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, The Punch reports.
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.
The minister commended the NCDMB for adopting the use of Service Level Agreements with its key stakeholders, promising to ensure that other agencies within the Ministry of Petroleum Resources adopt the initiative to drive efficiency within organisations. The NCDMB, which signed the first SLA with the Nigerian Liquefied Natural Gas Limited in May 2017, said it was preparing to sign similar agreement with the Oil Producers Trade Section, the umbrella body of major international and indigenous operating oil companies.