A statement released by the group praised the clearing of the backlog of cash call arrears owed international oil companies inherited from past administrations amounting to five billion dollars and the completion of the Escravos-Lagos pipeline system phase 2, doubling its capacity to over two billion cubic feet of gas.
It added that the commencement of construction of the Ajaokuta-Kaduna-Kano AKK Gas Pipeline, Nigeria’s biggest ever domestic gas pipeline project in addition to the total revamp of the Port Harcourt refinery was another jinx being broken.
” During that period, he laid substantial groundwork for the national infrastructure that helped develop the industry – pipelines, refineries, depots, etc, and helped midwife the vision for a Liquefied Natural Gas plant.
” Forty years later, the task has fallen upon him again to spearhead unparalleled reforms in the Corporation he helped establish. Under the President’s watch, since 2015, the National Oil Company has achieved the following, and more”, to the group claimed in a statement released in Abuja.
” Published Audited Financial Statements for 2018, 2019 and 2020. This is the first published Audited Financial Statements since the NNPC came into existence 43 years ago.
“Commenced clearing the backlog of Cash Call arrears owed International Oil Companies (IOCs), inherited from previous administrations, and amounting to more than five billion dollars. Completed the Escravos-Lagos Pipeline System (ELPS) Phase 2, doubling its capacity to 2.2 billion cubic feet of gas”.
The group also cited other giant achievements in the Oil and gas sector to include the resolution of the 12-year oil licence dispute, unlocking over 10billion dollars investment opportunities, particularly, the president’s assent to the Petroleum Industry Bill into law after two decades of unsuccessful attempts.
They explained that the unprecedented reforms spoke to the President’s promise to bring long term efficiency and transparency in the management of Nigeria’s oil and gas resources and place it on the path of the world-class industry for the good of the country.