History of Nigerian National Petroleum Corporation and its Operating Arms
The history of Nigerian National Petroleum Corporation is what every concerned citizen of the country should be conversant with.
After going through this discourse, you will get to understand more about the History of the Nigerian National Petroleum Corporation and its operating arms.
The institution has a very long and impressive history, kindly explore the headings below for more details.
About Nigerian National Petroleum Corporation
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.
Currently, the subsidiary companies include:
1. Nigerian Petroleum Development Company (NPDC)
2. The Nigerian Gas Company (NGC)
3. The Products and Pipelines Marketing Company (PPMC)
4. Integrated Data Services Limited (IDSL)
5. National Engineering and Technical Company Limited (NETCO)
6. Hydrocarbon Services Nigeria Limited (HYSON)
7. Warri Refinery and Petrochemical Co. Limited (WRPC)
8. Kaduna Refinery and Petrochemical Co. Limited (KRPC)
9. Port Harcourt Refining Co. Limited (PHRC)
10. NNPC Retail
11. Duke Oil
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 Nigerian National Petroleum Corporation Key Dates
1. 1908: Oil is discovered in Nigeria.
2. 1971: Nigeria decides to join OPEC; Nigerian National Oil Corp. (NNOC) is created.
3. 1977: NNOC becomes Nigerian National Petroleum Corp. (NNPC).
4. 1981: NNPC decentralizes into nine subsidiaries.
5. 1999: Nigeria adopts a new constitution; democratically elected President Olusegun Obasanjo is inaugurated.
6. 2003: The government deregulates fuel prices and announces that its four major oil refineries will eventually be privatized.
7. 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 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, and the supervision of government investments in the upstream sector.
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, it boasts among the highest-paying local organizations in Nigeria.
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 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 much as N2 million. Salaries are not static and are subject to change.
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