Ogun To Benefit From Further Oil Basins’ Exploration In PIB

Tongeji Island in Ogun State, is to benefit from the proposed exploration of the frontier oil basins in the Petroleum Industry Bill (PIB) under consideration in the National Assembly.

The oil rich Island is located at Nigeria’s border with Benin Republic in Ogun West.

The Island, located in Dahomey basin, is among the frontier basins to benefit from the utilization of 30 percent of profit of oil companies for the further exploration in the oil basins.

Other oil basins to benefit from the proposed exploration are the Chad basin, Gongola basin, Anambra basin, Sokoto basin, Bida basin and Dahomey trough.

Earlier, the Nigerian National Petroleum Corporation (NNPC) had notified the defunct Amosun admnistration that crude oil has been discovered in the Island which is located in the Ogun West.

Ogun State government has frequently asks Federal Government to secure the Island from being encroached by Benin Republic.

YOU CAN ALSO READ: Ogun Says It Is Augmenting Councils Allocation

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