NNPC probes oil contracts

THE Federal Government through  Nigerian National Petroleum Corporation (NNPC)  has commenced review of  all Production Sharing Contracts, Joint Venture Agreements and all other contracts between it and its various partners.

Meanwhile, the NNPC is to meet today  with  key officials of unions in the sector as well as the representatives of the workforce.

The Group Managing Director, NNPC, Dr. Ibe Kachikwu who said the review is part of the reforms to reflect current day realities in the global oil and gas industry also clarified that his mandate is to put in place an efficient, transparent and profit-oriented processes and not mass retrenchment of the workforce.

He stated that the NNPC under his watch would put in place mechanisms that would plug all revenue leakages in the upstream, midstream and downstream sectors while crude oil proceeds due for the Federation Account would be remitted accordingly.

Kachikwu, in a statement signed by the Group General Manager, Group Public Affairs, Ohi Alegbe, reassured that the recent re-positioning is to put in place the right set of skills for performance stressing that the new arrangement provides a veritable vista for upcoming professionals in the corporation to have a speedy career path.

According to him, the reduction in the directorate from eight to four at the top management cadre is to refocus and sharpen the business aspiration of the Corporation, adding that training and retraining of members of staff to align with the new vision is the next stage of the ongoing reforms.

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