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‎Gaius Obaseki chairs Aret Adams 12th lecture

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deep offshore oil rig

deep offshore oil rig

LAGOS-Former Group Managing Director of Nigeria National Petroleum Corporation, NNPC Dr. Jackson Gaius Obaseki who is currently chairman of Brass LNG company will chair the 12th edition of Aret Adams annual memorial lecture in Lagos.
‎The 2015 edition will feature two guest speaker, Group Executive Director (Power and Gas) of the Nigerian National Petroleum Corporation, Mr. David Ige as well as the Managing Director/CEO of Frontier Oil Limited, Engr. Thomas Dada 
According to the Programs Coordinator of Aret Adams Foundation, Mr. Akin Jokojeje, said this year’s lecture which is the 12th in the series, has a theme, tagged “Gas: An Engine of Growth For Nigeria”.  As expected, major players and stakeholders in the Oil and Gas industry, financial institutions as well as captains of industries will be present at the event. 
He said that the Foundation was established in honour of the late Chief Godwin Aret Adams, the first Group Managing Director of the Nigerian National Petroleum Corporation (1988 to 1990), who later became the Special Adviser on Petroleum Resources to former Head of State, Federal Republic of Nigeria, adding that Aret Adams made outstanding contributions toward the growth of Nigeria’s Oil & Gas industry and the nation’s economy in general.
The Foundation, Mr. Jokojeje said is aimed at promoting and building educational capacity and policy formulations. He disclosed that the National Energy policy delivered to the Federal government in April 1980 was formulated by the late Aret Adams and that it was him that re-energized negotiations that led to the successful execution of shareholders agreements for the execution of the Nigeria Liquefied Natural Gas (NLNG) project in 1989 and many others.
He went further to reveal that the Foundation has institutionalized the Aret Adams Professorial Chairs at the University of Port Harcourt in collaboration with Shell Petroleum Development Company (SPDC).
Mr Jokojej in a statement described the Late Chief Aret Adams as a Geologist per excellence during his life time and an alumni of the University of Ibadan, has propelled the Foundation to be given scholarship awards to the best few selected Post Graduate students in Geology of the University of Ibadan on yearly basis to assist them in the pursuit of their M.sc degree programmes.
Also giving an insight into the forthcoming annual lecture, the Chairman, Board of Trustees of the Foundation, Mr. Egbert Imomoh, CON (Chairman, Afren Energy Resources Limited) noted that Chief Aret Adams left behind a legacy of professionalism and humanitarianism as epitomized in many lives he touched, irrespective of tribe or religion affiliations while he was alive. It was those virtues of his that motivated few colleagues and associates to establish the Foundation, to propagate and sustain the life-long dreams of the late Godwin Aret Adams”.
The BOT Chairman also revealed that one of the major highlights of this year’s lecture would be the presentation of scholarship awards to another set of Post Graduate students in Geology of the University of Ibadan.
 The lecture is slated for 26th February, 2015 at The Muson Centre (Agip Hall) Marina,Onikan, Lagos, and is scheduled to commence by 11.00am prompt.
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Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Business

Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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