In a bid to improve efficiency and reduce cost per barrel, the Federal Government yesterday signed a deal with oil and gas industry operators that would reduce the contracting cycle to not more than 180 working days.
A statement by NNPC Limited disclosed that a Memorandum of Understanding to this effect was signed in Abuja by the company and the Nigerian Content Development & Monitoring Board, NCDMB, with the International Oil Companies, IOCs.
It stated that an optimized contracting cycle “is expected to improve the ease of doing business, reduce cost and drive efficiency which will eventually translate to production growth, increased revenues, and ultimately improved profitability. “Key benefits of the framework in the MoU include a reduction of the contracting cycle for open competitive tender, selective tender, and single sourcing tender to 180, 178, and 128 working days respectively compared with the current best effort performance of 327, 333, and 185 working days respectively”.
Represented by NNPC’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, Kyari added that with oil and gas as the bedrock of Nigeria’s economy, there is the need to get the contracting process in the Industry right so as to get the economy back on track.
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