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OIL SECTOR REFORMS: FG retrieves controversial Malabu Oil Block
The Federal Government is tightening all the loose ends to ensure a hitch-free implementation of wide-ranging reforms in the oil sector.
Under the proposed new Petroleum Industry Bill (PIB), the government has retrieved the controversial Oil Processing License (OPL) 245, also known as Malabu Oil Block, from its owners and transferred it to a new company.
The new company will be registered once the National Assembly passes the PIB and other oil sector reform-related bills.
In three of the new bills which The AUTHORITY accessed at the National Assembly, the Federal Government conferred the ownership of the oil block on the proposed Nigerian Petroleum Assets Management Company.
The Authority, January 12, 2017
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