Nigeria begins audit of joint venture oil projects

摘要

Lagos-Nigeria has begun an audit of its ongoing joint venture oil and gas projects with foreign partners as it plans to review costs following declining state revenues due to a slump in oil production and exports, state oil company Nigerian National Petroleum Corp. said Thursday. Known as Value For Money review, NNPC said this audit exercise would be in addition to the ongoing review of the Production Sharing Contract (PSC) agreements with foreign oil companies with a view to negotiating more favorable terms for the Nigerian government.