Reps launch probe of debts allegedly owed by international oil firms

Reps launch probe of debts allegedly owed by international oil firms

- Investigation has been launched into debts allegedly owed indigenous firms by International Oil Companies (IOCs)

- The investigation was launched by the House of Representatives

- Ibe Kachikwu and chief executive officers of all oil companies operating in the country are expected to appear before the ad-hoc committee over the issue

Nigeria's House of Representatives has reportedly launched an investigation into the debts allegedly owed indigenous firms by International Oil Companies (IOCs).

Reports also claim that the Reps will also probe alleged non-remittance of some statutory funds by the IOCs to the Nigerian government.

And as a result of this, Ibe Kachikwu, the minister of state for Petroleum Resources and chief executive officers of all oil companies operating in the country are expected to appear before the ad-hoc committee, Premium Times reports.

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This was disclosed by Daniel Reyenieju, chairman of the committee on Thursday, July 26.

“The ad-hoc committee is to investigate the operations of the Deep Offshore and Inland Basin Production Sharing Contractors Act (PSC) as it concerns the NNPC and IOCs, towards determining the reasons for the alleged loss of $21 billion; enquire why appropriate steps were not taken, promptly and over an inordinately long period, to remedy the situation which led to the loss and possibly recover the revenue lost.

“Accordingly, the House requires the minister of state for petroleum resources to provide it with details of financial transactions between the NPC and IOCs during the period.

“Review the PSC, the joint operating agreement and other relevant agreements, with a view to regularising all the anomalies that might have led to the loss of revenue. Investigate the huge debts being owed local companies and indigenous contractors by international oil and gas companies with a view to ensuring that such debts are recovered and paid promptly,” he said.

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Meanwhile, NAIJ.com had reported that the House of Representatives committee on oil and gas on Thursday, December 14, gave 10 indigenous oil companies in the country two weeks to remit 250 million dollars oil royalty to federal government’s coffers.

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Source: Naija.ng

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