The Nigerian National Petroleum Company (NNPC) Limited says it has signed a memorandum of understanding (MoU) with the Nigerian Content Development and Monitoring Board (NCDMB) and international oil companies (IOCs) to reduce contracting cycle.
In a statement on Monday, the NNPC said the deal was sealed to cut the contracting cycle to an optimal level of not more than 180 working days.NNPC said the MoU was a demonstration of its commitment to the efficiency mandate as enshrined in the Petroleum Industry Act — which is hinged on developing an industry framework for an optimised contracting cycle.
“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.”Speaking at the MoU signing, Mele Kyari, group chief executive of NNPC, said signing the agreement heralds exciting times for the nation’s oil and gas industry.
Kyari, who was represented by Oritsemeyiwa Eyesan, NNPC’s executive vice-president, upstream, added that with oil and gas as the bedrock of Nigeria’s economy, there is a need to get the contracting process in the industry right so as to get the economy back on track.In his remarks, Simbi Wabote, executive secretary, NCDMB, described the MoU as a way forward and a critical step towards enhancing the nation’s crude oil production.
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