NNPC Clarifies Position on Oil Block Signature Bonus, Royalty

NNPC Clarifies Position on Oil Block Signature Bonus, Royalty

NNPC Logo.jogThe GMD, however, said the arrangement allowed NNPC to lift the royalty oil from Production Sharing Contracts (PSCs) and remit the proceeds to the DPR, adding that confirmation and reconciliation of royalty payments to the sister agency were carried out at the monthly meeting between the Office of the Accountant General of the Federation and revenue generating agencies. NNPC assured the Ad Hoc House Committee that it would furnish it with all pieces of information on its royalty remittances from the PSCs to the DPR from 1992 till date. On his part, Chairman of the Ad Hoc Committee, Hon. Gideon Gwani, said the Committee decided to invite all the agencies involved in the collection of oil revenues and the Central Bank of Nigeria (CBN) to resolve the claims and counter-claims regarding the whereabouts of some signature bonuses and other revenues from some OPLs and OMLs. He explained that the committee was mandated by the House of Representatives to investigate the award of all OPLs and OMLs granted to oil companies by the Federal Government, to, among other things, ascertain whether due process and guidelines for the acquisition of oil and gas assets were complied with. Other agencies invited for the hearing included the DPR, CBN, Office of the Accountant General of the Federation and the Petroleum Training Development Fund (PTDF). Source / More : NNPC oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook]]>

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