New oil policy to enable host communities participate in oil block allocations

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The Federal Government has promised to ensure that host communities participate in transparent and competitive licence allocation, albeit through local community vehicles, The Guardian reports.

This is part of the plans contained in the new National Petroleum Policy which also assured of creating an enabling business environment along the value chain. The effort plans to douse restiveness in the oil-rich Niger Delta, enhance ownership of hydrocarbon resources, and fast track development in the areas.

It noted; “The policy recognises the negative impacts of the oil industry to the livelihood and local communities. The government seeks to address these impacts through regulatory measures such as refineries, gas flare commercialisation and community engagement.”