By; PATRICK TITUS, Uyo
A Bill for a Law to establish the Ibom Oil and Gas Corporation and for Other Purposes Connected Thereto, when passed, will enhance investments and create wealth in oil and gas sector of Akwa Ibom State.
The Director, Center for Human Rights and Accountability Network (CHRAN), Otuekong Franklyn Isong, flanked by the Secretary, Barr Christopher Ekpo, and other members made the observation during a chat with journalists in Uyo on Wednesday.
The bill which has passed through the second reading in the State of Assembly, is sponsored by Prince Ukpong Akpabio, member representing Essien Udim State Constituency and the co-sponsors by other members.
Isong, who commended the sponsors of bill, described the bill as long overdue in the state, being one of the top crude oil bearing states in the country.
CHRAN, a civil society group lauded the Bill on its objectives, which include engaging in oil and gas upstream activities, including exploration, drilling and production, investing for the purpose of participating in oil and gas bid rounds and seeking the allocation of marginal oil fields
Others include, acquiring old and new exploration and drilling prospects and prospecting abandoned oil wells in Nigeria and overseas; optimising the benefits of the petroleum policies of the federal government; liaising with federal government agencies or private and multinational companies to deliver petroleum products to Akwa Ibom state in the most effective and cost efficient manner.
Investing in downstream oil and gas activities including gas processing businesses, petroleum products retailing, gas retailing, gas pipelines deployment, acquisition of petroleum products tank farms and other distribution facilities, and investing in refineries, petrochemical processing or other production processes.
CHRAN also noted that the Ibom Oil and Gas Corporation, envisaged in the Bill would create employment for the teeming unemployed Akwa Ibom indigenes, generate revenue for the state and serve as a vehicle for economic growth and regeneration while harnessing and consolidating the huge oil and gas potentials of Akwa Ibom State.
“The beauty of the Bill is that, it will provide for both upstream and downstream activities by the Ibom Oil and Gas Corporation. In that wise, CHRAN believes that the acquisition of petroleum products tank farms and other distribution facilities, envisaged in the Bill, will go a long way to ensure the availability of petroleum products in the State.
“The foresight of the sponsors of the Bill reflects in the provision in the Bill for expansion of the Ibom Oil and Gas Corporation to make for investment in existing companies or consortia and acquisition of old or abandoned oil wells and exploration and drilling facilities in the country and overseas.” CHRAN, stated.
The group advocated for support for the Bill by all members of the Akwa Ibom State House of Assembly, the Executive Arm of the Akwa Ibom State Government and indeed, all Akwa Ibomites to ensure a quick passage of this important Bill and timely assent to the Bill by the Governor of Akwa Ibom State, in due course.
It commended the lead sponsor of the Bill, Prince Ukpong Akpabio, who is the member representing Essien Udim State Constituency and the co-sponsors of the Bill.
