NNPC, NCDMB, and IOCs Sign Memorandum of Understanding to Reduce Contracting Cycle

NNPC, NCDMB, and IOCs Sign Memorandum of Understanding to Reduce Contracting Cycle

The Nigerian National Petroleum Corporation (NNPC) has partnered with the Nigerian Content Development & Monitoring Board (NCDMB) and International Oil Companies (IOCs) in signing a Memorandum of Understanding aimed at shortening the contracting timeline to 180 days.

This agreement, formally executed on Monday at the NNPC Towers in Abuja, is geared towards advancing and strengthening the nation’s oil and gas sector. Its primary objectives are to curtail expenses, enhance efficiency, and ultimately contribute to the growth of national revenue, profitability, and production.

The Memorandum of Understanding serves as a conduit to bolster the economic growth of the federal government while also ensuring it delivers value to investors, stakeholders, companies, communities, and nations.

As per the official statement from NNPC, entering into such agreements with other partners is instrumental in advancing the nation’s productivity and overall well-being.

The GCEO NNPC LTD Mr. Kyari said, “Signing the agreement heralds exciting times for the nation’s oil and gas industry and stands as a bold testimony that the Company is plunging into the future of hope, productivity and success”.

Also, the NNPC vice president, Upstream, Mrs Oritsemeyiwa 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 to get the economy back on track”.

The Executive Secretary of NCDMB, Engineer Simbi Wabote, emphasized that the Memorandum of Understanding signing represents a pivotal move towards boosting the nation’s crude oil production.

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Additionally, the Managing Directors and Country Chairs of Shell, ExxonMobil, Chevron, TotalEnergies, and ENI expressed strong endorsement of the MoU, highlighting its advantageous outcomes for all involved parties.

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