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NETCO Posts 137% Increase in Operating Profit for 2023
Ekpo Commissions 300mmscf/D Kwale Gas Gathering Hub .Says facility boosts quest to harness gas resources for development Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo on Thursday commissioned the 300 Million Metric Tonnes Standard Cubic Feet per Day (MMscf/d) Kwale Gas Gathering Hub in Ndokwa West Local Government Area of Delta State describing the investment as a turning point in the quest to harness the country's abundant gas resources for socio-economic development. The project is collaboration between Nedogas Limited and the Nigerian Content Development and Monitoring Board (NCDMB), and Ekpo lauded the partnership as representing a significant advancement in the country's effort to promote sustainability, energy efficiency, and economic expansion. According to him, the project marked a dramatic improvement in Nigeria's capacity to extract and use natural gas resources properly. The Gas Minister also said the Nedogas Plant and Kwale Gas project is in line with the "Decade of Gas" plan of the Federal Government which aims to make Nigeria a gas-powered economy by 2030. "As a result of creative engineering, forward-thinking planning, and joint public-private sector efforts, the Nedogas Plant and the Kwale Gas Gathering facility marks not just a turning point for Delta State, but also a major turning point in Nigeria's continuous quest to use its abundant natural gas resources for the country's development," said Ekpo. "We will be able to process natural gas more efficiently at the Nedogas Plant, which will increase both our domestic supply and export potential. This establishment promises to significantly boost our economy by generating jobs, fostering industrial expansion, and ensuring energy security. It is a symbol of advancement," he stated. Ekpo said through the process of capturing associated gas that would otherwise be vented, the facility reduces its negative impact on the environment and also turned a potentially waste product into a useful resource. "These facilities will also have an impact on a number of other industries. A greater supply of gas will boost the electricity industry, improve industrial productivity, and offer more environmentally friendly home energy options," he added. Delta State Governor, Sheriff Oborevwori in his speech expressed gratitude to Nedogas Limited and NCDMB for siting the facility in the state. Oborevwori, represented by his Deputy, Sir Monday Onyeme, said the project will boost the energy needs of the country, and also assist in reducing the effect of gas flaring in the state. He also called for the replication of similar projects in parts of the state where oil exploitation companies are still engaged in the flaring of gas. Source: Lois Ibah, SSA to the Minister of Gas
Ekpo Commissions 300mmscf/D Kwale Gas Gathering Hub .Says facility boosts quest to harness gas resources for development Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo on Thursday commissioned the 300 Million Metric Tonnes Standard Cubic Feet per Day (MMscf/d) Kwale Gas Gathering Hub in Ndokwa West Local Government Area of Delta State describing the investment as a turning point in the quest to harness the country’s abundant gas resources for socio-economic development. The project is collaboration between Nedogas Limited and the Nigerian Content Development and Monitoring Board (NCDMB), and Ekpo lauded the partnership as representing a significant advancement in the country’s effort to promote sustainability, energy efficiency, and economic expansion. According to him, the project marked a dramatic improvement in Nigeria’s capacity to extract and use natural gas resources properly. The Gas Minister also said the Nedogas Plant and Kwale Gas project is in line with the “Decade of Gas” plan of the Federal Government which aims to make Nigeria a gas-powered economy by 2030. “As a result of creative engineering, forward-thinking planning, and joint public-private sector efforts, the Nedogas Plant and the Kwale Gas Gathering facility marks not just a turning point for Delta State, but also a major turning point in Nigeria’s continuous quest to use its abundant natural gas resources for the country’s development,” said Ekpo. “We will be able to process natural gas more efficiently at the Nedogas Plant, which will increase both our domestic supply and export potential. This establishment promises to significantly boost our economy by generating jobs, fostering industrial expansion, and ensuring energy security. It is a symbol of advancement,” he stated. Ekpo said through the process of capturing associated gas that would otherwise be vented, the facility reduces its negative impact on the environment and also turned a potentially waste product into a useful resource. “These facilities will also have an impact on a number of other industries. A greater supply of gas will boost the electricity industry, improve industrial productivity, and offer more environmentally friendly home energy options,” he added. Delta State Governor, Sheriff Oborevwori in his speech expressed gratitude to Nedogas Limited and NCDMB for siting the facility in the state. Oborevwori, represented by his Deputy, Sir Monday Onyeme, said the project will boost the energy needs of the country, and also assist in reducing the effect of gas flaring in the state. He also called for the replication of similar projects in parts of the state where oil exploitation companies are still engaged in the flaring of gas. Source: Lois Ibah, SSA to the Minister of Gas
– By majorwavesen

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NETCO Posts 137% Increase in Operating Profit for 2023

The Nigerian National Petroleum Company Limited (NNPC Ltd) subsidiary, NETCO, has reported a significant financial turnaround for the year 2023, showcasing a 137% increase in operating profits. This remarkable performance was shared by Mr. Adedapo Segun, the Chairman of NETCO’s Board of Directors and Executive Vice President of Downstream, during the company’s 34th Annual General Meeting held in Lagos.

Highlights from NETCO’s 2023 performance include:
– A 101% increase in revenue, marking a significant improvement over the previous year’s performance.
– A 137% rise in operating results, turning around from the prior year’s deficit.
– A 145% surge in gross profit compared to the previous year.

 

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Looking ahead, NETCO is strategizing to expand its service offerings within the oil and gas sector in 2024. Dr. Tonye Alagba, Managing Director of NETCO, outlined several initiatives aimed at business growth:
– Increasing market share by at least 5% through active participation in Engineering, Procurement, and Construction (EPC) projects.
– Targeting to bid for a minimum of 32 tenders with the goal of securing at least 15 contracts.
– Optimizing operational efficiencies, including a 21-day invoicing cycle and achieving at least 85% debt collection efficiency.
– Enhancing customer satisfaction to a minimum rate of 71%.
– Acquiring critical assets such as fabrication yards and offshore logistics support bases.
– Developing exclusive collaborations with key technical partners like KBR and Petrofac.

NETCO’s focused approach to expanding its capabilities and market presence is set to fortify its position within Nigeria’s oil and gas industry, promising sustained growth and improved service delivery.

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