The Senate on Wednesday resolved to demand for full audit of the 16 billion Egina oil field contract.

The upper chamber said that a value for money audit be approved for proper examination by reputable firms in the areas of technical, financial and project management aspects of the contract.

This was contained in the interim report of the senate ad-hoc committee that investigated the local content elements and cost variation of the Egina oil field contract.

Chairman, Senate Committee on Local Content, Senator Solomon Adeola, presented the interim report of the ad-hoc committee for the consideration of the senate.

The Egina Oil Field project is located on OML130 and covering an area of about 500 sq. miles is said to be the largest oil and gas development project currently in the country. The project was launched in 2013, with a target to commence operation in 2018.

Source: The Nation

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