The New Petroleum Industry Bill (PIB) currently before the National Assembly has proposed that oil companies operating in some communities must develop community development plan to ensure their economic growth.

The new bill obtained by the News Agency of Nigeria (NAN) revealed that the companies are expected to engage with the communities to understand their specific needs.

“The settlor (oil companies) shall develop a host community development plan and shall submit it to the regulatory body “The Authority”. It said. It added that the settlor after the grant of any licence or lease issued in pursuant to the act, must conduct a needs assessment in accordance with the act.

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Source: OrientEnergyReview