The Nigerian National Petroleum Corporation
(NNPC) has directed the International Oil Companies (IOCs) operating in the
country to drastically cut over $30 billion they proposed as the cost of new
products.
The projects have been stalled for several years
due to the inability of the NNPC and the IOCs to reach an agreement on the
costs.
Some of the projects, it was learnt, include
Bonga South West, Bonga North East and Bonga North (Aparo), which are being
proposed by Shell Nigeria Exploration and Production Company (SNEPCo), under a
Production Sharing Contract (PSC) arrangement with the NNPC.
Some of the IOCs had accused the NNPC of
deliberately stalling the execution of some of these multibillion dollar
projects.
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