Udobong Ntia, the Executive Vice President (EVP) of Upstream at the Nigerian National Petroleum Company Limited (NNPC), has called for enhanced corporate governance, transparency, and operational efficiency within Nigeria’s upstream oil sector.
Ntia made the call at the Upstream Governance, Risk, and Compliance Workshop, themed “Enhancing Governance, Risk, and Compliance in Nigeria’s Upstream Sector,” held in Lagos. The workshop brought together key stakeholders, including NNPC’s Chief Compliance Officer, Mr. Nasir Usman, and Chief Upstream Investment Officer, Mr. Bala Wunti. It also saw participation from regulators like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Content Development and Monitoring Board (NCDMB), and over 20 upstream operators from International Oil Companies (IOCs) operating in Nigeria.
In his address, Ntia emphasized that governance, risk management, and compliance are central to NNPC’s core values of integrity, excellence, and sustainability. He commended the leadership in the upstream sector and regulators for their ongoing support in facilitating discussions aimed at addressing key issues impacting Nigeria’s oil production. He also reaffirmed his commitment to driving initiatives that will enhance governance, risk management, and compliance within the upstream oil sub-sector.
The workshop provided an opportunity to address challenges in Nigeria’s oil sector, particularly the lack of transparency and accountability within multinational corporations (MNCs) operating in the country. Ntia underscored the importance of these initiatives in achieving the clear mandate of boosting Nigeria’s crude oil production sustainably.
Meanwhile, in related news, the flow of Premium Motor Spirit (PMS) from Europe to Nigeria has significantly dropped by half compared to last year, according to Bloomberg reports. However, shipments have shown a gradual recovery over the past three months. Increased shipments to Togo’s trans-shipment and storage hub have led to a rise in European flows to West Africa, with petrol cargoes bound for Lome nearly 10 times higher than in October. Despite the rise, European gasoline exports to Nigeria remain about 50% lower than the same period last year.
As the Dangote refinery continues to ramp up its production, European petrol exports are expected to decline further, impacting EU refinery margins. While European gasoline exports to the US and West Africa have increased, this trend may be short-lived as winter weather in the US is expected to reduce driving demand, thus lowering gasoline consumption.
