The Nigerian National Petroleum Corporation (NNPC) has said that Nigeria is investing about $7bn annually in joint ventures in the oil and gas sector, The Punchreports.
In a report presented by the corporation at a recent stakeholders’ workshop organised by the Nigeria Extractive Industries Transparency Initiative (NEITI) on oil sector validation, the NNPC stated that it had been managing 14 JVs for the country. It stated that 12 of the partnerships were actively producing, while two were greenfield investments that would mature next year.
The Group General Manager, Crude Oil Marketing Division, NNPC, Mele Kyari, explained in the report that it was the duty of the corporation to manage the country’s interests in the oil and gas industry. On Nigeria’s investment profile, he said the NNPC managed all upstream investments on behalf of the state, adding that this included the 14 JVs, nine production sharing contracts and one service contract.
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