The Nigerian National Petroleum Corporation (NNPC) has dismissed allegations that unregistered companies have lifted over 60 million barrels of Nigerian crude.
The Corporation in a statement on Wednesday signed by Ndu Ughamadu, its Group General Manager, Public Affairs, described the report as false noting that not only are the companies registered by the amount of crude so far lifted by them was far than than the report indicated. He said:
“The attention of the Nigerian National Petroleum Corporation (NNPC) has been drawn to a story in a national weekly 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 67.2 million Barrels of Nigerian Crude oil valued at about $3.5 billion between January-October 2017 from NNPC.
“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
On the actual quantity of crude lifted by the companies and its value, the NNPC spokesman 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 demonstrate that the allegations are not only baseless but intended to mislead the public while disparaging the Corporation”.
He said all crude oil lifting transactions are backed by irrevocable letters of credit issued by investment grade banks and are that all payments are by that fact, pre-secured.
“The liftings 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.