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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