WED, 31 AUG, 2022-theGBJournal| NNPC Limited Group Chief Executive Officer, Mele Kyari said the Group is poised to initiate an Initial Public Offer (IPO) by mid-2023. He made the disclosure while providing key updates on the vision of the newly unveiled NNPC Limited at the 49th session of the State House Briefing Tuesday.
Analysts tells theG&BJournal that the IPO has the potential to certainly become the biggest by a state-owned oil corporation in Africa and one of the biggest in the world. Saudi Arabia oil behemoth, Aramco raised $25.6 billion in its IPO in January 2020 by selling 3 billion shares at $8.53 (32 Riyals) a share to set a world record level.
‘’NNPC Limited has that type of potential and could easily close out $10 billion if it goes public today,’’ says one international oil analysts in Lagos.
NNPC Limited currently has a huge asset base in the excess of $60 billion and strong balance sheet, and the largest single asset holder in the entire African Petroleum industry.
Kyari at the briefing underscored the significant progress of the Group since the coming of the Petroleum Industry Act (PIA) in 2021 and the robust standards for transparency and accountability.
‘’We’ve established world-class governance and compliance procedures, and we’ve automated our process,’’ Kyari said.
The company is also supporting gas infrastructure development and utilization, and has completed the 100mmscf Integrated Gas Handling Facility (IGHF) in Oredo, Edo State.
‘’We’re working hard to complete the AKK, OB3, TSGP and NMGP projects and have undertaken the FID for NLNG Train 7,’’ Kyari disclosed.
Among other significant steps the company has undertaken is the discovery of hydrocarbon in commercial quantity in Kolmani, Northeast Nigeria, the resolution of a 20-year-old Production Sharing Contract (PSC) dispute in order to unlock investments in the deepwater space, ‘’saving Nigeria contingent liability of over $9 billion,’’ according to Kyari.
The Company has also taken 20% equity in Dangote Refinery, as part of what Kyari describes as ‘’National Energy Security.’’
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