NNPC to review deep offshore production pacts

The Nigerian National Petroleum Corporation (NNPC) is set to revisit the fiscal terms of the existing Production Sharing Contracts (PSC) entered into by -the corporation with some international oil and gas companies with a view to seeking favorable benefits to Nigeria based on prevailing realities in the industry.
Speaking  yesterday at the France-Nigeria Business Forum organized to mark the state visit of President Muhammadu Buhari to Paris, France, Dr. Ibe Kachikwu, Group Managing Director of the NNPC disclosed that in the weeks and months ahead the corporation will be re-negotiating the contracts to extract as much benefit as possible for Nigeria.
Dr. Kachikwu noted that though the PSC agreements are firm contracts which should be adhered to, the NNPC is allowed to make use of the window which creates space for re-negotiation.
On the status of France-Nigeria relations in the oil and gas industry, Dr. Kachikwu noted that though the French have a firm presence in the Nigerian petroleum industry, there is still room for French companies to rev up their presence in the refining areas where Nigeria currently needs support. 
“There is no country in Africa that has the kind of resource base Nigeria has; so France really needs to get more bullish if they want to compete in Nigeria with the very aggressive India, China, Germany … It’s a huge competition and I am looking forward to better days ahead,’’ he said.
Dr. Kachikwu noted that President Buhari’s vision for the industry is absolutely on track. “It is being honed every day: there is focus, transparency and diversified income streams.”