OIL COMPANIES MAKING PROFITS, HOST COMMUNITIES IN HARDSHIP- PRESIDENCY

OIL COMPANIES MAKING PROFITS, HOST COMMUNITIES IN HARDSHIP- PRESIDENCY

President Muhammadu Buhari has declared that International Oil Companies (IOCs) operating in Nigeria are making profits while most of the communities hosting them are being pauperized.

The Senior Special Assistant to the President on Niger Delta Affairs, Senator Ita Enang, in his goodwill message at the 4th National Council on Hydrocarbons (NCH) held in Abuja, denounced the hardship faced by residents in the oil rich region where most IOCs operate.

In a statement issued at the end of the council, Enang urged the NCH to take cognisance of the host communities being impoverished while the IOCs keep making profits, adding that local refiners should be recognised and integrated into the overall refining process.

He stressed that the Petroleum Technology Development Fund, Nigerian Content Development and Monitoring Board, as well as the amnesty programme had trained some ex-militants on better refining techniques, stating that they (ex-militants) should be engaged.

According to the statement, the council further discussed the need for stakeholders to be aware of the development and prospects of the Nigerian Gas Flare Commercialisation Programme and the efforts being made to realise the aims of the programme.

The council decided on encouraging regulatory agencies and other relevant ministries, departments and agencies in order to stimulate a competitive, efficient and transparent domestic liquefied petroleum gas market to enhance growth of Nigeria’s economy.

It emphasized the need to recommend the approval of the development of a pipeline network code to serve as a guiding document for building and protecting pipeline assets in Nigeria.

The NCH harped on the need to consider crashing the contracting cycle in the oil sector from 24/36 months to not more than six months for maximum profitability.

The council further suggested that multinational oil and gas prospecting companies should carry out a reshoot of all their previously shot acquired 2D and 3D fields, as the sites were now mature and had attained their oil peaks in the Niger Delta.

 

The Guardian