The National Assembly has thrown its weight behind NNPC Limited’s ongoing efforts to boost Nigeria’s crude oil production and grow its reserves, saying it will consider stiffer consequences for crude oil thieves and vandals of the nation’s critical hydrocarbon infrastructure.
This was made known when the National Assembly’s Joint Committee on Petroleum Resources (Upstream) paid an oversight visit on the NNPC Upstream Investment Management Services (NUIMS), an upstream arm of the NNPC Ltd, at its headquarters in Lagos, on Tuesday, July 16, 2024.
The News Agency of Nigeria (NAN) reports that the chairmen of the joint committees, Sen. Eteng Williams and Rep. Alhassan Doguwa led other members on the visit.
The legislators 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.
In his remarks, Williams said the National Assembly needed to come up with legislative action that would help stop crude oil theft and increase Nigeria’s crude oil production.
According to him, from what they found at NUIMS, it is duty-bound on the legislature to come up with decisive measures that will help the government achieve its set targets in the oil and gas sector.
Also speaking, Doguwa said by their duties as a legislature, lawmakers would fast-track the strengthening of a legislative framework to check the excesses bedevilling the nation’s oil and gas sector.
He, however, commended NNPC Ltd’s efforts for its industry-wide security collaboration against the nation’s hydrocarbon infrastructure.
“More needs to be done to ensure the company increases Nigeria’s crude oil production and grow its reserves.
“The legislature will consider deploying the stick and carrot approach toward addressing the issue.
“But, where it becomes necessary, the stick approach must be emphasised to rise vehemently against any encumbrance standing in the way of Nigeria’s economic growth and development."
The Chief Upstream Investment Officer (CUIO) of NNPC Ltd, Bala Wunti, described NUIMS as a trustee of Nigeria’s upstream investments.
Wunti said that the investments ensured the country maximises return through effective supervision of its Joint Venture (JV), Production Sharing Contracts (PSC) and Service Contracts (SC) operating partners. He commended the lawmakers for their consistent support of the NNPC Ltd.
According to him, 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 achieve our set targets based on our key principles of safety, speed, compliance and efficiency,” he said.
Wunti said that 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” has been instrumental.
“This occurred in the recent restoration of some of the nation’s lost barrels.”