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.
He said this development will have adverse effect on Nigeriaâ€™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 duoâ€™s OML 30 venture.
Heritage Oil and Nigeriaâ€™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 Oilâ€™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.