House of Representative set to Probe the Country’s loss of 27 Billion dollars oil Revenue

House of Representatives is set to probe the country’s loss of twenty seven billion dollars oil revenue to International Oil Companies since 1999.

This comes as the lawmakers have passed for the second reading, the Bill for an Act to Amend the Deep Offshore and Inland Basin Production Sharing Contracts Act.

The existing Act authorizing the sharing formula, stipulates that International Oil Companies are to drill crude and sell with the proceeds shared between them and the Federal Government on a sixty/forty basis at twenty dollars per barrel of crude.

The Rep members were unhappy with companies who have been keeping whatever excess revenue they generated from the increase in the price of crude and share based on twenty dollars agreement not minding the current existing market price.

Deputy Majority Leader, Idris Wase, who led the debate, urged the lawmakers to support the bill.