Reps probe JV agreements with IOCs

NNPC (1)

The House of Representatives has requested from the National Petroleum Investment Management Services (NAPIMS), details of Joint Venture Agreements (JVA) with International Oil Companies (IOCs).

House Committee on Petroleum Resources (Upstream) yesterday, gave the management of the agency up till November 18 to appear with the details of its cash call budget performance for 2013.

NAPIMS, one of the subsidiaries of Nigerian National Petroleum Corporation (NNPC) is responsible for managing Federal Government’s investment in the upstream sector of the oil and gas industry.

Also expected to appear before the Committee and join NAPIMS in defense of their cash call budget performance are the the Managing Directors of Shell Petroleum Development Company Limited (SPDC), Mobil Producing Nigeria Unlimited, Chevron Nigeria Limited, Total Exploration and Production Nigeria limited, Nigeria AGIP Oil Company Limited (NAOC), and Pan Ocean Oil Corporation.

The Chairman of the committee, Muraina Ajibola said the Chief Executives of the IOCs must present all documents relating to the cash calls on November 14.

“Tracking of the cash calls is necessary for our committee so that we can judiciously followed it, We need this information for us to do our job properly.

“Monitoring the JVAs as it relate to the cash calls is necessary for the committee to scrutinize, so that Nigerian people are not shortchanged through the cash calls agreement with the IOCs,” he noted.

 

Information from The Nation was used in this report.

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