fbpx
COVERNEWSNEWSLETTER

NEITI Sets Up Transparency Committee On Oil, Gas Contracts

Oil, Gas Companies Owe Nigeria Govt. N2.6trn - NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) has set up a Joint Inter-Agency Committee on the public disclosure of the contents of oil, gas and mining contracts.

The contracts to be disclosed include the terms and conditions set out in the contracts for exploration and exploitation of Nigeria’s oil and gas assets under the Joint Operating Agreements, Production Sharing Contracts, Service Contracts and Sole- Risk Contracts.

The disclosures would also cover contracts in the solid minerals sector amongst others.

The Executive Secretary, Dr. Orji Ogbonnaya Orji, announced this at a special training on Contract Transparency for members of the NEITI National Stakeholders Working Group (NSWG), in Lagos.

Ogbonnaya Orji explained that the joint committee was carefully drawn from relevant government agencies with direct responsibilities on managing Nigeria’s interests in various funding arrangements in the sector governed by contractual obligations.

The Agencies include; the Federal Ministry of Justice, Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation (NNPC) Ltd.

Other members are the Nigeria Upstream Petroleum Regulatory Commission and the Mining Cadastral Office. NEITI is expected to serve as the secretariat.

About Author

Aina Adepeju is a Mass Communication graduate. Adepeju loves photography. She is a Member of the Nigerian Institute of Public Relations (NIPR) and Advertising Practitioners Council of Nigeria (APCON). Adepeju can be reached via [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.