Reps start probe on $21bn crude oil loss

The ad-hoc committee recently set by the House of Representatives to probe the loss of crude oil worth over $21billion and huge debts being owed indigenous companies by International Oil Companies (IOCs) commenced legislative business on the issues, on Wednesday.
Speaking at the inaugural meeting, Chairman of the ad-hoc committee, Daniel Reyenieju (PDP), Warri Federal Constituency, Delta State, said: “We are expected to investigate the operations of the deep offshore and Inland Basin Production Sharing Contracts Act (PSC), as it concerned the NNPC and IOCs towards determining the reasons for the loss of $21bn, 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.
He said the second referral was to investigate the huge debts being owed local Companies and indigenous contractors by IOCs and gas companies with the view to ensuring that such debts are paid promptly.

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