Oil Contract Acceleration: NNPCL IOC's Sign MoU

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Amazin Zion

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Mar 1, 2023
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On Monday, September 25, the Nigerian National Petroleum Company Limited (NNPC) and the Nigerian Content Development and Monitoring Board (NCDMB) signed a Memorandum of Understanding (MoU) with the international oil companies (IOCs) to lower the contracting cycle by 81.6%.

This means they will cut the current cycle to the highest level of not more than 180 working days out of the current 327 days—the deal was signed in Abuja at the NNPC Towers

The NNPC stated that this move was in line with its commitment to the goals of the Petroleum Industry Act (PIA) to foster an industry framework for an optimized contracting cycle.

The NNPC also said that the deal was signed to improve business, reduce costs, and boost efficiency, which will assist in increased revenues, production growth, and improved profitability.

Read more: https://www.investingport.com/oil-contract-acceleration-nnpcl-iocs-sign-mou/