Oil and Gas amendment bill heading for the rocks — Investigation vanguardnews
, currently working to cut the cost of producing oil from $30 to $10 per barrel, have started mounting pressure against it.
The bill, which also seeks an additional 0.5 per cent of oil firms’ gross revenues for Research and Development, has already scaled through its second reading in the House of Representatives and set for public hearing. They are also opposed to it as they feel that the one per cent provided for in the current Act is adequate in assisting to expand and deepen Local Content issues in the oil and gas industry.In an email to Vanguard, Executive Secretary, Nigerian Content Development Monitoring Board, NCDMB, Mr. Simbi Wabote, stated: “NCDMB under my leadership is completely opposed to any increase in the contribution from one per cent to two per cent, including the 0.
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