NNPC Seeks End to Perpetual Hold on Oil Acreage Licences in Nigeria

0
39

Chineme Okafor in Abuja

The Nigerian National Petroleum Corporation (NNPC) has asked the National Assembly to split the licences issued for development of oil fields in Nigeria into two components, one for prospecting and another for production phases under the draft Petroleum Industry Administrative Bill (PIAB) currently before it.

In a presentation it made at the public hearing organised by the House of Representatives Committee on the PIAB, Petroleum Industry Fiscal Bill (PIFB) and the Petroleum Industry Host Community Bill (PIHCB) in Abuja, the Group Managing Director of NNPC, Dr. Maikanti Baru, said the proposed split would prevent a situation where operators would sit perpetually on oil acreages.

A statement from the Group General Manager of the corporation, Mr. Ndu Ughamadu, said the recommendation under the PIAB sought a break…



Read More…..Thisday Newspapers