The Senate has directed that all International Oil Companies (IOCs) operating in the Niger Delta region should relocate their headquarters to their states of operation.
Albert Akpan representing Akwa Ibom North-East Senatorial district had sponsored a motion in this regards.
In furtherance to the motion, the senate during it’s plenary session on Tuesday, passed the resolution.
There have been calls by the oil-producing states for the relocation of the IOCs and their subsidiaries from Lagos and Abuja to the Niger Delta region.
Senator Akpan had advocated that the relocation of the IOCs to their host communities will facilitate development in the respective areas.
He said “The companies attributed their operation outside their host communities to insecurity and hostilities in the host communities.”
“Their operation outside of host communities and operational base accounted for the high cost of oil and gas production.
“This is a big setback to the country’s oil and gas industry and it is militating against maximum revenue from crude oil and gas sales to the federation account.”