NNPC JV Inaugurates Devt Trust For Host Communities

The NNPC/FIRST E&P OML83 & 85 Joint Venture, has inaugurated a Development Trust for its host communities in compliance with the Petroleum Industry Act 2021 mandate.

The inauguration ceremony was held on Friday, in Yenagoa, Bayelsa State.

The Trust, named ‘KEFFESO Host Communities Development Trust’ (KHCDT), is a not-for-profit and non-political organization which will be governed by a constitution. In support of its activities, the NNPC/FIRST E&P JV will contribute 3% of its actual operating expenditure in the upstream petroleum operations each preceding calendar year to a fund established by the Trust.

Speaking during the inauguration ceremony, Executive Director, Corporate Services, FIRST E&P, Emmanuel Etomi, noted that the establishment of the Trust was done in full compliance with the requirements of chapter three of the Petroleum Industry Act (PIA), which mandates the incorporation of a Host Communities Development Trust to aid the development of the socio-economic infrastructure of the communities within the petroleum mining lease.

The chief executive of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, represented by the Field Coordinator, NUPRC, Bayelsa, Sylvester Bighoro, stated that the agency is delighted to be part of a historic occasion that would birth a new era of developmental projects and advancement of the host communities.

RELATED

UTM Offshore’s FLNG Project Gets Global Recognition

1 minute ago

FIRS Begins e-Invoicing, Electronic Fiscal System For Large Taxpayers

3 minutes ago

Komolafe charged the trustees to manage the affairs of the Trust in a way that would address the developmental needs of impacted host communities in the oil-producing areas and sustain the peace and harmony between the company and host communities.

Also speaking at the occasion, the Commissioner for Mineral Resources, Bayelsa State, Dr. Ebirei Jones, commended FIRST E& P for setting up a Trust to support the host communities.

Speaking on behalf of the trustees, HRH Chief Moses Theophilus expressed his profound appreciation to the company and the communities for their confidence in the trustees to deliver on their mandate for their 11 component communities.