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» 07.10.2010 - Nigeria bombs provoke north-south split
» 13.05.2010 - Northern Vice President restores Nigeria balance
» 12.04.2010 - Former military ruler wants Nigeria's top post
» 06.04.2010 - Nigerian militias sentenced in Equatorial Guinea
» 18.03.2010 - Nigeria Senate leader calls Gaddafi "mad man"
» 18.03.2010 - Nigeria's Acting President to nominate new cabinet
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» 16.03.2010 - Gaddafi: "Split Nigeria into two nations"

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Politics | Economy - Development | Human rights

Nigeria bins national petroleum company

afrol News, 31 August - Following the adoption of the Oil and Gas Industry Committee (OGIC), the federal government of Nigeria has scrapped the Nigerian National Petroleum Corporation (NNPC).

The OGIC report recommended the restructuring of the Energy Ministry and the NNPC into five agencies. Among other things, the creation of the new institutional structures, which is part of the government’s planned institutional reforms, aims to create operational autonomy as well as minimise undue interference.

The appointment of an oil and gas adviser to President Umaru Yar’Adua, Dr Emmanuel Ebogah, was part of the reforms agenda.

The OGIC report was adopted at the bi-monthly Federal Executive Council (FEC) meeting. The council constitutes the National Energy Committee, which is assigned to implement the recommendations of the report.

The council also approved provision of electricity supply and upgrading of the lighting system at Port Harcourt International Airport.

Nigerian Minister of Petroleum, Odein Ojumogbia, told journalists that the existing Ministry of Petroleum would replace the National Petroleum Directorate while the National Oil Company (NOC) replaces the NNPC.

The NOC will be empowered to carry out responsibilities that are equal to similar companies in the world, the Petroleum Minister said.

The Department of Petroleum Resources (DPR), a component of the Depart of the Petroleum Ministry, has been replaced by an autonomous body called the Petroleum Inspectorate Commission (PIC).

"It will be an autonomous body that would perform its oversight functions,“ Mr Ojumogbia said. “The Pipeline Products Marketing Company (PPMC) will be replaced by a new body to be called Products Distribution Authority (PDA) while the National Oil and Gas Assets Holding Company (NOGAHC) will replace NAPIMS to handle the management of assets of the former NNPC.”

In 2000, the federal government set up the Oil and Gas Reform Committee (OGRC) and the National Council on Privation (NCP) to design the restructuring of Nigeria‘s oil and gas. The recommendations of these bodies’ reports set the government into action.

"One of the highlights of the new policy is the unbundling of the NNPC. This is going to create five new organisations out of the existing structure. A new petroleum directorate is to be set up. A national oil company, that is NNPC itself as it is now known, is to be reorganised to empower it to conduct itself like any other oil and gas company.”

An independent commission known as Petroleum Inspectorate Commission has been tasked with monitoring Nigeria’s oil and gas industry.

"There is Petroleum Products Distribution Authority (PPDA) which is another new organisation. There is also the National Oil and Gas Assets Holding and Management Services Company which will effectively replace NAPIMS to manage the assets that are currently being managed under the umbrella of the NNPC.

"The FEC similarly approved the constitution of the Energy Council which will work within the six months time frame to implement these decisions,“ Minister Ojumogbia said, disclosing that OGIC report created the National Energy Council. This body should be headed by the President and the Vice President.

The need for the creation of a National Petroleum Research Centre was recommended by the OGIC report.

The energy council has been assigned to facilitate the implementation of the new policy within six months.

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