An
Oil Sector Transparency advocacy group known as the Transparency in
Petroleum Exploration and Development Initiative (TIPEDI) on Monday sent
a protest letter to the President, Muhammadu Buhari and the leadership
of the National Assembly over alleged attempts to sell the seized Malabu
Oil block, OML 245 to some pseudo fronts without recourse to the laws
of the Country.
The
group also alleged that despite the calls for the transparency and
accountability in the sale of the Malabu Oil Block by the Federal
Government, the administration of President Muhammadu Buhari and
the National Assembly to urgently scrutinize and terminate most of the
other OML transactions entered into by the former Petroleum Minister,
Mrs Deziani Allison-Maduekwe over alleged shaddy sale.
The
Transparency group, TIPEDI, in the petition signed by the Secretary of
the group, Hon. Michael Amaegberi and the Director of Mobilization, Mr.
Derek Igho, stated that though the group welcomed the ongoing reforms of
the present administration in the oil and gas sector and the reported
revocation of the controversial Malubu Oil Block,” but from what we read
in the newspapers, this Oil Block will be transferred to a new Company
to be set up, but we are not sure if this is the best way to go in this
era of change, considering the proliferation of government owned
companies in the Oil and Gas industry and their poor records of
performance”.
,
“However, we in TIPEDI are specifically calling on President Buhari and the Security Agencies as well as the Petroleum Industry Regulatory Agencies and the National Assembly to urgently scrutinize and terminate most of the other OML transactions entered into by the former Petroleum Minister, Mrs. Deziani Allison-Maduekwe, because we believe most of them were undertaken in circumstances that are clearly not above board.”
“Whatever may have been the basis for the Federal Government’s acquisition of OML 245, will be more than enough basis on which to acquire OML 29 too, which was a Shell Petroleum Development Company SPDC, asset which we believe they were forced to sell off to some private interest in the dying days of Mrs. Allison-Maduekwe’s Ministership. Not only was OML 29 sold off but even a strategic national asset, the 97 kilometers Nembe – Bonny Crude Export Trunk Line was also sold off to the same private interest as part of the deal.”
“As an Industry watchdog, we have carefully studied the transaction and arrived at numerous reasons to call for the revocation of this deal, all of which are grounded in patriotic zeal. For instance, OML 29 which though operated by Shell, was jointly owned by the NNPC, SHELL, AGIP and TOTAL. However, information at our disposal indicates that it was only Shell that went into negotiations with the company that eventually bought over the oil block.”
,
“However, we in TIPEDI are specifically calling on President Buhari and the Security Agencies as well as the Petroleum Industry Regulatory Agencies and the National Assembly to urgently scrutinize and terminate most of the other OML transactions entered into by the former Petroleum Minister, Mrs. Deziani Allison-Maduekwe, because we believe most of them were undertaken in circumstances that are clearly not above board.”
“Whatever may have been the basis for the Federal Government’s acquisition of OML 245, will be more than enough basis on which to acquire OML 29 too, which was a Shell Petroleum Development Company SPDC, asset which we believe they were forced to sell off to some private interest in the dying days of Mrs. Allison-Maduekwe’s Ministership. Not only was OML 29 sold off but even a strategic national asset, the 97 kilometers Nembe – Bonny Crude Export Trunk Line was also sold off to the same private interest as part of the deal.”
“As an Industry watchdog, we have carefully studied the transaction and arrived at numerous reasons to call for the revocation of this deal, all of which are grounded in patriotic zeal. For instance, OML 29 which though operated by Shell, was jointly owned by the NNPC, SHELL, AGIP and TOTAL. However, information at our disposal indicates that it was only Shell that went into negotiations with the company that eventually bought over the oil block.”
“Our grouse here is, why were the other JV partners, especially Agip which is already operating in the area not allowed to buy over the Shell equity. On the other hand, if Shell and the others wanted to divest honestly, why didn’t they return the assets to the DPR for them to be listed and sold off transparently?”
“If even the JV partners are to dispose of the asset themselves, the law stipulates that they must first get written consent of the Minister of Petroleum before embarking on the negotiations, but going through the entire transaction documents, we could not find any such Ministerial approval. Neither did we find any evidence of the JV partners paying requisite fees for the assignment of their joint interest to a third party”.
“Other critical requirements before such an asset can be disposed off, include the need for the acquiring party or company to be of good reputation as well as possessing the necessary technical skill, experience and financial muscle to take over such a highly specialised operation. Were these factors really considered and the beneficiary Company found capable before given the nod?”
“In the well considered opinion of TIPEDI, these conditions were overlooked in a bid to promote self interest over and above the national interest. It seriously beggars belief that a virtually unknown company, whose promoters were later alleged to be enmeshed in some financial malfeasance involving the former Petroleum Minister, would be so brazenly awarded what is clearly the most prolific Oil block currently producing, along with the Export Trunk Lines!”
“All concerned parties, to whom TIPEDI have already written a petition to, including Mr President, in his capacity as President and Petroleum Minister, The DSS, DG EFCC, IGP, Leadership of the National Assembly, must all address this issue and resolve it in the interest of the nation, the Oil and Gas industry as well as the ongoing war on Corruption by the Buhari administration.”
“This transaction must be revisited, and after a thorough investigation, all those found culpable of having shortchanged this country, including any IOCs, must be must be prosecuted. TIPEDI, hereby gives notice to the Security Agencies of our willingness to mobilise members of the public on a street protest, if nothing tangible is done about this serious breach of our economic well-being within a reasonable time”.
---Leadership
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