The Senate committee on Gas has announced plans to summon officials of the Nigerian National Petroleum Corporation Limited to explain why it was yet to provide funding for the exploration and development of new frontier acreages.
The PIA makes provisions for the funding of such ventures. The fund is to consist of 30 percent of NNPC’s “profit oil and profit gas” from various contracts, which will be used to pay for the exploration and development activities. “So, we had to interact with the commission on those issues and we discovered that there is no fund raised from 30 percent oil profit and 30 percent gas profit as provided for in Section 9 subsection 4 of the PIA.
Kimolafe stated that Nigeria has “37 barrels of crude oil as it relates to gas, reserve number of 208 tcl of gas that makes us the largest gas reserve in Africa and the ninth globally.”
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