Tuesday, 11 December 2012

Outstanding multi-billion dollars oil and gas industry projects threatened

The delay by the Nigerian National Petroleum Corporation (NNPC) to approve some outstanding multi-billion dollars oil and gas industry projects is causing concern in the industry.
It was gathered that the NNPC’s inability to decide on the projects stemmed from the repeated failure to hold its periodic Group Executive Committee (GEC) meetings, where projects of this magnitude are usually reviewed and moved to the board, for endorsement and award.
The projects that would be affected if the NNPC fails to act include the Mobil’s Erha North phase two; the Satellite fields development project, phase two; and Total’s Egina project.
Owing to the delays, some international oil companies (IOCs) have rejected further extension on the negotiations beyond the end of this calendar year with NNPC on the affected projects.

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