‘Femi Asu
The Nigerian National Petroleum Corporation and the Nigerian Content Development and Monitoring Board will start using a one-stop shop arrangement before the end of this year for reviewing and approving oil and gas projects and contracts in a bid to shorten the industry’s contracting cycle.
A statement on Friday by the NCDMB quoted the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to have said on Thursday in Yenagoa, Bayelsa State at a meeting with top management of the board.
He explained that the collaborative approval process between the NCDMB and the NNPC would help to reduce the contract approval cycle time to six months and the cost of crude oil production to $15 per barrel.
“If you look at the cost components we are trying to drive down, from $28 per barrel, it is now $23, and we are targeting $15. We can’t achieve that if our bureaucracy is…
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