According to its Activity Update released this month, NNPC subsidiary, the Nigerian Petroleum Development Company, has initiated programmes to enhance profitability and cost-optimisation along with asset management teams “with the intention of transiting to IJVs with joint venture partners” including Shell, ExxonMobil, Chevron, Total and Eni.
Already the NNPC has announced a restructuring of the group, concentrating all E&P activity into the NPDC and eliminating all outstanding cash call arrears to major partners, thus allowing operators to raise money without recourse to the government budget.
“The
