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Chad basin: NNPC set for extensive oil block probing as Buhari urges further NE exploration

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ABUJA-THE Nigerian National Petroleum Corporation, NNPC is stepping up measures to ensure a successful operation in the ongoing search for crude oil in the Chad Basin and other parts of the Inland Sedimentary Basin even as President Muhammadu Buhari has ordered for deeper inquest into the prospectively of some hitherto neglected finds in some areas in the North Eastern part of Nigeria.
The Group Managing Director of the Corporation, Dr. Maikanti Baru made this disclosure on Monday while receiving the Governor of Bauchi State, Mallam Mohammed Abubakar who was on a courtesy visit to the NNPC Towers, Abuja.
Dr. Baru informed that the renewed search for hydrocarbon deposits in the Chad Basin would entail extensive probing of some allocated and non-allocated oil blocks in the region with a view to establishing the magnitude of the deposits.
New GMD NNPC, Dr.Maikanti Baru

New GMD NNPC, Dr.Maikanti Baru

In his opening remarks, Mallam Abubakar said he is leading a delegation of Bauchi State government officials to the NNPC Towers to felicitate with the new GMD on his appointment noting that Bauchi State is proud of Baru and his accomplishments so far in the oil and gas industry.

Briefing the visiting governor on the intensification of crude oil search in the north, the NNPC GMD noted that the Corporation has identified specific oil blocks in the area where some of the finds have been made and would move to re-invigorate exploration based on fresh strategy.
“You know that very close home, we have exploration activities on the frontier basin in the Chad and some areas close to the Kolmani river where Shell had made  some indicative discovery of hydrocarbons and Mr. President has directed me to go into that area to reprove and further explore the magnitude and prospectivity of those finds . We are taking steps to re-strategize and get into those regions. We will re-invigorate the frontier exploration and see how they collaborate with NNPC that is holding Block A09 where some of the finds have been made and also Department for Petroleum Resources, DPR, for the other blocks that have not been assigned,’’ he said.
Baru implored the Bauchi State governor to collaborate with the Corporation in tackling the menace of pipeline vandalism especially in the wake of reported line breaks along the NNPC products supply line from Jos-Gombe-Bauchi enroute the Maiduguri depot.
Lending backing to Baru’s elevation to the position of GMD, Governor Abubakar stated that the government and people of the State will continue to support and pray for the GMD to ensure that his dreams for the NNPC come to fruition as he steer the ship of NNPC away from obviously turbulent waters amid tumbling crude oil prices. .
Also on Monday, the NNPC flagged off bid opening for the decommissioning and installation of towers and masts in Lagos, Benin and Port Harcourt area offices with eleven companies participating in the exercise.
Speaking during the bid opening ceremony at the NNPC Towers in Abuja, the Manager Telecoms, Engr. Michael Ejike said reputable telecommunication vendors with proven experience and capacity were invited to bid for the decommissioning and installation of towers and masts in some NNPC facilities to give it a facelift.
He noted that the eleven companies that submitted bid were required to bid for any of the four refineries of their interest adding that the exercise was geared towards providing equal opportunities for all bidders in a transparent manner.
On her part, the General Manager, Supply Chain Management, Mrs. Sophia Mbakwe said the result of the bid exercise would be ready in three weeks assuring that all prospective vendors would receive equal treatment.
Commenting on the exercise, the Executive Director of one of the bidding 0 companies, Mr. Anthony Wokocha, applauded the NNPC for the transparent conduct of the exercise and assured of the readiness of his company to deliver on the mandate if considered.
 
 
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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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