Yemisi Izuora
Operators in the oil and gas industry have described Masters Energy Group as a conglomerate capable of executing bigger oil contracts than Direct Sale Direct Purchase (DSDP) crude contracts of Nigerian National Petroleum Corporation (NNPC).
They said that the recent allocation of DSDP contract of 2019-2020 to Masters Energy Group was in recognition of the sustenance of the company’s huge investment in the upstream,midstream and downstream sectors of Nigeria’s oil and gas industry.
This outstanding capacity of the conglomerate according to industry experts was first identified by the NNPC in 2011 as a benchmark for the award of crude lifting to Masters Energy six years after the commencement of operation and incorporation in 2005.
The excellent capacity of the Group was corroborated as a fact by a former Deputy Director of the Department of Petroleum Resources (DPR) who attributed the track record, technical know how and financial capacity of the group as the yardstick for the DPR’s approval of the construction and utilisation of the largest fuel depot of Masters Energy commissioned over a decade ago in Port Harcourt,Rivers State.
He noted that these qualities made it possible for Masters Energy to be selected at that time for crude oil lifting contracts during the administration of former President Goodluck Jonathan.
A senior analyst in a Multinational Oil &Gas firm explained that Masters Energy Group is known for transparency and commitment to excellent service. He said : “I am not surprised with the feat recorded in crude lifting contract and inclusion of Masters Energy in DSDP contract since President Muhammadu Buhari’s aides and the NNPC management are only interested in awarding such complex contracts to companies with zero tolerance for graft and commitment to building of capacity within the country in line with Next Level agenda of the president”.
According to him,these attributes adopted in contract award process by the management of NNPC led by its Group Managing Director Malam Mele Kyari, made it possible for Masters Energy to win the DSDP contract again.
Experts at a conference of energy correspondents at Eko Hotel had described DSDP contracts as a factor that helped the NNPC to sustain excess supply of petroleum products in the country.
Masters Energy was also mentioned by these experts as one of the contractors known for good performance and positive contributions that helped the nation to save billions of naira and engaged several unemployed youths across Nigeria.
Our findings revealed that Masters Energy Group with 100 per cent indigenous staff operates the largest fuel depot of West Africa in Port Harcourt,Rivers State and over 100 mega filling stations across Nigeria to add value to the nation’s economy.
Meanwhile, experts urged editors of newspapers to devote enough time to check fake news being submitted by reporters so as to avoid dragging their media outfits in court cases that will consume their resources as court penalties.
Particularly, they opined that it is important for the media to promote indigenous companies active in taking risk to invest in the economy so as to compete with multinationals in the oil and gas industry.
It would be recalled that the immediate past Group Managing Director of NNPC Dr Maikanti Baru in a statement had disclosed that the DSDP had saved over $500 million, particularly through reduction in the amount paid on demurrage by the corporation.
The NNPC boss described the DSDP as a major component of the NNPC’s
petroleum products supply portfolio, stressing that since inception, it has greatly helped in the stabilization of products supply to the nation.