Okechukwu Nnodim, Abuja
The Nigerian National Petroleum Corporation on Wednesday called for the splitting of petroleum licences into prospecting and production phases under the draft Petroleum Industry Administrative legislation currently before the National Assembly.
According to the corporation’s Group Managing Director, Maikanti Baru, the proposed split will prevent a situation where operators will sit perpetually on oil acreages.
Baru stated this in a presentation at the public hearing organised by the House of Representatives Committee on the Petroleum Industry Administrative Bill, Petroleum Industry Fiscal Bill and the Petroleum Industry Host Community Bill in Abuja.
The NNPC’s recommendation seeks a break-up of the petroleum licence into petroleum exploration licence, which has to do with petroleum prospecting, and petroleum lease, which will cover the production phase to search for, win, work, carry way and dispose of petroleum.
The corporation is also pushing for a re-think of the duration of licences as proposed in the PIAB, which stipulates an initial duration of 25 years for onshore and shallow water petroleum licences, and 30 years for deep water and frontier acreages.
The NNPC, however, proposed five years prospecting licences for onshore and shallow fields and 10 years for deep offshore and frontier basins.
It recommended 20 years’ production lease for onshore and shallow fields as well as deep offshore and frontier basins. The corporation noted that only the production lease period should be renewed for a period not exceeding 20 years.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: t[email protected]
About Article Author
Latest Nigeria News
- Garba Shehu attacks lawmakers, civil servants, security agencies, PDP heckling Buhari govt.
- Replicate seamless political transition in Lagos nationwide, Ekwunife tells APC
- Beautiful Lady Celebrates After Graduating As A Private Pilot
- Policemen Disgrace Civil Defence Officer, Bundle Him Into Van
- Prince Harry and Meghan Markle wed in style
- More Confusion In APC As Party's State Congresses Get Ugly
- Top Four Affordable Phones Anyone Can Buy
- Air Force launches rocket attacks against Boko Haram, kills many
- Saraki, Dogara, Kwankwaso, Others Get Secret Deal From PDP?
- 21 Ex-governors, deputies still earning double salaries as Senators, Ministers
- Kaduna LG Poll: APC Wins 14; PDP 4 chairs
- Police parades three fake currency dealer suspects
- Ogun Assembly passes resolution to establish dump sites across LGAs
- There ‘ll be religious war in Nigeria if.. – CAN
- We ‘ll continue to resist anti-grazing law – Herdsmen
- How To Help Build Your Marriage Even If Your Spouse Is Difficult
- Woman in custody fight carries 7-yr-old son, jumps from top of 25-story building
- Dogs named Harry, Maeghan have own royal wedding too
- Yahoo Boys’ New Tactics of Evading Arrest
- Woman lures boy to abduct little girl during church service
- Falana, Others React to Saraki's Face Off with Police Headquarters over "Killer Squad"
- Court strips indebted Sen. Oduah of all assets, funds in 14 businesses across Lagos, Abuja
- Self-Defence Call: What CSOs, NHRC, military officers, others write in panel report on Danjuma allegation
- Nigeria appointed chair of Anti-Corruption Agencies in Commonwealth Africa
- Imo: Okorocha reveals why Oyegun takes side with ememies to rock APC
- Murder Suspects In Police Headquarters Have Implicated Saraki?
- TRAGEDY! Plane carrying 105 passengers crashes after take off
- Is Billionaire Otedola Running For Governor In Lagos?
- Okorocha Raises Alarm Over APC Chairman Oyegun
- Governor Plunges Into River While Taking Selfie On New Bridge
- Plane crash claims over 100 lives
- Important Things To Look For When Booking A Hotel Room
- Army dismisses Gen TY Danjuma’s claims on Herdsmen killings
- Multi-Billion Naira Debt: Govt. Takes Over Stella Oduah’s Assets
- "Only Formidable Opposition Will Defeat Buhari In 2019"
- PRAYER FOR TODAY
- Over 120 Nigerians kidnapped in six days
- Imo: APC jubilates as Aso Rock, Catholic Church abandon Okorocha
- Jack Wilshere reacts to World Cup squad omission
- Russia to ‘punish’ fans over racist Pogba, Dembele chants