EbonyHerald Stores Ebony Herald News24
Related Articles
Host Communities Critical Stakeholders In The Oil Industry: Lokpobiri
The Minister of state for Petroleum Resources (Oil), Heineken Lokpobiri, has disclosed that Host Community Trust Fund is a crucial component of the Petroleum Industry Act designed to ensure that oil and gas bearing communities benefit from the energy sector.
Speaking when he granted audience with a team from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), led by the Executive Director for Hostcom, Mrs Ejiro Ufondu, to address key implementation challenges, he said that described host communities as crucial components of the energy sector.
He said:” The Host Community Trust Fund is a crucial component of the PIA, designed to ensure that Host Communities benefit from our energy sector.
“As critical stakeholders, Host Communities must have their Trust Funds properly established in line with the PIA’s provisions to access the benefits outlined in the law.
“Given that this is the first time we are implementing the PIA, periodic measures are being introduced to ensure its proper execution.
“During our discussions, we adopted critical measures geared towards ensuring that every host community’s Trust Fund is set up for access by the communities.
“These periodic reviews serve the best interests of all stakeholders, ensuring equitable participation while maintaining sustainable production in our energy sector.”
