Maikanti Baru, the Nigerian National Petroleum Corporation’s (NNPC) group managing director, said on Wednesday that Nigeria’s oil sales should remain the sole responsibility of one company rather than be split between two agencies as a draft of the country’s long-awaited petroleum bill proposes, Reuters reports.
Baru told a parliamentary hearing that the draft Petroleum Industry Bill (PIB), which aims to radically overhaul the OPEC member’s oil sector, should be amended so that only one company, the newly created National Petroleum Company (NPC), is allowed to sell the nation’s oil. The draft had sought to create competition and efficiency in the sector by having two agencies selling oil which the NNPC opposes on the grounds it would muddle responsibilities.
Baru said the second agency proposed under the bill, the Nigeria Petroleum Assets Management Company (NPAMC) should serve as an administrative arm overseeing crude production and joint venture agreements with oil companies. Baru did not object to plans in the bill to hand the regulation of Nigeria’s oil sector over to a third agency, named the Nigeria Petroleum Regulatory Commission (NRPC).