Reps order NAPIMS to submit Joint-Venture agreements with IOCs

The House of Representatives Committee on Petroleum Reources, Upstream has ordered the management of the National Petroleum Investment Management Services, NAPIMS, to present before it details of its joint venture agreement with international oil companies. The report is tagged: Cash Calls Budget Performance for 2013 and NAPIMS is expected to turn it in on November 18.

The Committee also summoned the 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 to appear before it to defend the Joint Venture agreement they had with NAPIMS.

The Chairman of the committee, Honourable Muraina Ajibola, who handed down the committee’s resolution on the matter, noted that NAPIMS must before its appearance on November 18 alongside, managing directors of the IOCs, make available all documents relating to the cash calls on November 14.

NAPIMS is one of the subsidiaries of Nigerian National Petroleum Corporation, NNPC, responsible for managing Federal Government’s investment in the upstream sector of the oil and gas industry. Muraina said the tracking of the cash calls was necessary for the committee to carry out its oversight functions properly.

“We need this information for us to do our job properly”, he said. Members of the committee in their responses to the chairman’s directive concurred that monitoring of the joint venture agreements as it relates to the cash calls was necessary for the committee to avoid a situation where country might be short-changed.

However, the NAPIMS delegation led by Nigeria National Petroleum Corporation, NNPC Group Executive Director, GED in charge of Exploration and Production, Mr. Abiye Membere pleaded with the committee over the inability of the NAPIMS to appear before the committee on time, saying that all necessary documents related to the cash calls deal with the IOCs would be made available to the committee as requested.

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Reps order NAPIMS to submit Joint-Venture agreements with IOCs by

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