Oil
Beneficiary Selected for OTC Distinguished Achievement Awards Luncheon 2016
By Yemie ADEOYE
LAGOS– THE Offshore Technology Conference (OTC) announces the 2016 beneficiary of the OTC Distinguished Achievement Awards Luncheon tagged the Junior Achievement (JA) of Southeast Texas.
This was contained in an statement signed by the event organisers in Houston Texas and made available to Biztellers via electronic mail.
OTC will host the Distinguished Achievement Awards Luncheon on Tuesday, 3 May 2016 at NRG Center in Houston. The event recognizes industry achievements, raises funds for a worthy cause, and provides an excellent opportunity for industry leaders to network with colleagues from around the world. In previous years, this occasion has been the Annual OTC Dinner.
Because of the support of industry-leading companies, a total of USD 1,175,000 has been donated to charitable organizations over the previous five years. Past recipients are Medical Bridges, Offshore Energy Center, Engineers without Borders, Gulf of Mexico Foundation and the Independent Petroleum Association of America (IPAA) and the Petroleum Equipment & Services Association (PESA) Energy Education Center for the benefit of the Energy Institute High School.
“The Executive Advisory Board selected this year’s charity because of its strong focus on students whose families have been directly affected by the industry downturn,” Brian Evans, senior vice president of Worley Parsons and member of the Executive Advisory Board says.
“It is through the college scholarships which will be awarded to students in families hardest hit by this downturn and the growth of Junior Achievement’s other oilfield-related programs, that we are confident that the organization will fulfill this OTC vision,” Evans continues.
Junior Achievement of Southeast Texas is the greater Houston area’s largest organization dedicated to inspiring and preparing young people to succeed in a global economy. Through a dedicated volunteer network of nearly 12,000 adult role models, JA of Southeast Texas provides in-school and after-school programs for students in grades K-12 which focus on entrepreneurship, work readiness and financial literacy. Today, JA of Southeast Texas anticipates reaching 310,000 students in more than 950 schools.
“Junior Achievement is proud to be the beneficiary of the OTC Distinguished Achievement Awards Luncheon. The offshore industry has long been a supporter of education in the community, and we are pleased to utilize this support to empower young people to own their future economic success,” explains Rick Franke, President, Junior Achievement of Southeast Texas.
“With this support, we will offer scholarships, in the name of OTC, to students pursuing degrees and certifications needed for, and careers in, the offshore industry. Priority will be granted to those students whose family has been impacted by layoffs related to the economic downturn,” he continues.
Franke also detailed that the resources will be used to support the growth of JA Inspire, Junior Achievement’s work readiness program aimed at eighth grade students, informing them of the opportunities in the offshore oil and gas industry.
Sponsorship opportunities for the OTC Distinguished Achievement Luncheon are still available at various levels.
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.
Read Also: Atiku Calls For Rotational Presidency Across Nigeria’s Geopolitical Zones
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.”
Read Also: Offset Accuses Cardi B Of Cheating During Pregnancy
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.