The Nigerian National Petroleum Company Limited (NNPCL) has identified poor corporate governance, lack of transparency, and inefficiency as key factors undermining the operations in Nigeria’s oil and gas industry and its potential for improved contribution to the nation’s Gross Domestic Product (GDP)
Identifying corporate governance challenges in the oil sector as multifaceted and complex, the company also flawed lack of transparency and accountability in the operations of oil companies, particularly Multinational Corporations (MNCs), in the hydrocarbon resources industry.
The Chief Corporate Communications Officer of the company, Olufemi Soneye, in a statement, quoted the company’s new Executive Vice President (EVP) Upstream, Mr. Udobong Ntia, as talking on these issues in his opening remarks during an Upstream Governance, Risk and Compliance Workshop with the theme “Enhancing Governance, Risk and Compliance in Nigeria’s Upstream Sector” in Lagos.
Ntia said that it had become imperative for upstream stakeholders in the nation’s oil and gas industry to strengthen their corporate governance structure, risk management, and compliance with regulatory guidelines to promote NNPC’s ‘core values of integrity, excellence, and sustainability.’
He commended the upstream leaders and regulators for supporting the workshop organized to discuss issues that have a bearing on individual and collective success towards attaining the clear mandate of sustainably ramping up the nation’s crude oil production.
The industry expert also reiterated the readiness of the company, through his office to provide enabling guidance that will accelerate the implementation of initiatives that will enhance governance, risk management and compliance in the upstream sub-sector.
The workshop had in attendance top officials of the NNPCL, representatives of industry regulators such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC); the Nigerian Content Development and Monitoring Board (NCDMB), over 20 representatives of upstream entities from International Oil Companies (IOCs), and other industry experts.
