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Encomiums for NNPC As Alison-Madueke Re-commissions Benin PPMC Depot

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By Joseph BAMIDELE
BENIN:  A strong feeling of appreciation and re-awakening ran through the historic city of Benin in Edo State Thursday as the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke re-commissioned the strategic Benin Depot of the Pipelines and Products Marketing Company, PPMC which has been laying comatose since 2005.

 An elated Governor Adams Oshiomole who led a team of prominent Edo State Government officials and dignitaries to the event said with the re-activation of the Benin Depot by the Honorable Minister of Petroleum Resources, the Federal Government has demonstrated its resolve to sustain the ongoing reforms in the oil and gas industry.

“The honorable Minister has demonstrated that indeed good things can come from the Petroleum industry as well as the NNPC,’’ he said.
The former President of the Nigerian Labour Congress recalled how he had to embark on what he termed a “pilgrimage’ to the Warri Refinery at the inception of his administration, to solicit for the supply of petroleum products to the state.
“I thank God that I don’t have to make such long walk to Warri again because the Benin depot is back to service,’’ he said.
The Governor pledged to mobilize the resources as well as the people of Edo State to combate the issue of pipeline vandalism which he described as a national menace.

Declaring the depot open for operation, Mrs. Diezani Alison-Madueke noted that the revamping of the Benin depot is a single item in a long list of practical measures designed by the Jonathan administration to sanitize the downstream sector of the oil and gas industry.
“As an industry, we are extremely satisfied that the transformation agenda of the President in the oil and gas industry is coming to fruition.  We are grateful to the Joint Task force for the level of support they have given the petroleum sector especially in the area of pipline vandalism. it clearly shows how successful we can be as a people if we come together to combat a scourge,’’ the Minister noted.
On his part, the Group Managing Director of the NNPC, Engr. Andrew Yakubu said in the months ahead the drive to revitalize the nation’s petroleum products depot will be sustained with the re-opening of the Gombe and Jos depots.
“We have re-commissioned Mosimi, Aba and now Benin. But the good news is that we are not going to stop here, very soon we shall be in Gombe, Jos and other depots. Imfact we are not going to stop until as the 21 depots become fully operational,’’ he said.

Describing the depot revamping exercise as NNPC’s contribution to the transformation agenda of the Federal Government, Yakubu called on stakeholders to support the Corporation in its quest to combat the incidence of pipeline vandalism.

Similar echoes of optimism were raised by the leadership of the Edo State chapters of the Independent Petroleum Marketers Association, IPMAN and the Petroleum Products Taker Drivers Association.

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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.

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.

 

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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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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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