NNPC budget slash: JV funding down by 40%

The directive by the Nigerian National Petroleum Corporation (NNPC) earlier in the year to all Joint Venture (JV) partners to cut budget by 40 per cent is affecting JV funding.Declining crude oil price since late last year when crude price nosedived from a record $140 per barrel in June 2014 to below $50 per barrel in January 2015, has had negative impact on the country's revenue.The 40 per cent slash in budget had led to the stalling and suspension of several ongoing projects, while new opportunities have been deferred or out rightly cancelled.
Click here to read full news..