An independent exploration and production business, First E&P OML83 & 85 Joint Venture, has joined with the Nigerian National Petroleum Corporation Limited to establish a development trust for its host communities in Bayelsa.
The Punch reported that the companies said in a statement that the trust, which had been given the name “KEFFESO Host Communities Development Trust,” complied with the Petroleum Industry Act 2021’s requirements.
According to the announcement, the trust would be regulated by a constitution and would be a non-profit, non-political constitution.
In support of its activities, the NNPC/First E&P JV will contribute 3% of its actual operating expenditure in upstream petroleum operations each preceding calendar year to a fund established by the trust, according to the release.
The KHCDT will serve 11 Bayelsa state localities, including Koluama 1, Koluama 2, Ekeni, Fish Town, Foropa, Ezetu 1, Ezetu 2, Sangana, Opu Okumbiri, Okumbiribeleu, and Oginibri.”
The foundation of the trust was done in complete conformity with the criteria of chapter three of the PIA, according to the Executive Director, Corporate Services, FIRST E&P, Emmanuel Etomi, who was speaking during the inauguration ceremony in Yenagoa, the capital of Bayelsa State.
“This requires the creation of a host communities development trust to help the villages within the petroleum mining lease build their socioeconomic infrastructure,” Etomi said.
He said that in accordance with Act 2021, the joint venture’s social performance was covered beyond the initial eight host communities to include three new communities in Bayelsa State which were, Opu Okumbiri, Okumbiribeleu, and Oginibri.
He said, “Among other duties, the KHCDT would carry out the development plan for the KEFFESO host communities while effectively and properly managing its resources. The trustees’ primary responsibilities will be to advance and propagate educational development, facilitate possibilities for economic empowerment, and assist healthcare development for the KEFFESO host communities.
