{"id":54370,"date":"2021-07-04T08:48:13","date_gmt":"2021-07-04T07:48:13","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=54370"},"modified":"2021-07-04T08:48:13","modified_gmt":"2021-07-04T07:48:13","slug":"why-lawmakers-increased-frontier-basin-exploration-fund-to-30-hon-kingsley-chima","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/07\/04\/why-lawmakers-increased-frontier-basin-exploration-fund-to-30-hon-kingsley-chima\/","title":{"rendered":"Why lawmakers increased frontier basin exploration fund to 30% – Hon. Kingsley Chima"},"content":{"rendered":"

A lawmaker representing Ohaji-Egbema\/Oguta\/Oru Wesr federal constituency, Uju Kingsley Chima has stated that 30 percent allocation for oil exploration will benefit all Nigerians.<\/p>\n

This was stated by the lawmaker, Chima who was also a member of the ad-hoc committee on Petroleum Industry Bill (PIB) on Friday during a media briefing on the bill.<\/p>\n

Controversies emerged over\u00a030 percent allocation\u00a0to the frontier basins exploration fund from the proposed 10 percent by the two chambers.<\/p>\n

The\u00a0reduction in host community funds\u00a0from the proposed 5 percent to 3 percent also\u00a0caused fierce arguments\u00a0during the bill\u2019s passage at the senate.<\/p>\n

Stakeholders had clamoured for\u00a010 percent for oil-producing states\u00a0during the public hearing of the PIB.<\/p>\n

Speaking on the frontier basin controversy, Chima said lawmakers<\/a> consulted experts and the executive before taking the final decision.<\/p>\n

\u201cIt is a win-win approach for all stakeholders. The frontier basin is not an exclusive reserve of a part of a country. These are areas with oil prospects, they said we have about six basins.,\u201d he said.<\/p>\n

\u201cYes, we can say the bulk of the basins are domiciled in a section of the country. Let me give you what will impress you today, whatever funds made available to these basins are reserved for future explorations.<\/p>\n

\u201cThe fund will be used for seismic operations, this involves geological analysis and to some extent, sub exploration, to convince investors that Nigeria has oil in commercial quantity in those places.<\/p>\n

\u201cThe wish of the people of Niger Delta is, let oil be found in every community in Nigeria, if it is benefits that the people of Niger Delta are enjoying, let everyone enjoy it.\u201d<\/p>\n

According to the bill,\u00a0NNPC\u00a0Limited would pay 30 percent of its profit in the production sharing, profit sharing and risk service contracts to the frontier exploration fund.<\/p>\n

On the 5 percent allocated to host communities by the house of representatives, the lawmaker said the fund would address some of the challenges facing oil-producing communities.<\/p>\n

He said the fund would be sent directly to the host communities and not through proxy.<\/p>\n","protected":false},"excerpt":{"rendered":"

A lawmaker representing Ohaji-Egbema\/Oguta\/Oru Wesr federal constituency, Uju Kingsley Chima has stated that 30 percent allocation for oil exploration will benefit all Nigerians. This was stated by the lawmaker, Chima who was also a member of the ad-hoc committee on Petroleum Industry Bill (PIB) on Friday during a media briefing on the bill. Controversies emerged […]<\/p>\n","protected":false},"author":17,"featured_media":54371,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[12484,1412,12483,8578],"class_list":["post-54370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-30-allocation-fund","tag-house-of-representatives","tag-oil-exploration","tag-petroleum-industry-bill-pib"],"yoast_head":"\nWhy lawmakers increased frontier basin exploration fund to 30% - Hon. 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