The Nigerian National Petroleum Corporation (NNPC) has said that the zero revenue projection contained in its letter to the Accountant General of the Federation pertains only to the revenue stream it manages for the country.
The NNPC said this in a statement by its Group General Manager, Group Public Affairs Division, Kennie Obateru, on Friday via its verified Twitter handle.
The statement came after a letter the NNPC sent to the Accountant General, where it said fuel subsidy had wiped off oil revenue, was widely reported.
In the letter, the NNPC said it would deduct N112 billion from oil and gas proceeds for April to ensure continuous supply of petroleum products to the country and guarantee energy security.
NNPC makes U-turn, says FAAC remittance will be boosted
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Afropages - NNPC not in Financial straits – Obateru
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Abuja The gas development and commercialization programme of the Nigerian National Petroleum Corporation (NNPC) received a boost Thursday with the execution of the Oil Mining Lease (OML) 143 Gas Development Agreement (GDA) by the NNPC and its partner, Sterling Oil Exploration and Production Company (SEEPCO).
A statement by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, disclosed that the project would boost the nation’s gas production by 1.2trillion cubic feet (tcf).
Speaking at the GDA signing ceremony which held at the NNPC Towers, Abuja, the Group Managing Director of the NNPC, Mallam Mele Kyari, said the gas commercialization strategy of the Corporation was in sync with the Federal Government’s National Gas Expansion Programme (NGEP), adding that the gas from the project would be processed at the Ashtavinayak Hydrocarbon Limited (AHL) 125million standard cubic feet (mmscf) of gas per day gas plant located in Kwale, Delta State.