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NCDMB acquires land for pipemill project in Bayelsa

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YENEGOA – The Nigerian Content Development and Monitoring Board on Wednesday formally acquired a 10.2 hecters of land in Polaku community, outskirts of Yenagoa, Bayelsa State for the construction of the proposed Pipemill.

The site has a shore line for the construction of a jetty and is nearby the Shell Gbaran gas plant and the National Integrated Power Plant being developed by the Federal Government in Gbaran.
The land acquisition marked the commencement of the project as the Board will immediately begin preparation of the site ahead of the detailed investment.
Speaking during the symbolic cheque presentation for the land to the Ezewaribo Family and transfer of deed to NCDMB at the Board’s Headquarters in Yenagoa, the Executive Secretary, Engr. Ernest Nwapa thanked the community for being supportive of the project.
He noted that the establishment of the pipe mill was one of the mid-term targets set for the industry by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke and would help define the success of the Nigerian Content Act.

Ernest-Nwapa-inspecting-a-pipeline-mill-run-by-Jolotex-Nigeria-LimitedNwapa who was represented by the Director of Monitoring and Evaluation, NCDMB, Mr. Akintunde Adelana explained that the project’s construction as well as operations would drive development in the oil and gas industry and provide thousands of training and employment opportunities for members of the community and other Nigerians.

“The pipemill project will be a major economic activity. It is one of the key industries that has been lacking in the Nigerian oil and gas sector and your community is lucky that it will be established in your vicinity,” he added.

In his response, the leader of the Ezewaribo Family, Chief Martins Aweibo thanked the Board for attracting the pipemill project to the community and expressed hope that it will help transform the fortunes of the populace.
“We want the project to take off immediatley becuase it will benefit my family, Bayelsa State and Nigeria in general,” he stated.
Mr. Aweibo also assured the Board and the proposed investors that members of the community were peaceful and would not present any problems to the project.
Officials of the Board confirmed that the formal groundbreaking ceremony of the project will be held soon as all hands were on deck to kick start the project.

When established, the pipe mill will help meet the annual industry line pipe demand estimated at over 800,000 tons per annum, arising from the projected demands from Gas Mater Plan, replacement of aged pipes and development of new fields.

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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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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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