What is the role of the Nigerian National Petroleum Corporation?
The Nigerian National Petroleum Corporation (NNPC) represents the countrys interest throughout the petroleum industry and plays a pivotal role in both the industry and the national economy. Upstream which gulps a huge proportion of the countrys investment, it typically holds 60 per cent share of the joint venture (JV) interest with multinational oil companies, with the exception of the NNPC/Shell/Elf/Agip JV where the holding is in the proportion of 55:30:10:5. The National Petroleum Investment & Management Services (NAPIMS) manages for NNPC its interest upstream. Nigeria invests approximately $3 billion upstream each year. NNPC owns a few demonstrative subsidiaries such as the exploration and production outfit, National Petroleum Development Company (NPDC) producing in excess of 20,000 bpd and the countrys leading engineering outfit, National Engineering & Technical Company (NETCO). NNPC dominates the downstream sector, wholly owning all the countrys four refineries with a capacity of
