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LequteMan
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The Nigerian National Petroleum Corporation, NNPC, has announced plans to renegotiate its production-sharing agreements with oil majors as the country tries to push ahead with a clean-up of the sector that is the lifeblood of its economy.
“We intend to begin the process of the renegotiation of the PSCs to see what value chain and improvements we can have from these contracts”, Ibe Kachikwu, NNPC GMD said in a statement.
The NNPC said it would overhaul its contracts with companies such as Shell, Chevron, Eni and ExxonMobil “in the weeks and months ahead…to extract as much benefit as possible for Nigeria”,
Nigeria has been hit hard by global crash in crude oil prices and gets 70 per cent of its revenues from oil.
The country has spent billions defending the Naira which many believe needs to be devalued for the third time in less than a year.
“We intend to begin the process of the renegotiation of the PSCs to see what value chain and improvements we can have from these contracts”, Ibe Kachikwu, NNPC GMD said in a statement.
The NNPC said it would overhaul its contracts with companies such as Shell, Chevron, Eni and ExxonMobil “in the weeks and months ahead…to extract as much benefit as possible for Nigeria”,
Nigeria has been hit hard by global crash in crude oil prices and gets 70 per cent of its revenues from oil.
The country has spent billions defending the Naira which many believe needs to be devalued for the third time in less than a year.
