We can now account for every barrel of oil sold - NNPC

The Nigerian National Petroleum Corporation (NNPC) says it can now account for every barrel of oil sold as it has achieved 98 percent automation of all its transactions.

The corporation said the automation included supply, marketing and sale of the various grades and blends of Nigeria’s crude oil across the world.

Mele Kyari, group general manager, crude oil marketing division of the corporation,  made this known in an interview with Oil & Gas Forum, a weekly TV show of NNPC .

He said the automation exercise would be concluded in 2018.

“Today at a click of a button we can tell you how much crude oil is sold, at what price, who bought it and where it has gone to etc,” he said.

Kyari said the projection was to operate a complete paperless crude oil data management regime.

This, he said, is in line with the ongoing transformation of the processes which has witnessed sweeping reforms since 2015.

He listed the reforms to include; the open bid process of customer selection for lifting and purchase of Nigeria’s crude oil grades, emplacement of efficient crude for product import processes, leading to savings of $1 billion in one year as well as the introduction of improved pricing system, which has evolved into a robust and auditable pricing mechanism.

“The GGM also explained that the reform had led to the harmonization of Nigeria’s crude oil data and lifting information, providing access to major internationally recognized reporting agencies like Plat and Argus Media to achieve real time reporting of Nigeria’s crude oil transactions,” he said.

“He said this development had enabled the country to eliminate the perennial disagreement with its major stakeholder, the Organisation of Petroleum Exporting Countries (OPEC) on actual production and lifting figures.”