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Driving Growth: Professor Okoye’s Books Offer In-depth Understanding of Petroleum Marketing

Prof. Billy Okoye

By William Emmanuel Ukpoju

The Coordinator of Oil, Gas and Energy Marketing of the University of Abuja Business School, Professor Billy Okoye, has applauded the Nigerian National Petroleum Company Limited [NNPCL] for steadily being on the route of progress after Dr. Mele Kyari wrecked the burden of losses and unlocked additional incomes for the country.

The ex-NNPCL Retail Chief Executive Officer said this during the launch of his books: Dynamics of Petroleum Products Marketing, the Insight into Crude Oil Marketing and AptFuel Technology App in Abuja.

Professor Okoye said his books represent the amalgamation of over 20 years of questions, research, dedication, and efforts in the oil and gas industry, stating that the energy industry is one of the most complex and dynamic sectors of the global economy with petroleum products and crude oil marketing at its core.

Billy explicated that, “These books aim to provide a comprehensive understanding of the intricate dynamics and challenges involved in marketing these vital commodities. ‘Dynamics of Petroleum Products Marketing’ book delves into the multifaceted world of marketing with the petroleum industry, providing insights into refining processes, pricing mechanisms, political influences, foreign subsidy issues and the ongoing energy transition processes.

“It offers a comprehensive framework for navigating the complexities of petroleum products marketing. Similarly, ‘Insight into Crude Oil Marketing’ offers a deep dive into crude oil marketing dynamics, commercial processes, marketing dynamics, geopolitical influences, energy economics, crude oil techs and bundling, including insights into the nitrogen petroleum industry (PIA).”

Commenting on the AptFuel Technology application, which simplifies fuel station management, Okoye said the innovation enables “easy oversight and efficient operations, driver’s accessibility, real-time information systems, cost reduction, and improved returns to shareholders”

Speaking on the current activities of Dr. Mele Kyari’s led NNPCL, Professor Billy stated that Kyari has helped the company to escape the plague of being an unprofitable company.

He said Nigerians and other stakeholders now have high expectations of the NNPCL to sprout development in the oil and gas industry as well as provide revenues to support the federal government’s fiscal spending. Additionally, Billy stated that the company had declared a total of N3.5tn profit between 2020 and 2022.

In the words of the Professor, “Please permit me to use this moment to congratulate and appreciate the management of NNPC Limited for their outstanding work in steering the company out of the path of losses.

“Since 2020, when NNPC Limited broke the yoke of losses with a N287bn profit, it has remained steady on the path of growth, with N674bn profit in 2021 and N2.5tn profit in 2022.

“Having spent a part of my years in service in the Crude Oil Markets Division, I also want to congratulate my NNPC Limited people for drawing down the JV cash-call debt from $ to $167m.

“For achieving the first oil from OML-13, for the launch of Nembe Crude Grade, which is Nigeria’s 36th oil grade, I remember that when I was in crude oil, we had launched the 35th early grade. People always think that bonny light is the only grade we have in Nigeria. We have 36 grades. Thanks to NNPC for chairing this. “

It would be recalled that last year, the state-owned company extended its energy security quest with the groundbreaking of the first phase of the 1,350 megawatts (MW) Gwagwalada Independent Power Project (GIPP) in Abuja.

The project is jointly funded by the NNPCL and its tactical associates – General Electric and the China Machinery Engineering Corp (CMEC) with a combination of a debt-equity sharing ratio of 70:30.

While commenting on the project, Professor Okoye said, “I also want to thank NNPCL for the launch of such massive infrastructural projects as the AKK Gas Pipeline, the Nigerian Morocco Gas Pipeline, and for the successful groundbreaking ceremony of the 1,350 megawatts wholly owned Gwagwalada Power Plant by our president, President Bola Ahmed Tinubu, last year.

“The efforts of the visionary and pragmatic management led by Dr. Mele Kolo Kyari, in resolving some of the legacy disputes with our Production Sharing Contract (PSC) partners have not gone unnoticed.

“This has led to the resumption of production from affected assets, boosting overall national production, and bringing more revenues into the federal government coffers.”

In his address, the Group Chief Executive Officer, NNPCL, Dr. Mele Kolo Kyari, praised Professor Billy for his urge to transfer knowledge, especially concerning the oil and gas industry. Kyari described this gesture as “profound”, adding that the works of Okoye will go a long way to shape the oil and gas industry in Nigeria and beyond. The event was witnessed by the high and mighty in the academic field and the oil and gas industry.

In an exclusive interview with Valuechain, Professor Billy Okoye highlighted the crux of the books, stating that the petroleum industry is a multifaceted industry that touches all and sundry in many different ways irrespective of what they do and where they come from. He said the contents of what he has documented are a composition of thorough research and hands-on experiences, spanning over three decades of methodical investigation and comprehensive knowledge gathering.