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PIB: NNPC recommends split of petroleum licenses

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PIB: NNPC recommends split of petroleum licenses

The Nigerian National Petroleum C o r p o r a t i o n (NNPC) has recommended the splitting of petroleum licenses into two components.

 

That, according to the agency is for prospecting and production phases under the draft Petroleum Industry Administrative legislation currently before the National As-  sembly.

 

In a presentation at a public hearing organized by the House of Representatives Committee on the Petroleum Industry Administrative Bill (PIAB), Petroleum Industry Fiscal Bill (PIFB) and the Petroleum Industry Host Community Bill (PIHCB), Group Managing Director of the corporation, Dr. Maikanti Baru, said the proposed split would prevent a situation where operators would sit perpetually on oil acreages.

 

The NNPC’s recommendation under the PIAB seeks a break up of Petroleum Licence into Petroleum Exploration Licence (PEL) – to prospect for petroleum, while the second component to be known as Petroleum Lease (PL), should be created to cover the production phase to search for, win, work, carry way and dispose of petroleum.

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