New oil discovery to spur job creation, says NNPC

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari yesterday, said oil discovery in the nation’s inland basin would spur massive job creation.

Speaking at the ninth Practical Nigerian Content Summit in Yenegoa, Kyari said the Nigerian economy would reap from the recent discovery of hydrocarbon deposits in the Kolmani River II well in the Upper Gongola Basin section of Benue Trough.

Similarly, the Department of Petroleum Resources (DPR) warned oil marketers in the country to desist from any activity that could cause scarcity of Premium Motor Spirit, adding that it has intensified efforts on products’ monitoring and surveillance.

NNPC equally noted that its subsidiary, Integrated Data Services Limited, (IDSL) has recorded an increase in its revenue base from N5.5billion in 2016, N7.6billion in 2017 to N19.033billion in 2018.

Represented by Chief Operating Officer, Corporate Services, NNPC, Farouk Sai’d, Kyari said: “Between the discovery of hydrocarbon in the Gongola basin and bringing the oil to the market, a lot of processes would be triggered which would snowball into a labyrinth of productive activities with the potential for massive job creation across the value chain.

According to him, with the initiation of the processes, the economy stands in a firm position to embrace the projected windfall in thousands of direct and indirect employment.

Speaking further on the need to prevent scarcity of PMS at the festive season, DPR’s Zonal Operations Controller in Abuja, Buba Abubakar disclosed that activities towards ensuring a hitch free yuletide are being prioritised.

He also enjoined the public to avoid panic buying and go about their normal businesses as NNPC has assured the nation of availability of petroleum products that could sustain the nation throughout the yuletide and beyond.

“Therefore, DPR hereby warns all petroleum products marketers to desist from any form of Profiteering, ranging from petroleum products diversion, hoarding, adulteration, under-dispensing, overpricing or any other sharp practice to avoid severe sanctions that might be meted on any defaulting marketer,” Abubakar said.

Chief Operating officer (COO), Upstream Directorate of the NNPC, Roland Ewubare, described the performance of the subsidiary as very impressive, saying that the subsidiary had become self-reliant and would not require any subvention from the corporate headquarters anymore.

“If anything, IDSL now contributes to the centre; we will continue to give them the needed support to ensure that they sustain this growth trajectory”, he said.

On his part, NNPC’s Chief Financial Officer (CFO), Umar Ajiya, commended the company’s management on the performance streak, saying, “the only way we can grow is when businesses like this deliver positive results, to enable us collectively overcome our financial challenges’’.

He affirmed that NNPC management would give all necessary support to all its subsidiaries with capacity and prospect to deliver, including recapitalization where necessary and help them to secure businesses across the Industry value change to ensure that they grow their output.

Managing Director of the Company, Diepriye Tariah, attributed the performance of the company to the reorientation of the staff who, he said, had become more commercially focused and efficient.

Integrated Data Services Limited, IDSL is one of the upstream subsidiaries of the NNPC.