He affirmed that the Corporation had worked out rules to guide partners on such issues as asset abandonment; relinquishment costs; severance of operator staff; third party contract liabilities; technical, operational, and financial capabilities as well as competency of the buyer and post-purchase development plan. He said such a guideline had become necessary to safeguard the nation’s strategic interest in the face of the global sentiment against funding of fossil fuel projects. Kyari noted that in subsequent deals, NNPC would introduce new rules of engagement to make a clear distinction between divestment of equity shares and operatorship in the various joint operating agreements in order to leverage its rights of pre-emption. He added that there would also be clear criteria for evaluating the operational competency and track records of new partners.
Source: http://marineandpetroleum.com/nnpc-introduces-divestment-policy-for-partners/
09/08/2021