Nigerian National Petroleum Corporation
From Wikipedia, the free encyclopedia
| Nigerian National Petroleum Company | |
 |
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| Type of Company | Public |
|---|---|
| Founded | 1977 |
| Headquarters | Corporate HQ Abuja, Nigeria |
| Key people | Edmund Daukoru, Chairman Funsho Kupolokun, General Managing Director NNPC |
| Industry | Oil and gas |
| Products | Petroleum & Petrochemicals |
| Website | www.nnpcgroup.com |
The Nigerian National Petroleum Corporation (NNPC) , sometimes known as the Nigerian National Petroleum Company, is the state oil corporation through which the federal government of Nigeria regulates and participates in the country's petroleum industry.
[edit] History
Established in April 1, 1977 as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Power. The NNPC is by law a joint venture between the Nigerian federal government and a number of foreign multinational corporations, which include Royal Dutch Shell, Exxon-Mobil, Agip, TotalFinaElf, Chevron, and Texaco (though now merged with Chevron). Through collaboration with these companies, the Nigerian government conducts petroleum exploration and development.
Through collaboration with these companies, the Nigerian government conducts petroleum exploration and development.
The Corporation has sole responsibility for upstream and downstream developments, and is also charged with regulating and supervising the oil industry on behalf of the Nigerian Government. In 1988, the corporation was commercialised into 12 strategic business units, covering the entire spectrum of oil industry operations: exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments. The subsidiary companies include:
- National Petroleum Investment Management Services (NAPIMS)
- Nigerian Petroleum Development Company (NPDC))
- The Nigerian Gas Company (NGC))
- The Products and Pipelines Marketing Company (PPMC)
- Integrated Data Services Limited (IDSL)
- Nigerian LNG limited (NLNG)
- National Engineering and Technical Company Limited (NETCO)
- Hydrocarbon Services Nigeria Limited(HYSON)
- Warri Refinery and Petrochemical Co. Limited (WRPC)
- Kaduna Refinery and Petrochemical Co. Limited(KRPC)
- Port Harcourt Refining Co. Limited (PHRC)
- Eleme Petrochemicals Co. Limited (EPCL)Not part of subsidiary again due to privatization.
[edit] Legal premise
According to the Nigerian constitution, all minerals, gas, and oil the country possesses are legally the property of the Nigerian federal government. As such, the oil corporations operating in Nigeria appropriate portions of their revenue to the government, which accrues nearly 60% of the revenue generated by the oil industry in this manner. The revenue gained by the NNPC accounts for 83% of federal government revenue and 40% of the entire country's GDP. As of 2000, oil and gas exports account for 98% of Nigerian export earnings.
