The House of Representatives says it will set up an ad-hoc committee to investigate alleged corruption and breach of process in the award of Oil Prospecting License 245.
The lawmakers are optimistic that the investigation would help in the recovery of billions of Naira in looted funds.
Honourable Daniel Reyenieju, who moved the motion, said the House would need to determine those culpable and ensure legal action was taken to recover the funds.
The House also urged the Federal Government to refrain from taking any steps on the license pending the final resolution of the matter.
There are two types of licenses issued to oil producers in Nigeria namely: the Oil Prospecting License (OPL) and the Oil Mining License (OML) with validity periods ranging from 5 to 20 years respectively.
According to the Nigerian National Petroleum Corporation, as at February 1999, there were a total of 48 OML’s and OPL’s issued mainly to Joint Ventures with government participation.