The Petroleum Host Communities Development Bill (PHCDB) 2018 stipulates different timelines for the incorporation of the PHCD Trust according to the nature of the licenses of the settlors (oil prospecting licence (OPL), oil mining license (OML), marginal fields, etc.)
In the proposed bill, oil companies, called settlors, are to establish the Petroleum Host Communities Development Trust (Community Trusts) in communities where they operate.
Settlors will determine the communities to be regarded as host communities within their area of operation.
See analysis of the provisions of the proposed bill here:
Source: Analysis by Spaces4Change