Saturday, October 24, 2020
MARKET UPDATE
Advertisement

TheCable

Advertisement
 ON THE GO

Report: Aiteo Eastern, 2 others see biggest jump in 2019 composite compliance ranking

Report: Aiteo Eastern, 2 others see biggest jump in 2019 composite compliance ranking
October 14
13:25 2020

Three oil and gas companies recorded the biggest jump in their 2019 composite compliance report released by Nigeria Extractive Industries Transparency Initiative (NEITI).

Advertisement

The report, ranks companies in terms of data compliance with the data submission requirements of the 2019 oil and gas audit process.

According to the NEITI, the largest increases are recorded for three entities: Aiteo Eastern E & P Co. Ltd., Neconde Energy Limited, and Network Exploration and Production Limited, who all increased from 0 percent in 2015 to 100 percent in 2019.

A total of 88 entities were subjected to the data submission exercise for the 2019 Oil and Gas Audits, sixteen entities were exempted from the exercise, this left 72 entities for the 2019 compliance assessments.

Advertisement

Out of this, 49 entities or 68 percent of the entities assessed had a perfect score of 100 percent. One entity scored 95 percent while another scored 93 percent. Four entities scored 88 percent, while two entities scored 75 percent, and two entities also scored 50 percent. One entity each scored 81 percent, 72 percent, 70percent, 68 percent, 67 percent, 63 percent, 59 percent, 40 percent, 20 percent, 18 percent. Finally, three scored 0 percent.

Chevron Nigeria Limited alongside 8 energy companies retained a composite compliance score of 100 percent from 2015 to 2019. While the smallest increases were recorded for Equinor Nigeria Energy Company Limited from 97 percent in 2015 to 100 percent in 2019), Prime 127 Nigeria Limited (from 96 percent in 2015 to 100 percent in 2019) and Nd Western Limited (from 94 percent in 2015 to 100 percent in 2019).

“The ranking criteria for submission of templates is based on a range from the extended deadline for submission of templates (27 July 2020 to 27 August 2020),” the report said.

Advertisement

“Covered entities that submitted on or before the extended deadline of 27 July 2020 get the full mark for submission of templates which is 1(100%). Entities that submitted after this date get a lower score.”

The figure shows that more entities fully complied with the data submission exercise in 2019 than in 2015. With 68.06 percent of entities fully compliant in 2019, as opposed to 21.54 percent of entities in 2015, full compliance improved by over 200 percent between 2015 and 2019.

 

Advertisement

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment