To avoid situations where oil assets are left idle without necessary contributions to the federation account, stakeholders have charged the Federal Government to enforce the drill or drop clause in the Petroleum Industry Bill (PIB).
According to them, this would help the country realise the accruable benefits from oil assets leased to operators, rather than such assets being left idle and dormant.
“The country is under heavy borrowing to meet its developmental needs. So, the Nigerian government must do all it can to use the country’s oil and gas assets to build an economy of the future”, he added. “If the oil blocs lie fallow and people are not producing from them, we are losing revenue from the field, we are losing job creation opportunities, we are losing what should be the contribution to the GDP as well as field development fee. It is a whole basket of having something you cannot use. It is therefore better you drop it for other companies with capacity to explore.
His view was corroborated by Adebayo Alamutu who maintained that the House of Representatives Committee on Petition may be doing more harm to the nation’s economy and reputation before the investors with its usurpation of power that does not belong to it.“First, there is no controversy in this matter. The minister has delegated the power to award and revoke oil blocks to the DPR, which is the regulator.
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