Rep commence full blown investigation on $21bn crude oil loss

Saudi Arabia, oil priceTHE Ad-hoc Committee put in place by the House of Representatives to probe the alleged loss of crude oil worth $21billion yesterday  commenced full-blown investigation into the deal with a view to establishing the veracity or otherwise of the loss

The committee was also mandated to investigate debts owed indigenous companies by International Oil Companies (IOCs).

Speaking at the inaugural meeting in Abuja on Wednesday, the Chairman of the ad-hoc committee, Honourable Daniel Reyenieju who assured that the committee would be diligent in the course of its assignment vowed that committee would get into the root of the circumstances leading to the loss and proffer the solution that prevents future occurrence.

According to him, “we  are expected to investigate the operations of the deep offshore and Inland Basin Production Sharing Contracts Act (PSC) as it concerns the Nigerian National Petroleum Corporation (NNPC) and the International Oil Companies (IOCs) towards determining the reasons for the loss of the amount

“The committee will also inquire 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”.

The Committee Chairman disclosed that the second referral was to investigate the debts owed local companies and indigenous contractors by IOCs and gas companies with a view to ensuring the debts were paid promptly.

Accordingly, he said that the House required  the Minister of State for Petroleum Resources to provide it with details of financial transactions between the NNPC and IOCs during the period with a promised that the minister would be duly informed to appear before the Committee to provide it with all the required information on the transactions

He, therefore, appealed to all local companies being owed, to furnish it with details of their respective transactions immediately in order to guide his Committee in the course of the investigation, saying that the Committee only have limited of four weeks for to complete its assignment.