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The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu has denied any irregularities associated with the ongoing lease renewal undertaken by it ministry and Department of Petroleum Resources (DPR).
Kachikwu while reacting to the allegations by Hosue of Representatives to investigate irregularities in the industry, reaffirmed that, the early lease renewal programme is a process established to developed and speed up earning potential from the renewal exercise for the Federal Government.
He added that, the programme would also create security of title to leaseholders so as to allow them continue the massive investments needed to improve production from their fields.
According to the ministry, “the process starts with an application from a leaseholder,an evaluation from DPR, followed by a review by the minister of state, Petroleum Resources and culminating in a recommendation to the President for final approval.
However, Kachikwu noted that, the Ministry and DPR await the invitation from the legislators, promising to always clarify any misunderstanding the House may have on the renewed leases as part of the normal oversight functions of the Assembly.
“We would like to state that the minister of state and DPR are proud of the enormous work done on early renewals, the unprecedented revenue raised under the programme, and the effect it has on investment.
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