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Senate inaugurates committee to probe N1.2trn oil revenue loss

The Senate yesterday constituted a sevenman Ad hoc committee to investigate a N1.2 trillion oil revenue loss to the Federal Government following alleged breach by SINOPEC ADDAX Petroleum.

 

The ad hoc Committee being chaired by Senator Aliyu Sabi Abdullahi (APC – Niger North), has six other members. They are Gershom Bassey, Biodun Olujimi, Ahmad Baba Kaita, Jubril Isah, Michael Nnachi, Clifford Ordia and Haliru Jika.

 

The decision to investigate the revenue loss  due to the Federal Government followed consideration of a motion sponsored by Senator Gershom Bassey (PDP – Cross River South).

 

Bassey in his motion noted that in 2000/2001, the Federal Government had provided a Fiscal Incentive Package to Addax Petroleum Company that saw the reduction of the company’s Petroleum Profit Tax from 85 per cent in the 1998 Production Sharing Contract (PSC) to 60 per cent in the 2001 Fiscal Incentive Package as the companies’ share of oil lifting rose from about 45 per cent to 56 per cent.

 

According to the lawmaker, Addax Petroleum followed through by investing to grow production from about 10,000bopb in 2000 to over 100,000bopd by 2008. He noted that after the purchase of Addax Petroleum by Sinopec in 2009, “the assets have witnessed significant production decline due to poor investment decisions making production levels to fall presently to approximately 30,000bopb with no developed gas

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