FG To Reduce Oil and Gas Contracting Cycle To Six Months

The Minister of State for Petroleum Resources, Ibe Kachikwu, stated this recently in a speech he delivered at the stakeholders’ interactive workshop on Nigerian Content Policy organized by the Senate Committee on Petroleum Resources (Upstream) in Calabar, Cross Rivers State.

According to a statement from the Nigerian Content Development and Monitoring Board, NCDMB, Kachikwu identified the long contracting cycle as a major contributor to the high cost per barrel of the Nigerian crude oil compared with other OPEC member- countries.

The minister, represented by the Group General Manager, of NAPIMS, Sajebor Dafe Stephen, stated that the contract approving entities were already implementing his charge to strategise and develop a single contracting procedure which will soon be issued to the industry.