The Chairman of the Senate Committee on Petroleum upstream, Emmanuel Paulker has said that the power to allocate oil bloc in Nigeria rest both on the President and the Minister of Petroleum Resources.
Senator Paulker who spoke with reporters after a meeting organised by the Senate prior to its public hearing on the Petroleum Industry Bill (PIB) said the president can use his discretion to allocate oil blocs to persons who have the resources to manage them.
He said though the constitution allows the Minister of Petroleum to make recommendations on who should be allocated oil blocs, the PIB will ensure that a regulatory body which is not under the Minister is established to review the process of allocation.
Other Senators who spoke said that the proposed PIB will help improve the nation’s petroleum sector through greater investment.