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.” x
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.
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After a 20-year journey, the Petroleum Industry Bill (PIB) on Thursday crossed a major landmark as the two chambers of the National Assembly considered the reports of their respective committees on the bill.
The beginning of the bill could be traced to the Oil and Gas Reforms Committee (OGRC) constituted by former President Olusegun Obasanjo’s administration. The report of the committee formed parts of the bill which was first introduced to the National Assembly by former President Umar Yar’Adua’s administration in 2008.
Mr Yar’Adua had constituted a committee on the implementation of the OGRC report. A subcommittee chaired by Yinka Omorogbe drafted the bill but that particular bill was marred by controversy. Segun Adeniyi, the spokesperson of the late president, detailed some of the controversies that bedevilled the bill in his book: Power, Politics and Death.
Barring any last-minute change in plan, the six governors in the South-West geopolitical zone will meet the Senators and House of Representatives members from the zone in Abuja on Tuesday to discuss the recently passed Petroleum Industry Bill and the Electoral Act Amendment Bill which will be debated on the floor of the Senate during plenary on Tuesday
Governors expected at the meeting include Rotimi Akeredolu (Ondo), Kayode Fayemi (Ekiti), Gboyega Oyetola (Osun), Seyi Makinde (Oyo), Dapo Abiodun (Ogun) and Babajide Sanwo-Olu (Lagos).
A member of the Senate from the zone, Opeyemi Bamidele; and a member of the House from the zone, Olufemi Fakeye, announced the meeting in a statement on Monday.
PIB: North, Ogun’s quests for oil get boost, exploration receives 30% The Punch
Published 5 July 2021
The quests for oil in the North and other parts of the country, including Ogun and Anambra states, have received a huge boost in the recently passed Petroleum Industry Bill which will regulate the oil sector if signed by the President, Major General Muhammadu Buhari (retd.), findings have shown.
Currently, crude oil is obtained from eight states in the Niger Delta region which include: Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers states.
Based on Section 9 of the PIB, at least 30 per cent of the profit generated by the proposed Nigerian National Petroleum Company Limited will go to the exploration of oil in ‘frontier basins’.
Total income dips by N396bn
Emmanuel Addeh in Abuja
The Nigerian National Petroleum Corporation (NNPC) made a total revenue of N1.088.88 trillion in the first five months of 2021, a Federation Account Allocation Committee (FAAC) document detailing its operations for the period has shown.
The figure is N396.8 billion lower than the N1.485 trillion revenues it grossed in the first five months of 2020.
However, the corporation has resumed its frontier exploration services suspended in April.
But despite the gross revenue accruals, the corporation failed to fully meet its monthly funding obligation of N414.941 billion for its projects and operations for the period.