Nigerian National Petroleum Company Limited (NNPCL) and Nigerian Content Development & Monitoring Board (NCDMB), yesterday, signed a Memorandum of Understanding with international oil companies (IOCs) to reduce the contracting cycle to 180 days ....
Nigerian National Petroleum Company Limited and Nigerian Content Development & Monitoring Board , yesterday, signed a Memorandum of Understanding with international oil companies to reduce the contracting cycle to 180 days . On paper, a contract cycle in the oil and gas sector in Nigeria takes about 10 months, and sometimes drags on for as long as 10 years.
It said an optimised cycle is expected to improve ease of doing business, reduce cost, and drive efficiency. This will, consequently, translate to production growth, increased revenues and improved profitability. Speaking during the event, NNPCL’s Group Chief Executive Officer, Mele Kyari, said the agreement heralds exciting times for the nation’s oil and gas industry and stands as a bold testimony that the firm is plunging into a future of hope, productivity and success.
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