By Uduak Akai
UYO
Akwa Ibom State House of Assembly (AKHA) has passed into law a bill for the establishment of Ibom Oil and Gas Corporation.
The bill was passed during Tuesday’s plenary at the Assembly Complex, Udo Udoma Avenue, Uyo, after the House adopted the report from its Committee on Petroleum.
Presenting the report, the chairman of the Committee and member representing Esit Eket State Constituency, Mr Udobia Friday Udo, said the bill when signed into law, will ensure the efficient exploration, production and management of the state’s oil and gas resources, adding that the corporation will be instrumental in the generation of employment, stimulation of economic activities and building of capacity for local professionals and entrepreneurs.
Udo emphasised that the bill is a key fulfilment of the oil and gas section of Governor Umo Eno’s ARISE Agenda aimed at facilitating and fostering “direct participation in oil and gas projects and programmes in both upstream and downstream sub-sectors.”
The lawmaker noted that the law was designed to create a favourable business environment to attract both local and foreign investments to the state, stressing that the corporation will contribute to the state’s energy security by ensuring a stable supply of petroleum products.
In his reaction, the speaker, Elder Udeme Otong, commended the committee for a thorough job done and directed the Clerk of the House, Mrs Nsikak-abasi Orok, to forward the bill to the governor for his assent.
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