nigeria
Key people Diezani Alison-Madueke, (Chairperson)
A. O. Oniwon, (Group Managing Director NNPC)
Products Petroleum & Petrochemicals
Website www.nnpcgroup.com

The Nigerian National Petroleum Corporation (NNPC) is the state oil corporation through which the federal government of Nigeria regulates and participates in the country's petroleum industry.

Contents

History

NNPC was established on April 1, 1977 as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel. NNPC by law manages the joint venture between the Nigerian federal government and a number of foreign multinational corporations, which include Royal Dutch Shell, Agip, ExxonMobil, Chevron, and Texaco (though now merged with Chevron). Through collaboration with these companies, the Nigerian government conducts petroleum exploration and production. The head of the Nigerian wing of Transparency International says salaries for workers are too low to prevent graft.[1]

As of September 2007, Nigerian President Umaru Yar'Adua plans to split the company into five new companies.[1]

The NNPC Towers in Abuja is the Headquarters of NNPC. It is made up of four identical towers. It is located on Herbert Macaulay Way, Central Business District Abuja. NNPC also has zonal offices in Lagos, Kaduna, Port Harcourt and Warri. There is also an International office located in London, United Kingdom

In May 2009, the NNPC indicated that the Niger delta unrest, had no impact on its business despite fights between government forces and rebels in this oil producing area. [2]

Installations

NNPC has sole responsibility for upstream and downstream developments, and is also charged with regulating and supervising the oil industry on behalf of the Nigerian Government. In 1988, the corporation was commercialised into 11 strategic business units, covering the entire spectrum of oil industry operations: exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments. The subsidiary companies include:

  • National Petroleum Investment Management Services (NAPIMS)
  • Nigerian Petroleum Development Company (NPDC)
  • The Nigerian Gas Company (NGC)
  • The Products and Pipelines Marketing Company (PPMC)
  • Integrated Data Services Limited (IDSL)
  • Nigerian LNG limited (NLNG) in joint venture
  • National Engineering and Technical Company Limited (NETCO)
  • Hydrocarbon Services Nigeria Limited (HYSON)
  • Warri Refinery and Petrochemical Co. Limited (WRFC)
  • Kaduna Refinery and Petrochemical Co. Limited (KRPC)
  • Port Harcourt Refining Co. Limited (PDRS)

Legal premise

According to the Nigerian constitution, all minerals, gas, and oil the country possesses are legally the property of the Nigerian federal government. As such, the oil corporations operating in Nigeria appropriate portions of their revenue to the government, which accrues nearly 60% of the revenue generated by the oil industry in this manner. The revenue gained by the NNPC accounts for 76% of federal government revenue[1] and 40% of the entire country's GDP. As of 2000, oil and gas exports account for 98% of Nigerian export earnings.[citation needed]

References

  1. ^ a b c "Reforming the oil industry". The Economist (The Economist Newspaper Limited). 2007-09-29. 
  2. ^ NNPC sees no major output impact from delta unrest, Reuters, May 20th, 2009

External links



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