FG Raises Committee To Probe On Oil And Gas Contracts

Oil And Gas

The Federal Government has set up a Joint Inter-Agency Committee on the public disclosure of the contents of oil, gas and mining contracts in the country.

The contracts to be disclosed include the terms and conditions set out in the contracts for exploration and exploitation of Nigeria’s oil and gas assets under the Joint Operating Agreements, Production Sharing Contracts, Service Contracts and Sole- Risk Contracts.

Dr Orji Ogbonnaya Orji, Executive Secretary, the Nigeria Extractive Industries Transparency Initiative (NEITI), announced this in a statement on Thursday.

He that the disclosures would also cover contracts in the solid minerals sector amongst others.

Dr. Orji explained that the joint committee was carefully drawn from relevant government agencies with direct responsibilities on managing Nigeria’s interests in various funding arrangements in the sector governed by contractual obligations.

“The agencies include; the Federal Ministry of Justice, Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation (NNPC) Ltd. Other members are the Nigeria Upstream Petroleum Regulatory Commission and the Mining Cadastral Office. NEITI is expected to serve as the secretariat’’, he said.

The NEITI Executive Secretary added that the Joint Inter-Agency Committee on Contract Transparency is also expected to develop a National Roadmap and a Work-plan for the implementation of contract disclosure in the oil, gas and mining industries.

Orji announced that all is now set for Nigeria to assume leadership of the global Contract Transparency Network comprising of 20 member countries with effect from January 2022.

The global Contract Transparency Network to be Chaired by the Executive Secretary of NEITI, on behalf of Nigeria is comprised of the following countries; Indonesia, Philippines, Mexico, Armenia, Cameroun, Chad, Democratic Republic of Congo, Ghana, Malawi, Guinea, Mongolia, Mozambique, Myanmar, Senegal, Sao tome e’ Principe, Togo, Zambia and Tanzania.

Orji will be taking over from Alexandria Walls of Mexico who has led the global body from inception in 2018.

Nigeria’s tenure as the Chair of the network is for four years.

Share This:
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Recommended For You

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Open