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Reps move to probe proceeds of oil field licences

oil field

By Emman Ovuakporie

ABUJA—THE House of Representatives yesterday moved to probe the process and financial proceeds from licensing of Nigeria’s marginal oil fields.

This came to fore based on a motion entitled: ‘Urgent Need To Investigate The Processes And Financial Proceeds Of Licensing Rounds of Nigeria’s Marginal (Oil and Gas) Fields’ promoted by Rep Diri Douye, PDP,  Bayelsa State.

Douye  in his submission said there were potential of economic viability in marginal oil and gas fields with over 30 marginal oil fields were farmed  out to 40 field operators “most of whom have not developed the fields.”

He said the Department of Petroleum Resources, DPR, had earlier said it would revoke all of such undeveloped fields by 2015 but failed to do so.

“As it is, the situation is impeding the actualisation of the nation’s plan to earn additional N14 billion from 300 million barrel of crude and gas,” the lawmaker added.

He further said: ”the current dynamics of licensing and bidding lacks transparency which contravenes the provisions of Nigerian oil and gas local content and Freedom of Information Act.”

Thereafter, the house resolved that the existing ad hoc committee investigating the debt owed by international oil companies should investigate the matter and report back to the lawmakers on a later date.

 

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