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NAPE to partner Ondo state in energy devt

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…Urges govt to ensure proper state demarcation
By Joseph BAMIDELE

Ondo State Governor, Dr. Mimiko

THE Nigerian Association of Petroleum Explorationists (NAPE) has expressed its willingness to partner with the Government of Ondo State on Energy development even as it has urged the State Government to curb loss of resources and ensure proper demarcation of its territory.
The President of the Association Mr. Mayowa Afe made this assertion when he led Executives and other members of the Association on a courtesy visit to the Governor of Ondo state Dr. Olusegun Mimiko to drum up support for the forthcoming NAPE’s Annual International Conference and Exhibition and to introduce NAPE as an organization and its activities.
The group which first paid a courtesy visit to the Deji and paramount ruler of Akure, HRM, Oba Adebiyi Adesida commended the Governor for the high infrastructural strides he has been able to undertake in the State. Mr. Afe in his speech described Ondo State as a fertile land for investors, especially in Oil and Gas, including tar sand. He urged the Government to ensure proper demarcation of its territory in order to curb loss of resources as recently witnessed in Cross Rivers State as result of the Supreme Court decision ceding majority of Cross Rivers State Oil Wells to Akwa Ibom State.
The NAPE President also noted that a larger portion of the State’s resources were yet to be exploited, and promised that NAPE will work closely with the Ondo State government for mutual benefits and relationship. He ended his speech by officially inviting His Excellency to the NAPE International Conference and Exhibition and wishing him the success in the upcoming Governorship Election.
In response to the NAPE President’s speech, the Executive Governor of Ondo State, Dr. Olusegun Mimiko thanked the President and other members of his entourage for making out time to visit. He expressed optimism that the proposed Petroleum Industry Bill (PIB), which is expected to transfer the management of bitumen from the Ministry of Solid Minerals to the Petroleum Ministry, will improve the state’s economic income. The Governor also assured of his Government’s collaboration with NAPE in order to attract more investors to the State. He further added that his administration had embarked on measures to make the state an investors’ destination.
As a mark of honour to the Governor, the NAPE President decorated him with the NAPE lapel and presented him some of the Association’s publication; while the Vice President, Seye Fadahunsi also decorated the Deputy Governor, Alhaji Ali Olanusi. Other top government officials were decorated by the NAPE Fellows that accompanied the President for the visit.
The team was first received warmly by His Royal Majesty who praised NAPE for the laudable achievements they have been able to record since its inception. Among those that accompanied the NAPE President to the Palace were the NAPE Vice President, Mr. Seye Fadahunsi, Prof. J.I. Nwachukwu, fnape, Prof. J.S. Ojo, fnape, Prof. T.R. Ajayi, fnmgs and Mr. Lawrence Osuagwu. The Oba also accompanied the NAPE team to visit the Governor.
Top Government officials that joined the Governor and his Deputy in receiving the NAPE team were Dr. Aderotimi Adelola, SSG, Mr. Omotayo Akinjomo, Commissioner for Commerce and Industry, Mr. Goke Adeniyi, SSA to Governor on Oil and Gas.
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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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Oil

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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