Section 65: Establishment of Incorporated Joint Venture Companies.

1 NNPC Limited and other parties to joint operating agreements in respect of upstream petroleum operations, may on a voluntary basis restructure their joint operating agreement as a joint venture carried out by way of a limited liability company, each referred to as an “incorporated joint venture company” (IJVC), based on the principles established in the Second Schedule to this Act.
Second Schedule.

2 The IJVC referred to in subsection (1) shall not be subject to the provisions of the Fiscal Responsibility Act and the Public Procurement Act.
Act No 31, 2007; Act No 14, 2007.

3 The proposed IJVC structure shall be an independent entity, having a strong commercial orientation and transparent company operation for the IJVC shareholders, with clear rules for accountability.