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NNPC Sets 2013 Revenue Target of $43.6 billion

By on November 30, 2012

Andrew Yakubu, NNPC GMD

Obviously challenged by the value created by State Oil enterprises like Petrobraz(Brazil), Petronas (Malaysia), Pemex(Mexico), Saudi Aramco(Saudi Arabia) in the energy market,the Nigerian National Petroleum Corporation (NNPC) has given itself a revenue goal of $43.6 bn  for 2013.

This was the determination shared by the Group Managing Director of the Corporation, Engineer Andrew Yakubu at the Budget defense hearing for 2012/2013  House Committee(Upstream)  session.

Speaking on the performance of the 2012 Budget, he stated that the parastatal had realized $6.3billion revenue and also stressed that out of the $12.7 billion approved  for  it, the Federal Government allocated $10.4 billion.

On its operational plan he said more exploration will be done with strategic Joint Venture partnership through the concession agreements which will help to build its capacity in the energy market.

When asked questions during the session on sources of alternative funding, he responded by saying “Whatever of Finance… we also have external loans as well as our joint venture partners. we need to spend needs to be appropriated for. From our work programme, we make provisions for it in the cash calls. We also engage the Federal Ministry”.

The National Legislators urged the NNPC  to be strategic and expand its reserve noting it  was essential to the Nation’s energy sustainability in the midst of the international  oil price variations.

House Committee frowned at the fact that despite the huge sums allocated to private security agencies, the incidence of pipeline vandalization and theft was still on the increase in the country.

This time the NNPC’s resolve to be more productive and enterprising could signal a new season of innovation, creativity and proactive steps for the company discarding the era of inefficiency, wastage and insolvency.