Oil
Offshore West Africa announces changes to its Youth Empowerment Programme
By Yemie ADEOYE
HOUSTON Tx-PennWell is delighted to announce exciting changes to its Youth Empowerment Programme which is part of Offshore West Africa 2016. Working in conjunction with The Energy Institute’s Young Professionals Network (YPN) and Lonadek, the Youth Empowerment Programme will take place on
the 26th‐28th January 2016.
This was contained in a statement issued by the organisers and made available to Biztellers in Texas. The new changes to the Youth Empowerment Programme are the introduction of awards in two categories namely “The Offshore West Africa Student Paper Award” (SPA) and “The Offshore West Africa Young Professional Award” (YPA). These awards are in recognition of excellence, consistency and competence of the YEP participants.
Interested candidates for the SPA category are required to submit a one‐page abstract of no more than 500 words on any topic of interest in the Oil and Gas industry vis‐a‐vis the theme of the Offshore West Africa 2016 conference – Positioning for a Sustainable Future. The awardee would be prominently featured in the Offshore West Africa 2017 YEP event guide.
The YPA category is designed to recognize and reward excellence, commitment and dedication of the young professionals. Interested YEP delegates are also required to submit an essay of not more than 1000 words on ‘Positioning for a Sustainable Future’. Additionally, awardees will receive robust continuous professional development activities in relation to their personal and professional development such as: documented self‐development through private studies and research, involvement in professional groups and committees, official secondments and engagements on special projects as well as work based activities including on the job learning and development.
The SPA and YPA awardees would also receive a complimentary delegate pass each to attend the Offshore West Africa 2017 Conference. Interested candidates are required to submit their CVs, abstracts or essays via mail to owayepaward@lonadek.com on/before January 15, 2016.
The Youth Empowerment Programme a key CSR initiative of PennWell, is an integral part of the Offshore West Africa 2016 schedule and is available for a maximum of 300 youths/students. All participating undergraduate students from Ghana and Nigeria will undergo the Continuing Professional Development (CPD) program and also receive complimentary membership of the Energy Institute through its Young Professionals Network. Interested students and young professionals are therefore invited to indicate their interest in either category of award. The YEP Programme includes welcome and introductory speeches plus various presentations from Lonadek, the Energy Institute, International Oil Companies (IOCs) as well as the PennWell Corporation; it will also feature Career Counselling, Industry Related Awareness and Empowerment Workshops. Participation in the YEP Programme is free for attendees. As part of the YEP initiative, attendees will be given the chance to visit the Offshore West Africa Exhibition, plus access to conference sessions over the thre ‐day event.
The OWA 2016 YEP programme is a three ‐ day event and is an integral part of the Offshore West Africa event Taking place on 26‐28 January 2016 at the Eko Hotel & Suites, Lagos, Nigeria.
Offshore West Africa will build on the success of the 2015 event, which also took place in Lagos, which attracted a record breaking international audience of almost 2,400 leading oil and gas industry professionals from more than 30 countries worldwide. Offshore West Africa will continue to feature a technical and strategic conference program developed by an Advisory Board comprised of leading industry experts, as well as an exhibition showcasing products, technologies and services from global and regional oil & gas companies, held concurrently, bringing together exhibitors and attendees from around the world for three days of education, networking and new business development. Offshore West Africa is a truly West African event and addresses key technology and development issues for the West African offshore oil and gas market, through a comprehensive educational program and three days exhibition and conference, with the 2016 event focusing on Positioning for a Sustainable Future as the theme.
Oil
FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry
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.
Business
Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative
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.
Oil
ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations
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.