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Shorter Contracts Talks on Oil & Gas Projects in Nigeria

OIL

Nigeria's state oil firm NNPC and oil majors have agreed to cut the time for concluding contract talks from three years to six months to speed up investment projects in Nigeria.

  • The new agreement signed with the companies including Shell, Chevron, Eni, ExxonMobil, and TotalEnergies intends to make doing business in Nigeria easier.
  • "So efficiency is going to be instilled in the process and will deliver more production," said Oritsemeyiwa Eyesan from NNPC.
  • Protracted negotiations of major contracts in the oil and gas sector often slow new investment as the government aims to raise production. Nigeria is expecting to raise its oil production to 2.1mbpd by the end of next year, up by around 49% from August levels this year according to the President.
Energy BulletsCommodities
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