Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Senate demands IOCs proposal on host community Fund

    Senate demands IOCs proposal on host community Fund

    October 3, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Floor of the Nigerian Senate

    – Says oil firms to plan relocation to Niger Delta

    OpeOluwani Akintayo

    Lagos — The Nigerian Senate has asked International Oil companies operating in the country, to submit their proposal for the setting up of the Host Communities Trust Fund for the panel’s perusal, as required by the provisions of the law.

    The Chairman, Senate Committee on Petroleum Resources (Upstream), Senator Bassey Akpan during a meeting with oil companies, said the proposal is one of the requirements for implementation of the Petroleum Industry Act, PIA.

    During the meeting to announce commencement of implementation of the Act, starting from this week, the Senator encouraged oil firms to start making plans to relocate both their operational base and headquarters to the Niger Delta.
    This he said was based on the resolution of the Senate last week.

    He said the passage of the PIA and its implementation would guarantee their lives and property in the region.

    He said, “We have set aside the month of October for our oversight activities. We have not been able to do so until now because we have spent the last 14 months working on the PIB.

    “The Minister of State for Petroleum Resources said the executive is preparing a comprehensive stakeholders meeting on the way forward.

    “The key issue that has been brought to the attention of the National Assembly is that of host communities.

    “We all know how apprehensive the host communities are, as regards the implementation of the bill, especially as it affects their interests.

    “Also, the Senate motion, which led to the resolution that oil companies should relocate their operational base to their host communities will receive the attention of the committee.’’

    According to him, the Senate Committee on Petroleum Resources (Upstream) would monitor the relocation process in collaboration with the Presidential Committee on PIA implementation.

    Related News

    Oando secures $375m Afreximbank loan to boost oil and gas expansion plan

    California fuel imports hit 4-year high amid refinery outages

    Oil prices steady ahead of US-China trade talks

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Shettima inaugurates power project in Borno university

    June 9, 2025

    Oando secures $375m Afreximbank loan to boost oil and gas expansion plan

    June 9, 2025

    California fuel imports hit 4-year high amid refinery outages

    June 9, 2025

    Oil prices steady ahead of US-China trade talks

    June 9, 2025

    TotalEnergies looks to sell 50% stake in renewables assets in U.S., Spain

    June 9, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.