The story
NNPC by law manages the joint venture between the Nigerian federal government and a number of foreign multinational corporations, which include Royal Dutch Shell, Agip, ExxonMobil, TotalEnergies, Chevron, and Texaco (now merged with Chevron). Through collaboration with these companies, the Nigerian government conducts petroleum exploration and production.
The NNPC Towers, located in Abuja, serves as the headquarters of the Nigerian National Petroleum Corporation (NNPC). The complex consists of four identical towers and is situated on Herbert Macaulay Way in the Central Business District of Abuja. NNPC also maintains zonal offices in cities including Lagos, Kaduna, Benin City, Port Harcourt, and Warri. Additionally, it operates an international office in London, United Kingdom.
In October 2019, NNPC announced the signing of a $2.5 billion pre-payment agreement with Nigeria LNG to fund upstream gas development projects.
In December 2021, the Federal Government of Nigeria and NNPC Ltd signed a ₦621 billion Memorandum of Understanding to finance the construction of critical road infrastructure across the country.
Following passage of a Petroleum Industry Act in August 2021, NNPC now operates as a commercial entity without relying on government funding and direct controls. NNPC was established as a limited liability corporation in the hopes that a private entity will find it easier to access international capital markets. The company will continue to ensure energy security in Nigeria. On 27 June 2024, it delivered its first DES LNG Cargo at Futtsu, Japan.
From Wikipedia’s article on NNPC, shared under CC BY-SA 4.0.5