NNPC, NEITI to Ensure Transparency in Oil Industry

Fri, Jun 19, 2015

By publisher

2 MIN READ

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THE Nigerian National Petroleum Corporation, NNPC, and the Nigerian Extractive Industry Transparency Initiative, NEITI, have agreed to collaborate more with a view to consolidating on the gains of the transparency initiatives recorded so far in the nation’s oil and gas industry.

Joseph T. Dawha, group managing director of the NNPC, disclosed this on Tuesday during a courtesy visit to the NNPC’s corporate headquarters in Abuja, by a delegation of NEITI and parent Extractive Industry Transparency Initiative, EITI. “As for us in NNPC, we have enjoyed an unprecedented cooperation and collaboration with NEITI in their transparency drive in the Oil and Gas Industry,” Dawha stated.

The GMD also assured NEITI that the collaboration would further assist in addressing issues that hitherto existed in terms of the negative public perception of the industry. Dawha earlier told the NEITI delegation that the change in global oil demand and supply has resulted in a fall in crude oil prices to levels last seen during the peak of the 2008 financial crisis.

To address the new reality and cushion its effects on the nation’s economy, he said that austerity measures and other plans have been put in place by the government, noting: “Some of these plans include among others the diversification of government revenue sources, gas expansion investment programmes and increase in domestic utilization of Nigeria’s crude,” he explained.

He expressed fresh optimism that the recent peaceful political transition in the country will bring a fresh vista of hope of a new era for the Nigerian economy.

Speaking at the event, Ledum Mitee, chairman of the NEITI Board, expressed gratitude to the NNPC management for its cooperation over the years. He said the expected passage of the Petroleum Industry Bill, PIB, will herald a new chapter in the nation’s oil and gas industry.

Also on the delegation were Zainab S. Ahmed, executive secretary of NEITI, and Clare Short, chair of the EITI Board, as well as board members of the EITI.

— Jun 29, 2015 @ 01:00 GMT

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