Energy

Brittania-U, Sahara, 5 others lift 8.8million barrels of crude oil-NNPC

 

Nigerian National Petroleum Corporation ( NNPC) has announced  that Brittania-U Nigeria Limited, Sahara Energy Resources and five other indigenous companies lifted 8.8 million barrels of crude oil between January and October 2017 from the Nigerian National Petroleum Corporation ( NNPC).

The announcement according to the NNPC is a contrary to a publication by a weekly newspaper alleging that the following Companies: AMG Petroenergy Limited, Brittania-U, Cassiva Energy, Hyde Energy, Masters Energy, Bono Energy Ltd and Sahara are Ghost Companies and have lifted a total of about 67.2Million Barrels of Nigerian crude oil valued at about $3.5 billion between January-October 2017 from NNPC.

Group General Manager Public Affairs Division Mr Ndu Ughamadu said that contrary to the assertions, NNPC duly entered into the 2017/2018 crude oil term contracts with the Companies in their appropriate registered corporate names as follows:

 

          S/NO COMPANY NAME AS PER CONTRACT CAC REG NO
1 AMG Petroenergy Limited 191430
2 Brittania-U Nigeria Ltd 284481
3 Cassiva Ltd 1091598
4 Hyde Energy Ltd 1051332
5 Masters Energy Oil& Gas Ltd 616872
6 Bono Energy Ltd 609822
7 Sahara Energy Resources Ltd 318527

 

Furthermore, Ughamadu said the Companies collectively lifted a total of 8.8 Million Barrels of crude oil valued at $436.35 Million as at 30th October 2017 contrary to the claim that 67.2Million Barrels were lifted.

The above clarifications according to him is to demonstrate that the allegations are not only baseless but intended to mislead the public while disparaging the Corporation.

He added: “The Corporation wishes to place on record that all crude oil lifting transactions are backed by irrevocable letters of credit issued by investment grade banks and, therefore, all payments are pre-secured.”

He noted that the lifting by the Seven (7) companies and all other off-takers are bound by these requirements.

“NNPC remains open to media that wish to cross-check their facts to avoid misrepresentation as in the case being referenced,” he said

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