We’re Commercial Entity Not Regulatory Authority
The Nigerian National Petroleum Company (NNPC) clarified that it operates as a commercial entity rather than a regulatory authority. The statement follows public scrutiny regarding oil licensing and production performance metrics.
Why it matters
Clarifying the role of the state oil company is essential for transparency in Nigeria's energy sector and for investors monitoring production output.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has stated that since its incorporation in September 2021, it has been operating strictly as a commercial entity and holds no regulatory or allocative authority.
The national oil company said the clarification was necessary following recent media commentary, credited to the Oil and Gas Professionals Forum (OGPF), questioning the performance of the Company’s leadership under Group Chief Executive Officer, Engr. Bayo Ojulari, in connection with the recently concluded oil licensing round conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
It said while it welcomes scrutiny of its operations and performance, consistent with the transparency and accountability the Company holds itself to, it was important to set the record straight on the specific claims raised.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in