Oil
NNPC Announces Restoration of Ije-ododo Pipeline …….Assures on 32 days sufficiency of Petrol
By Joseph BAMIDELE
LAGOS: A few days after the Ije-ododo pipeline vandalism and fire outbreak in Lagos, the Nigerian National Petroleum Corporation, NNPC, announced the full and comprehensive restoration of the Ije-ododo pipeline to normalcy adding that pumping of premium motor spirit, (petrol), has resumed in earnest to Depots and tank farms in the system 2B, spaning from Atlas-Cove to Ilorin.
The Acting Group General Manager of the Group Public Affairs Division of the NNPC, Mr. Fidel Pepple stated this during a media chat with Journalists in Abuja.
Mr. Pepple assured Nigerians and motorists that with the restoration of the Ije-ododo pipeline and the NNPC system 2b pipeline, normalcy has been restored in the supply and distribution of petroleum products across the length and breadth of the country.
“I can affirm to you that our Engineers from the Pipelines and Products Marketing Company Limited, (PPMC), have finally fixed the Ije-Ododo pipeline that was ruptured last Monday by activities of pipeline vandals. Going forward, the good news for Nigerians is that we have resumed pumping of petroleum products through the pipeline and system 2b is equally working after the restoration of the pipeline,” Mr. Pepple submitted.
He described media reports that fuel scarcity and queues in some parts of the country may last beyond the new year as mischievous, noting that the Corporation still maintains zero tolerance to fuel scarcity and fuel queues in filling stations. He stated that the recent fuel queues were basically due to the activities of pipeline vandals, the closure of a number of filling stations due to the Xmas holidays and not shortage of petroleum products.
The NNPC Spokesman revealed that the Corporation has product sufficiency that can sustain the country for more than a month stressing that concerted efforts by the NNPC to wet every part of the country with petrol to ease the movement of people as they travel from one place to the other before and after the New Year, is continuous and will be sustained.
Mr. Pepple called on Marketers to avoid the nefarious diversion of petroleum products to black marketers adding that stringent punitive actions would be meted out to those found wanting. He enjoined marketers of petroleum products to team up with the NNPC to ensure sustained supply and distribution of petroleum products into the New Year.
He also enjoined motorists to desist from panic buying stressing that there is no truth in the on-going rumours that there will be an increase in the pump price of fuel in January 2013, saying that the Federal Government has made budgetary provision for fuel subsidy in the 2013 budget which was recently passed by the National Assembly.
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.