The new Petroleum Industry Bill (PIB) before the National Assembly is proposing the revocation of licenses for oil and gas companies who neglect their obligations to the host communities. The bill obtained by the News Agency of Nigeria (NAN) revealed that the power to revoke the licenses is vested in the Minister of Petroleum Resources. According to the bill, the action will be taken with the recommendation of the Nigerian Upstream Regulatory Commission, among other powers. It defined a host community as “any community situated in or appurtenant to the Area of Operation of a Settlor (oil company), and any other community as a Settlor may determine.” It said that any oil and gas company that failed to incorporate the Host Communities Development Trust would have its license revoked. It stated that in its constitution, the Host Communities Development Trust would be empowered to manage […]