The quests for oil in the North and other parts of the country, including Ogun and Anambra states, have received a huge boost in the recently passed Petroleum Industry Bill which will regulate the oil sector if signed by the President, Major General Muhammadu Buhari (retd. Based on Section 9 of the PIB, at least 30 per cent of the profit generated by the proposed Nigerian National Petroleum Company Limited will go to the exploration of oil in ‘frontier basins’. Although the proposed law doesn’t identify the frontier basins, a statement by the President in 2019 identified the frontier basins as Chad Basin, Gongola Basin, Anambra Basin, Sokoto Basin, Dahomey Basin, Bida Basin and Benue Trough. “The Federal Government has also re-emphasised to us, during those meetings, its total support for exploration and exploitation of oil and gas in the North-East of the country.”With the passage of the PIB, however, the oil exploration move of the 19 northern governors has received a huge boost. It is still very inherent in the Nigerian system and PIB has exemplified it.”Copyright PUNCH.

Source: Punch July 05, 2021 00:11 UTC