The House of Representatives has expressed its resolve to look into the country’s joint venture sharing agreement with the major International Oil Companies, tagged ‘cash calls’ budget performance for 2013.
Consequently, the Committee on Petroleum Resources and Upstream on Wednesday summoned the management of National Petroleum Investment Management Services to appear before it on November 18.
NAPIMS is a subsidiary of Nigerian National Petroleum Corporation, charged with the responsibility of managing the Federal Government’s investment in the upstream sector of the oil and gas industry.
Also summoned are the Chief Executive Officers of major International Oil Companies, who are expected to appear on November 14, to defend the Joint Venture agreement they had with NAPIMS.
The oil majors invited are: Managing Directors of Shell Petroleum Development Company Limited, Mobil Producing Nigeria Unlimited, Chevron Nigeria Limited, Total Exploration and Production Nigeria limited, Nigeria AGIP OIL Company Limited, and Pan Ocean Oil Corporation.
The Chairman of the committee on Petroleum Resources and Upstream, Hon. Muraina Ajibola, handed down the committee’s resolution.
Ajibola said the managing directors of the IOCs must made available all documents relating to the cash calls.
Ajibola stressed the need for the committee to monitor the cash calls, saying: “We need this information for us to do our job properly.”
The committee contended that tracking the cash calls was necessary so that Nigerians are not shortchanged through the cash calls agreement with the IOCs.
A delegation of NAPIMS, led by the NNPC Group Executive Director in charge of Exploration and Production, Abiye Membere, assured the committee that all documents relevant to the cash calls would be made available.
NAPIMS is a subsidiary of Nigerian National Petroleum Corporation, charged with the responsibility of managing the Federal Government’s investment in the upstream sector of the oil and gas industry.
Also summoned are the Chief Executive Officers of major International Oil Companies, who are expected to appear on November 14, to defend the Joint Venture agreement they had with NAPIMS.
The oil majors invited are: Managing Directors of Shell Petroleum Development Company Limited, Mobil Producing Nigeria Unlimited, Chevron Nigeria Limited, Total Exploration and Production Nigeria limited, Nigeria AGIP OIL Company Limited, and Pan Ocean Oil Corporation.
The Chairman of the committee on Petroleum Resources and Upstream, Hon. Muraina Ajibola, handed down the committee’s resolution.
Ajibola said the managing directors of the IOCs must made available all documents relating to the cash calls.
Ajibola stressed the need for the committee to monitor the cash calls, saying: “We need this information for us to do our job properly.”
The committee contended that tracking the cash calls was necessary so that Nigerians are not shortchanged through the cash calls agreement with the IOCs.
A delegation of NAPIMS, led by the NNPC Group Executive Director in charge of Exploration and Production, Abiye Membere, assured the committee that all documents relevant to the cash calls would be made available.
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