NCDMB, NNPC, IOCs sign agreement on oil production increase

*Target 6 months contract cycle

A Summary:

1. The Nigerian Content Development and Monitoring Board (NCDMB) has signed a Memorandum of Understanding (MoU) cum Service Level Agreement (SLA) with the Nigerian National Petroleum Company Ltd (NNPC Ltd) and five international oil-producing companies.

2. The SLA aims to optimize the contracting cycle in the oil and gas industry and accelerate the development of new oil and gas projects.

3. The agreement was signed by the Executive Secretary of NCDMB and the new Executive Vice President Upstream of NNPC Ltd, along with other top industry officials.

4. The goal is to conclude the tendering to contract award processes within six months.

5. The NCDMB introduced the 15-day Rule in 2017, promising to respond within 15 working days to any formal request for approvals.

6. The SLA with Nigeria LNG in 2017 set the template for managing documentation and applications between the Board and operating companies.

7. The NCDMB has been recognized and awarded for its efficiency and self-imposed reforms.

8. The SLA will be implemented by the NCDMB, and failure to respond within the agreed timelines allows the company to proceed with its tendering process.