According to a statement obtained from the Chief Corporate Communications Officer NNPC Ltd, Olufemi Soneye on Tuesday, after the National Assembly’s Joint Committee on Petroleum Resources (Upstream) paid an oversight visit to the NNPC Upstream Investment Management Services , an upstream arm of the NNPC Ltd, at its headquarters in Lagos, jointly led by the Committee Chairmen from both chambers, Senator Eteng Williams and Alhassan 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, which must be curtailed.
Williams said: “It is imperative for the National Assembly to come up with legislative action that will help stop crude oil theft and increase Nigeria’s crude oil production.
“What we 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.”
On his part, Alhassan Doguwa said by virtue of their duties as aa legislature, the lawmakers will fast-track the strengthening of a legislative framework to be able to check the excesses bedevilling the nation’s oil and gas sector.
Doguwa, who commended NNPC Ltd’s efforts for its industry-wide security collaboration against the nation’s hydrocarbon infrastructure said more needs to be done to ensure the Company increases Nigeria’s crude oil production and grows its reserves.
He said, “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 encumberance standing in the way of Nigeria’s economic growth and development.”
Earlier in his presentation to the lawmakers, the Chief Upstream Investment Officer 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, Production Sharing Contracts and Service Contracts operating partners.
Wunti, who commended the lawmakers for their consistent support to the NNPC Ltd, said 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 to achieve our set targets based on our key principles of safety, speed, compliance and efficiency,” Wunti informed 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.
