NNPC/MPN JV: 55 Years of Delivering Value to Akwa Ibom State

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NNPC/MPN JV: 55 Years of Delivering Value to Akwa Ibom State


Hinteractive

The Nigeria National Petroleum Corporation/Mobil Producing Nigeria Joint

Venture (NNPC/MPN JV) has operated in Akwa Ibom State for 55 years,

having been granted its first Oil Prospecting License (OPL) in 1961.

Since then, the JV has consistently delivered significant economic value to

Akwa Ibom State and Nigeria.

Current State of the Business

The current decline in oil prices has forced a global cut back in

investments. There has been about 75% reduction in JV profitability

compared to 2015, and JV partner cash call obligations have reached a

cumulative arrears in excess of $1.3bn, and growing, undermining business

sustainability. Additionally, vandalism and community unrest have resulted

in significant production losses. The resultant effects on our business

include: scaled down operations, limited new hire opportunities, reduced

personnel, project deferments and contract renegotiations.

Surviving the Odds

These are trying times, indeed. A mind-set of stakeholder collaboration has

become the irreducible minimum to assure business sustainability for

continued value creation for all. An atmosphere/environment of ramped-up

hostility expressed in threats, abduction of contractors, blockades and

protests is counterproductive. It poses an existential risk to our operations

with grave implications for the revenue base of the state and our capacity

to provide employment and support on-going social investments in our

neighbouring communities.

Mobil Producing Nigeria Unlimited has consistently discharged its corporate

and Joint Venture duties and obligations to country, state and

communities. We, therefore, expect to be treated as partners, as with

anyone with rights and privileges.

We are part of the Community

MPN is made up of people: Over 1,700 citizens living and working in Akwa

Ibom State, mostly indigenes. These individuals and their families are

actively contributing to the economy of the state. We expect all people

including our staff, as law abiding members of the community to be free to

go to work without enduring threats and illegal tolls on the road.

We seek and appreciate the support and collaboration of all stakeholders,

as we work to assure near term business sustainability. Our long term

business outlook and community investments can remain positive only if

all stakeholders genuinely collaborate towards maintaining an atmosphere

that is conducive for business for everyone in Akwa Ibom State.

We invite all to continue to work with us to ensure continued value

delivery and prosperity in Akwa Ibom State.

Hinteractive Report 

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