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Bill On Establishment Of Ibom Oil And Gas Corporation Receives Attention.. Passes Second Reading


 



By Asuquo Edem 

In his strong desire towards fulfilling his calling to the legislature and his avowed commitment to bills and motions that have direct impact on the citizens,  the member representing Essien Udim State  Cnstituency, Prince Ukpong Akpabio II yesterday presented a Bill for the establishment of Ibom Oil and Gas Corporation before Plenary. 

The Bill which was first mentioned mid last year which passed second reading according to the Sponsor was very necessary, Akwa Ibom State being a major player in oil and gas production sector. 

Prince Akpabio who is the Chairman House Committee on Rules,  Business and Ethics noted that the essence of the Bill was to put the State at the fore and to establish Akwa Ibom State as a dominant player in the Nigerian oil and gas sector even as the State ranks among one of the largest producer of oil and gas however expressed regrets that the State only benefits from monthly allocation from the federal government as token. 

Speaking to House Corespondents the lawmaker said that "It is only commonsensical for Akwa Ibom State to actively participate in exploiting the full benefits of this resources by establishing a company to actively compete with foreign and indigenous oil and gas companies", 

Prince Akpabio noted that the Bill is not without precedent in Nigeria because aside the fact that states have used legislations to create business entities to leverage any sector of interest for the overall good of their people, with Ibom Air as a case study, other states like Lagos in 2013 established their state owned Oil and Gas Corporation known as IBILE Oil and Gas Corporation.

While making reference to Lagos State with minimal crude deposits, Prince Akpabio state that given Akwa Ibom's huge oil and gas resources, the State should not wait a day further but take advantage now by investing in a market that promises huge returns on investment. 

"the Bill seeks to ensure Akwa Ibom State have a Corporation to be known as IBOM Oil and Gas Corporation, with powers to; engage in all oil and gas upstream activities, including Exploration, Drilling and Production; invest in a company or a consortium for the purpose of participating in oil and gas bid rounds and seeking marginal fields allocation;  acquire old or new exploration and drilling prospects and prospecting abandoned wells anywhere in Nigeria or Overseas; optimise the benefits of the Petroleum Policies of the Federal Government; and acquire gas volumes and other supplies for the State as may be considered appropriate.

He expressed optimism that the Bill will receive accent from the governor as he is doing everything possible through relating with all stakeholders in the sector to get the job done. 

Members who spoke at plenary gave their support to the Bill, noting that when passed into law, will go a long way to ensure Akwa Ibom State reaps maximally from the numerous benefits of the upstream sector of the oil and gas industry.

After due deliberation on the bill the Speaker committed the Bill to the Committee on Petroleum for indepth study and to report back to the House in one month. 

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