The bill sponsored by the member representing Ideato North/Ideato South Federal Constituency, Imo State, Ikenga Ugochinyere, is expected to make a return on the floor of the Green Chambers in the weeks ahead.
A copy of the bill cited by The PUNCH revealed that the proposed law seeks amendment to Section 81 through the insertion of new sub-sections 2 and 3.
On licensing requirements for petroleum mining lease, sub-section 2 provides that
“A petroleum mining lease shall be granted under sub-section 1 of this section where the holder of a petroleum prospecting licence shows a minimum crude oil refining capacity of 50,000 barrels per day.”
The amendment in sub-section 2(a) allows licensees with little refining capacity to come together to operate.
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