Senator Akpan harps on effective, efficient oversight of PIA to benefit Nigeria as licenses were issued to 47 successful bidders

The chairman of the Senate Committee on Petroleum Resources Upstream, Senator Bassey Albert Akpan (OBA) has promised effective and efficient oversight of the Petroleum Industry Act (PIA) to ensure the needs and aspirations of Nigerians are met as Petroleum Prospecting Licenses (PPLs) were issued to the successful awardees of the country’s marginal fields in the 2020 bid round pursuant to the provisions of the Act.

Senator Albert made the promise yesterday on behalf of the leadership of the Senate at the official unveiling of the Host Communities Development Regulations, Petroleum Prospecting Licences (PPLs), and presentation of licences to marginal field awardees held at Transcorp Hilton Hotel, Abuja

“We believe very strongly that as lawmakers, this is our modest contributions towards the enhancement of the oil and gas sector. We, therefore, promise a most effective and efficient oversight to ensure that the awardees meet the needs and aspirations of all Nigerians”, Senator Albert said.

While congratulating the awardees, he urged them to contribute to the growth of the oil sector in Nigeria.

He expressed profound gratitude to God Almighty that the 9th National Assembly is part of what he calls “the landmark, jinx-breaking agenda” to move our oil sector forward.

Today’s historic event is in fulfillment of the promise made earlier this year by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to issue prospecting Licences to successful awardees of the country’s marginal fields as contained in the PIA.

At the event was attended by the Minister of State for Petroleum, Chief Timipre Sylva, Members of National Assembly, Board Chairman, NUPRC, Mallam Isa Ibrahim Modibbo, Chief Executive, NUPRC, Engr. Gbenga Komolafe, industry captains, and representatives of host communities, the model petroleum prospecting license were unveiled alongside a presentation of petroleum prospecting Licences to 47 successful bidders.

In addition, NUPRC unveiled the implementation template for the Host Communities Development Trust (HODT), the first of its kind in Nigeria, which replaces all existing GMoUs/MoUs and agreements between the host communities and the oil and gas operators.

If properly implemented, the HODT innovation in the PIA will positively impact the well-being of host communities and diminish their restiveness.