the Nigerian National Petroleum Corporation (NNPC) started its weekly activities with its subsidiary, the NNPC Trading Company partnering with the federal fire service to ensure safety in operations.
According to the Corporation, this is in compliance with the goal zero initiative of the NNPC safety policy to ensure security of lives of employees and the company’s operational facilities.
Speaking at a training programme organized by the NNPC Trading Company in conjunction with the Federal Fire Service in Abuja, the Executive Director, Shared Services (EDSS), Mrs Philomena Ikoko, said the exercise was conducted at the instance of the company’s Managing Director, Mr Sade Lawal.
She said that it was to ensure that all staff were equipped with relevant safety skills for efficient and safe operations.
Ikoko pointed out that the partnership with the Federal Fire Service was to key into the NNPC Management’s safety goal zero aspiration of ‘no harm to persons, no harm to equipment and no harm to the environment’ in the company’s areas of operation.
While appreciating the value of the company’s recently acquired Fire Safety certification, the EDS said her organization was more interested in deepening the competence of staff and other workers on safety issues, stressing that only a well-trained and safety-conscious workforce could protect the assets of the company.
“We decided to organize this programme because as we all know, NNPC is a company that believes in health, safety and environment. Currently, NNPC is pursuing goal zero in terms of HSE. So, we at the NNPC Trading decided to key into the goal zero to create awareness in our people on the need to keep the environment safe,” she stated.
Also speaking, the Executive Director, Operations & Commercial (EDO&C), Mr. Muhammad Kudu Suleiman, reiterated that the decision to involve all levels of workers was to ensure that everyone was equipped with the right knowledge to take the right action in the event of any emergency, stressing that safety does not know the status.
Also, the Branch Chairman of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Mr Zachariah Peter Azeez, extolled the management of NNPC Trading for prioritising the safety and welfare of staff members.
In the same vein, the lead trainer and Deputy Superintendent of Fire, Federal Fire Service, Mr. Oduye Sunday, commended the leadership of NNPC Trading for the willingness to adopt the culture of safety in the organization.
Still, on the week under review, Oil prices slipped after an unexpected rise in United States crude oil inventories and as rising COVID-19 infections threatens demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end.
Brent crude fell 11 cents, or 0.2 percent to 72.12 dollars per barrel, after rising 4.2 per cent in the previous session.
United States of America West Texas Intermediate (WTI) crude fell 6 cents, or 0.1 percent, to 70.24 dollars per barrel, after rising 4.6 per cent.
The Market Intelligence Department of NNPC’s London Office reported that in New York, the front-month Nymex West Texas Intermediate (WTI) September contract moved in lockstep and was also up 2.88 dollars per barrel, ending the session at 70.30 dollars bbl.
Lower price volatility had a soothing effect on the oil complex, with the oil volatility index dialing down from 52.16 percent to 40.17 percent
Part of the price boost was likely a result of portfolio math, as some commodity index-tracking funds may have simply rebalanced their positions to adjust for the change in volatility levels.
Crude oil also tracked a broader shift in market sentiment, although it did not rebound as much as equity markets. Despite the Organization of the Petroleum Exporting Countries (OPEC-plus) providing more clarity about its plans to increase production, market concerns have shifted to the lack of demand thrust after the summer.
China’s crude appetite is cooling off and the country has started to draw from its strategic reserve in a bid to push prices lower and pressure the physical market. If prices move up again, India could also do the same to fend off a burst of domestic inflation.
What you need to know
A cursory look at the crude production and refining capacity per capita and Gross Domestic Product (GDP) size across the globe shows that countries with higher refining and petrochemical capacity have higher GDPs.
As at 2019, a resource deficient country like South Korea has 66 barrels of Refined capacity per 1000 citizens and Nigeria sits at 2bbl per person.
Between 2015-2019, Africa attracted a paltry five billion dollars of refining investment compared to 45 billion in the middle east and Europe in spite of the clamour for decarbonization and additional investment of 26 billion dollars.
The NNPC, under the watch of the Group Managing Director, Malam Mele Kyari, and in line with the presidential mandate, is focused on rehabilitation of the existing refineries, upgrading the terminal and Linkage products pipelines through Build Operate Transfer (BOT ) strategy.
By September 2022, part of the Port Harcourt Refining Company Limited is expected to commence supply of Petroleum Products to the downstream market.
Like so many businesses across the world, the Nigeria Oil and Gas Industry and in particular, the NNPC has taken a number of measures to Navigate through the tide of this global pandemic so as to remain afloat.
The COVID-19 situation also made the NNPC to activate business automation process improvements to cut waste in her contracts and cost reduction across all segments of its businesses and Operations.
As a corporate entity, NNPC’s vision is to become an integrated energy company focused on increasing production and reserves, expanding the nation’s gas sector footprints , enhancing local refining capacity and ensuring energy security for the nation.
The NNPC has emplaced the transparency accountability and performance excellence (TAPE) philosophy in order to ensure the culture of openness, deliver on its commitments to varied stakeholders and entrench effectiveness and efficiency in all her operations.(NAN)
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