The Group Executive Council, GEC, of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, branch at the Nigerian National Petroleum Company, NNPC, Limited, has applauded President Muhammadu Buhari for withholding the Ministerial consent for the sale of Mobil Oil Producing Nigeria Unlimited asset to Seplat Energy Plc.
The GEC Chairman, Emea Okorie and Secretary, Peter Asemota, in a joint statement said, “This decision is indeed timely, necessary, and commendable as it places national interest over and above other interests.
“This Asset is the nation’s most prolific asset and the lowest cost Joint Venture, JV, with an excellent community reputation and peaceful operations.
“It is the collective decision and resolution of GEC of NNPC PENGASSAN that the management of NNPC Limited should go ahead, in the best interest of the nation, to exercise her inalienable Right of First Refusal (RFR) to acquire the 40% assets of MPNU and every other Joint Ventures (JV) in Nigeria as this will position NNPC for better productivity, efficiency and maximum return on investment in the oil and gas industry.”
The Group also lauded the vigilant and watchdog role played by the nation’s oil and gas regulator, the Nigerian Upstream Regulatory Commission, NUPRC, ably led by Engineer Gbenga Komolafe for ensuring transparency, fairness, adherence to process and due diligence in the entire acquisition process.
It stated that this has protected the nation from unforeseen and imminent losses that would have occurred as a result.
The GEC of NNPC PENGASSAN equally commended the leadership of NNPC Limited under Dr Mele Kolo Kyari for the overwhelming innovations, wisdom and creativity brought to bear in the management of the nation’s Hydro-Carbon.
According to the statement, “His selfless decision to drive the passage of the Petroleum Industry Act (PIA), which has positioned NNPC Limited as a commercially-driven energy company that will compete with other National Oil Companies (NOCs) to meet the expectations of its shareholders and stakeholders.
“As an Association that has constructively collaborated with the Management as progressive partners, we are always willing to support you to drive your vision.”
The GEC of PENGASSAN listed some of the ongoing laudable projects embarked on by NNPC Limited to include: Rehabilitation of Port Harcourt and Warri Refineries, Petrochemical Company, Partnership programmes with host communities like Ogidigbe Industrial complex and Maiduguri 50MW power plants, Resolution of the 30-year old trade conflict and renewal of five productive OML, Construction of the E-OWEP gas pipeline to increase gas supply to our National gas hubs; and Construction of the Ajaokuta-Kaduna-Kano (AKK) Natural Gas Pipeline.”
The GEC expressed its belief that “all these projects will lead to maximum utilisation of the nation’s hydrocarbon resources, guarantee steady power supply impact positively on the nation’s manufacturing sector, and provide job opportunities in the Hydro-Carbon industry for Nigerians, especially in these critical times.”