Saturday, 23 December 2017

Companies Lift 8.8 Million Barrels Of Crude Oil

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 67.2Million 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:


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

Furthermore, 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.

The Corporation wishes to place on record that all crude oil lifting transactions are backed by irrevocable letters of credit issued by investment grade banks and, therefore, all payments are pre-secured.

The lifting 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

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