NNPC Seals Partnership Deal on New Frontier Exploration, Others, with Gambian National Oil Company

•Pumps additional 404.69m litres to depots as petrol scarcity eases

Peter Uzoho

The Nigerian National Petroleum Company Limited (NNPC) has signed a memorandum of understanding (MoU) with the Gambian National Petroleum Company (GNPC) on key areas of interest in the oil and gas sector.

This was just as the national oil company has maintained the momentum in its effort to finally end the current petrol scarcity and queues across the country, with the supply of additional 404.69 million litres to various loading depots in Nigeria, last week.

The national oil company signed the MoU with its Gambian counterpart at the weekend, in Banju, the country’s capital.

The Executive Vice President, Business Services, NNPC, Mr. Danladi Inuwa, signed on behalf of the NNPC, while the Managing Director of GNPC, Baboucarr Njie, signed on behalf of his organisation.

NNPC said the key areas of interest in the partnership included, “new frontier exploration, crude oil market expansion opportunities, and transfer of technology towards the quest for more energy security for both countries and the West Africa Sub-region.”

It added that the MoU would enable it work with the GNPC to explore and evaluate potential oil resources in Gambia.

The NNPC also said the deal was a significant step towards strengthening bilateral relations between Nigeria and Gambia and would create opportunities for the two countries to collaborate in the oil and gas sector.

As part of the exploration activities, geological and geophysical studies would be conducted, and seismic data acquired and analysed, while NNPC would also work with the GNPC to identify potential exploration blocks and carry out drilling activities in the country.

The NNPC, however, said the agreement represented another effort to expand its operations beyond Nigeria and tap into the vast oil and gas reserves in other African countries.

The company has been involved in similar initiatives in recent years, including exploration projects in Niger, Chad, and Benin Republic.

The Gambian Minister of Petroleum and Energy, Fafa Sanyang, hailed the collaboration, describing it as a major milestone for the country’s oil and gas industry.

In another development, NNPC has kept the momentum in its effort to finally end the current petrol scarcity and queues across the country, with the supply of additional 404.69 million litres to various loading depots in Nigeria in the course of last week.

In its Weekly National Premium Motor Spirit (PMS) Evaluation and Dispatch Report for Week 11th to 17th February, 2023, which was posted on its Twitter handle, NNPC said it evacuated a total of 404.69 million litres of petrol to the various loading depots in the country.

According to the report, average daily evacuation for the week under review was 57.81 million litres while year-to-date daily average evacuation stood at 65.43 million litres.

The report also indicated that 83 per cent of all evacuation took place at the top loading depots, with minimum evacuation of 5 million litres, adding that other loading depots evacuated 17 per cent of the total volume.

The NNPC evacuation report further showed that, of the top five loading depots, Pinnacle Lekki received the highest allocation with 52.80 million litres, followed by NIPCO – 25.23 million; Matrix – 24.88 million; Aiteo – 21. 37; and 11Plc – 19.48.

However, the five least receiving depots among the top loading depots received as follows: Shema Pet – 5.04 million litres, followed by Fatgbems – 5.47 million; MRS Plc – 5.80 million; LADO Oil – 5.89 million; and Northwest – 6.05 million litres.

On the other hand, the report indicated that truck dispatch to states has Lagos as the highest with 1,962, followed by the FCT – 731; Oyo – 558; Ogun – 469; and Delta – 462.

Also, states with the lowest number of truck dispatch were: Ebonyi – 26; Bayelsa – 32; Jigawa – 61; Zamfara – 66; and Gombe – 77.