Marginal Field Bid Round: HOSTCOM lauds transparent process by NUPRC

The Host Communities of Nigeria Producing Oil and Gas has commended the Nigerian Upstream Regulatory Commission for its commitment to the development of the host communities by ensuring that they were carried along in the completion of the Marginal Field Bid Round and the Revoked Assets.The National President HOSTCOM, His Highness, Dr.

These assets are then re-allocated to new companies through processes like the marginal fields bid round.

“We also want to use this medium to thank the commission’s chief executive for the commission’s consistency in ensuring that the commission is proactive in every matter pertaining to the Host Communities as contained in sections 234 to 257 of the PIA 2021,” he said.

“One hundred and twenty two HOSTCOM Host Communities Development Trusts were set up to implement the three per cent provision as provided in the PIA. Seventy-two Trusts have been funded up to the tune of over N80 billion and about $150 million also has been remitted to the Host Community’s account and likewise more than 50 HCDT’s yet to be formed.

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