NNPC and First E&P launch development trust fund for Bayelsa communities

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NNPC and First E&P launch development trust fund for Bayelsa communities
NNPC and First E&P launch development trust fund for Bayelsa communities

Independent exploration and production company, First E&P OML83 & 85 Joint Venture, has joined forces with the Nigerian National Petroleum Corporation Limited to create a development trust, named ‘KEFFESO Host Communities Development Trust,’ for communities in Bayelsa.

This initiative aligns with the mandate of the Petroleum Industry Act 2021 and aims to address the socio-economic needs of 11 communities, including Koluama 1, Koluama 2, Ekeni, Fish Town, Foropa, Ezetu 1, Ezetu 2, Sangana, Opu Okumbiri, Okumbiribeleu, and Oginibri.

The trust, governed by a constitution, will receive contributions amounting to three percent of the NNPC/First E&P JV’s actual operating expenditure from the preceding calendar year to support its activities.