Oil communities under the aegis of HOSTCOM, yesterday, cautioned international Oil Companies (IOCs) against flouting the provisions of the Petroleum Industry Act (PIA).

The HOSTCOM reminded the oil firms of the need to remit three per cent of their annual operating expenditure (OPEX) into the host communities fund to enhance development.

The communities expressed excitement at the $5 billion Bonga North Deep Offshore Field investments into the oil and gas sector, which according to them were facilitated by the policies and reforms of President Bola Ahmed Tinubu.

HOSTCOM President, Dr. Benjamin Tamaranebi, who spoke multi-billion dollar Bonga North Deep Offshore Field, hailed the transparent and accountable leadership Gbenga Komolafe as the Managing Director and Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

He told reporters yesterday: “When Engr Gbenga Komolafe, took over the mantle of leadership the oil production was 1.6 to 1.7 million barrels of Crude per day but today it has increased to 2.0 million barrels per day.

“With a deep sense of responsibility, we have observed with keen interest the transparency demonstrated by the Commission in the conduct and adherence to established protocols and regulations to ensure effective conduct of their practices and accountability.

“Following the reassurances of the Commission to continue to engage the host communities of Nigerian Producing Oil and Gas (NIPOGAS), we rate the score card of the Commission by passing a vote of Confidence on the NUPRC and the management team ably led by the Commission’s Chief Executive, Mr. Gbenga Komolafe for an award of excellence for its commitment to Petroleum Communities’ sustainable development and protection of their participatory rights.

“With regards to the aforementioned strides of the NUPRC for delivering within record time, we call on all meaningful stakeholders to join hands with the (NUPRC) to facilitate the speedy implementation of the three per cent OPEX which is overdue by some settlors.

“And to those settlors who have refused to effectively set-up the Host Communities Development Board of Trustees to immediately do so.

“To allow the Communities to start enjoying their benefits of sustainable development and participatory rights as contained in the PIA 2021.

“In fact, we call on the NUPRC to list out all the settlors who have refused to comply with the PIA 2021 or else we will have no choice than to escalate the issue of noncompliance to section 234 of the PIA 2021 and the Host Communities Development Regulation No 114 of 2022 to the President who is the Minister of Petroleum Resources for the (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to invoke the revocation of their licenses for violating the extant regulatory laws of Nigeria and protocols of the United Nations Framework Convention on Climate Change (UNFCCC) Clean Development Mechanism (CDM) greenhouse gas (ghg). (The Nation)