Politics
Nigerians React As Senate Investigates Flawed PIA Implementation And IOCs Status
The Senate has directed its Committees on Petroleum-Upstream, Downstream, and Gas to undertake a comprehensive investigation into the execution of the Petroleum Industry Act (PIA) concerning the potential withdrawal of International Oil Companies (IOCs) from Nigeria…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
This resolution was reached during the Senate’s deliberation of a motion titled “Immediate Need for an Inquiry into the Implementation of the Petroleum Industry Act (PIA) .
2021 Regarding the Possible Departure of International Oil Companies (IOCs) from Nigeria: A Case Study of ExxonMobil in Akwa Ibom State,” introduced by Senator Aniekan Etim Bassey (PDP, Akwa-Ibom North-East).
Senator Bassey presented the motion, highlighting how the discovery of substantial oil and gas reserves in Nigeria led to the entry of international oil companies (IOCs) into the country with the aim of advancing exploration, development, and production in the sector.
He pointed out that these IOCs entered into Joint Venture (JV) agreements with the Federal Government through the NNPC (now NNPC Ltd). In the specific case mentioned, NNPC holds a 60% stake, while ExxonMobil holds 40% in the JV partnership between the NNPC and ExxonMobil. The responsibilities for capital expenditure investment in the JV and the distribution of its proceeds are allocated based on these proportions.
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