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History of Nigerian National Petroleum Corporation and Its Operating Arms

Filed in Articles by on April 6, 2021

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Are you searching for a brief history of Nigerian National Petroleum Corporation? Or, would you like to know more about the History of NNPC? Many people have been hearing of NNPC, but they don’t know actually what the corporation is all about. Well, after going through this article, you will get to understand more about the History of the Nigerian National Petroleum Corporation and its operating arms

History of Nigerian National Petroleum Corporation and Its Operating Arms

About Nigerian National Petroleum Corporation (NNPC)

NNPC is a famous name in the petroleum world. The Nigerian National Petroleum Corporation is the holding company that oversees the Nigerian state’s interests in the country’s oil industry.

The Nigerian National Petroleum Corporation (NNPC) is the state oil corporation that was established on April 1, 1977.

In addition to its exploration activities, the Corporation was given powers and operational interests in refining, petrochemicals, and product transportation as well as marketing.

Between 1978 and 1989, Nigerian National Petroleum Corporation constructed refineries in Warri, Kaduna and Port Harcourt and took over the 35,000-barrel Shell Refinery established in Port Harcourt in 1965.

In 1988, the Nigerian National Petroleum Corporation was commercialized 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.

More Details

Currently, the subsidiary companies include:

In addition to these subsidiaries, the industry is also regulated by the Department of Petroleum Resources (DPR), a department within the Ministry of Petroleum Resources.

The DPR ensures compliance with industry regulations; processes applications for licenses, leases, and permits, establishes and enforces environmental regulations. The DPR, and NAPIMS, play a very crucial role in the day to day activities throughout the industry. ​​​​

Prospective of Nigerian National Petroleum Corporation

The Nigerian National Petroleum Corporation (NNPC) is the driving force behind the economic development of Nigeria, providing fuel and feedstock for the nation’s industrial facilities and meeting the energy needs of individual customers and commercial enterprises.

However, the Nigerian National Petroleum Corporation is the major revenue earner for the nation. Nigerian National Petroleum Corporation’s operations span the length and breadth of Nigeria and involve the entire spectrum of the petroleum industry.

The Nigerian National Petroleum Corporation Key Dates

  • 1908: Oil is discovered in Nigeria.
  • 1971: Nigeria decides to join OPEC; Nigerian National Oil Corp. (NNOC) is created.
  • 1977: NNOC becomes Nigerian National Petroleum Corp. (NNPC).
  • 1981: NNPC decentralizes into nine subsidiaries.
  • 1999: Nigeria adopts a new constitution; democratically elected President Olusegun Obasanjo is inaugurated.
  • 2003: The government begins to deregulate fuel prices and announces that its four major oil refineries will eventually be privatized.
  • 2005: The Company signs a $1 billion contract with Chevron Texaco Nigeria to construct the Floating, Production, Storage and Offloading Vessel (FPSO) for the Agbami deep offshore oil field.

History of Nigerian National Petroleum Corporation

The Nigerian National Petroleum Corporation (NNPC) is the holding company that oversees the Nigerian state’s interests in the country’s oil industry.

The company is composed of four main operating units: Refineries and Petrochemicals; Exploration and Production; Finance and Accounts; and Corporate Services.

Oil production is the cornerstone of Nigeria’s economy–the country ranks as the largest oil producer in Africa. A total of 95 percent of the country’s foreign exchange revenue stems from the Nigerian National Petroleum Corporation’s operations.

Oil operations account for 20 percent of the country’s gross domestic product and Nigerian National Petroleum Corporation is responsible for nearly 65 percent of the government’s budgetary revenues.

After 16 years of military rule, democratically elected Olusegun Obasanjo took office in 1999. Since that time he has worked to reform the oil and gas industry in the country.

Responsibilities of the Nigerian National Petroleum Corporation

Nigerian National Petroleum Corporation (NNPC) is responsible for harnessing Nigeria’s oil and gas reserves for sustainable national development.

It explores, produces, refines oil, and markets and retails petroleum products. Also, It is involved in petrochemicals and gas development, oil and gas engineering, the supervision of government investments in the upstream sector, and the marketing of Nigeria’s accruable crude.

However, it is implementing a renewable energy initiative that links the industry with the agricultural sector to produce ethanol.

Away from the big multinational companies in the industry the likes of Chevron, Shell, Total, and Exxon Mobil, NNPC is the local corporation that indirectly guides the operation of the industry.

While the mostly salary of workers in NNPC falls some distance off salaries of workers in these multinational oil companies, NNPC workers remain among the very well-paid staff in the government payroll.

The Nigerian National Petroleum Corporation Salary Structure

The Petroleum industry is one of the core industries in Nigeria. It is, to date, the highest paying industry and stands with the highest paying jobs.

Whatever field or position you find yourself in the industry, you can be sure of a very comfortable pay.

While the Nigerian National Petroleum Corporation is not among the highest paying companies in the industry, they boast among the highest paying local organization in Nigeria.

Just like other oil and gas companies, salary structures in the Nigerian National Petroleum Corporation vary. The salaries vary per profession, job specifications, and sometimes location. Apart from the salaries, NNPC workers are entitled to bonuses and other several incentives.

NNPC Entry Level Workers Salary

Entry-level workers at NNPC are paid a basic salary between the range of N190,000 to N350,000 monthly. Entry-level workers are newly employed fresh graduates who have completed their NYSC.

The amount paid them varies according to their job descriptions. Generally, engineers and scientists earn more than graduates from other fields and disciplines at entry-level. Bonuses and incentives can double the basic salary and the take-home pay is subject to increase with time and experience on the job.

The NNPC Experienced Workers and Managers Salary

NNPC pays its experienced staff and managers a basic salary in the range between N500,000 to N1 million monthly and this depends on their level of experience in the company.

Their managers in some fields within the company, possibly petroleum engineers, earn as high as N2 million. Salaries are not static and are subject to change.

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