Demand 10 % equity, fault 30% for frontier basins
Members of the Host Communities of Nigeria Producing Oil and Gas (HOSTCOM), yesterday, described the Petroleum Industry Bill (PIB) as passed by the National Assembly as “immoral and draconian.”
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The group, led by Chief Benjamin Tamaranebi, said if President Muhammadu Buhari signs the bill into law, the Niger Delta people would be deprived of their rights to participation and sustainable development of their region.
They stated this during a visit to elder statesman, Chief Edwin Clark, where they urged the National Assembly to revisit the draft PIB and amend it to uphold the 10 per cent equity shareholding as demand for transparency, accountability and sustainable development of the oil and gas industry.