Section 64: Objectives of NNPC Limited.

The objectives of NNPC Limited shall include to—
(a) carry out petroleum operations on a commercial basis, comparable to private companies in Nigeria carrying out similar activities including exemption to Public Procurement Act, Fiscal Responsibility Act and Treasury Single Account.
Act No. 14. 2007; Act No. 31. 2007.
(b) NNPC Limited to be vested as the concessionaire of all Production Sharing Contracts (PSC), Profit Sharing and Risk Service Contracts as the National oil company on behalf of the Federation in line with its competencies;
(c) lift and sell royalty oil and tax oil on behalf of the Commission and the Service respectively for an agreed commercial fee and in the case of profit oil and profit gas payable to the concessionaire, NNPC Limited shall promptly remit life proceeds of the sales of the profit oil and profit gas to the Federation less its 30% for management fee and Frontier Exploration Fund as specified in section 9 (4) of this Act;
(d) carry out test marketing to ascertain the value of crude oil and report to the Commission;
(e) be vested with the rights to natural gas under production sharing contracts entered into prior to and after the effective date of this Act;
(f) carry out the management of production sharing contracts for a fee, based on the profit oil share or profit gas share in accordance with paragraph (c);
(g) with respect to any joint operating agreement in which NNPC is a party on the effective date assume the working interest held by NNPC irrespective of whether such licence or lease is converted under section 92 of this Act;
(h) engage in the business of renewables and other energy investments;
(i) promote the domestic use of natural gas through development and operation of large-scale gas utilisation industries:
(j) maintain the role of NNPC, under section 54 of this Act;
(k) carry out task requested by the Commission or Authority on a fee basis and generally engage in activities that ensure national energy security in an efficient manner, in the overall interest of the Federation;
(l) carry out such other tasks as may be determined by the Board of NNPC Limited; and
(m) make NNPC Limited supplier of last resort for security reasons and all associated costs shall be for the account of the Federation.