Nigerian Senate begins audit on $16bn Egina oil field project

Iduu Ugonna, Petroleum news, Abuja

The Senate ad-hoc Committee on Investigation of Local Content Element on Egina Oil Field and other related Projects has called for the suspension of further variations on the Total Upstream Nigeria Limited $16.3 billion Egina Deep Sea Oil Project.

The chairman of the committee, Solomon Adeola, gave the directive in a statement by his media adviser, Kayode Odunaro, in Abuja on Friday. Mr Adeola said the directive followed Senate’s resolution to pay consultants to do a ”Value for Money Audit” of the Egina project.

He said after a two billion dollar variation on the project, there was proposal for another one billion dollar variation. He stressed that there was need to get detailed explanation of the variations by various sub contractors to Total Upstream Nigeria Limited, the major operator of the project.

He said “the audit would last for 16 weeks by consultants paid by the Senate to ensure an independent account instead of being carried out by NNPC/NAPIMS as required by the contractual agreement.”

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