Senate at plenary Thursday urged its Committees on Petroleum Downstream and Gas to conduct a holistic investigation on the implementation of the Petroleum Industry Act .
He said the coming of the IOCs in Nigeria was for purpose of further exploration, development and production in the oil and gas sector. "The responsibilities for injection of capital expenditure into the JV and the proceeds of same are shared in corresponding proportions," he said. He said it was preparing for its exit from its onshore and shallow water operations in the state and to focus on deepwater production.has the Right of First Refusal and has notified ExxonMobil of its intention to exercise that Right of Pre-emption on ExxonMobil's planned sale of its entire asset in Nigeria's onshore and shallow waters.
The lawmaker expressed concern about the potential adverse effects of the exit of ExxonMobil from Akwa Ibom including high loss of jobs, exit of professionals and service companies, loss of revenue and abandonment of certain yet to be satisfied obligations. " But that there is real need to involve all stakeholders for purpose of mapping, profiling, marking up, inventorizing and analysing what ExxonMobil was doing in the oil producing states and host communities.