Petroleum Africa
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Tuesday, August 18, 2015
The new head of Nigeria’s state-run firm NNPC, Emmanuel Kachikwu, plans to put all PSCs and JV agreements under review. Kachikwu said he would like the agreements to reflect current day “realities” of today’s industry.
Kachikwu was appointed two weeks ago and since then the state apparatus has seen a number of changes. He plans on overhauling the whole system and plug revenue leakages by instituting a three-prong plan which he already started by replacing a number of top executives an eliminating a number of positions. His next move is a forensic audit, which will be followed by the review of contracts.
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