8th Dec. 2016.
Senator Akpan Bassey takes the opening prayers.
Chairman Committee Petroleuem Upstream Sen. Alasoadura welcomes stakeholders and members of the general public present.
Senators present: Senators Tayo Alasoadura, Kabiru Marafa, Akpan Bassey,Gershom Bassey, Chukwuka Utazi.
Oil Producing Trade Section (OPTS) presents OPTS memorandum on the PIGB.
Clay Neff, Chairman
-Your recognition of the need to bring relevant industry stakeholders together at this critical time is highly appreciated ”
-OPTS represents 24 independent, indigenous & international E&P companies, operating 90% of the oil & gas production -Clay Neff
OPTS is supportive of industry reform, our review of the bill has identified the need for improvement in 4 areas as follows : #PIBHearing
1″OPTS expects that the proposed Nigerian Petroleum Assets Management Company assets are matched with associated liabilities” #PIBHearing
2″With regard to the initial capitalization NPAM & NPC the Bill do not provide funding for these companies to fulfill financial obligations from day one of incorporation”
3.” The Bill repeals the NNPC Act 2004 without preserving the NNPC’s exemption to acreage relinquishment ” #PIBHearing
4″With respect to JV Cash the Bill does not provide for mutual agreement of outstanding liabilities between relevant partners” #PIBHearing
*Major Oil Marketers Association of Nigeria (MOMAN)* #PIBHearing
The issues raised by MOMAN group emanated from the following : Function & Powers of the Minister of Petroleum Resources,Nigeria Petroleum Regulatory Commission, Establishment of Commercial Entities and other Header recommendations . #PIBHearing
Executive Secretary of MOMAN Thomas Olawore concludes his presentation with commendations to National Assembly for their efforts. #PIBHearing
-Godfrey Odogwu of *Association for Good Corporate*Governance in Nigeria gives a summarized presentation. #PIBHearing
-Representative of Centre LSD and Nigeria Natural Resources Governance Group raises their concerns as follows: #PIBHearing
Board Appointment, The Ministers power tamed, Independence of Regulatory Agencies and New Entities, Clear roles definition, Public participation in oil sector governance and the role of labour unions and industry focused bodies in the PIGB .
A Rep. of Allied Legal Practitioner &Arbitrators gives an overview of the Bill with regard to Environmental Law Society #PIBHearing
-”Thank you for your recommendation if there are some additions you want to make please meet the secretariat @SenMarafaKabir#PIBHearing
– PPPRA maintains stance with the presentation of @NNPCgroup , Rep. of Host Communities of Oil and Gas now takes the stage. #PIBHearing
Oil Production happens in NigerDelta but major Headquarters are in Lagos flow of information should not be segmented. “The power of the Petroleum minister is equally enormous – Eng. Obuba
Sen. Akpan Bassey reminds him to stay conscious of time.
His counter part also raised the need for a National Body of host Com. & Business Structure of the host Communities. #PIBHearing
Sen. Akpan Bassey moves for the #PIBHearing to continue tomorrow having exhausted the presentation for today. @gershombassey seconds.
This brings day 2 of the #PIBHearing to an end, to continue tomorrow, Friday 9th December 2016 at 11am. #PIBHearing