Reps. To Investigate Sale Of OML 30 Minning Licence Reviewed by Momizat on . The House of Representatives has resolved to carry out a comprehensive investigation on the sale of oil mining licence, OML 30 to an alleged questionable oil ex The House of Representatives has resolved to carry out a comprehensive investigation on the sale of oil mining licence, OML 30 to an alleged questionable oil ex Rating:
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Reps. To Investigate Sale Of OML 30 Minning Licence

The House of Representatives has resolved to carry out a comprehensive investigation on the sale of oil mining licence, OML 30 to an alleged questionable oil exploring company.

This resolution was reached after Representative Yusuf Tajudeen presented a motion on the security implications bordering the said oil deal.

He said this development will have adverse effect on Nigeria’s revenue, economy, infrastructural and technical development.

The House Committee on Petroleum Resources, Upstream has been mandated to investigate the matter and report to the House within 3 weeks.

UK based explorer Heritage Oil had announced earlier in the year that Nigerian outfit Shoreline Power has agreed to acquire a 14.5 per cent equity slice of the duo’s OML 30 venture.

Heritage Oil and Nigeria’s Shoreline Power acquired OML 30 from Shell, Total and Eni last year in an $850million deal.

The deal came with an option for Shoreline Power to acquire an extra 30 per cent of Heritage Oil’s stake in the joint venture at OML 30.

The prolific block produced 35,704 barrels of oil in November, 15,665 of which was net to Heritage Oil under the prior 55:45 ownership and which yielded the UK explorer an estimated $52million.

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