Energy
Exec Sec NCDMB Outlines Collaboration Opportunities At NUPRC, NIACOM
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe has outlined collaboration opportunities with other Federal Government’s Agencies.
He did this on Tuesday in Abuja when he paid courtesy calls on his counterparts, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe and the Commissioner for Insurance of the National Insurance Commission (NAICOM), Mr. Sunday Olorundare Thomas at their respective offices.
The visit by the new boss, according information made available by the Corporate Communications, NCDMB was aimed at bonding with chief executives of institutions represented on the NCDMB’s Governing Council as well as exploring areas of collaboration.
In his remarks, the ES conveyed the willingness of the NCDMB to deepen its partnership with key agencies of the Federal Government to achieve the economic aspirations of President Bola Tinubu administration’s Renewed Hope Agenda.
Cooperation and teamwork, he noted, were key to accomplishing any noble objective.
He promised that NCDMB would work closely with NAICOM to review and operationalize the insurance services regulations jointly issued by both agencies in June 2022, to get Nigerian oil and gas companies to patronize local insurance firms with a view to retaining spend in the economy.
The Commissioner for Insurance, NAICOM, Sunday Olorundare Thomas congratulated the Executive Secretary on his appointment, and expressed hope that he would be building on the solid foundation laid by his predecessors.
He described the NCDMB as a formidable institution and commended the founding fathers of the Board for their foresight in creating such an important agency.
Thomas also lauded former Executive Secretaries of the NCDMB for their innovative projects and achievements while in office that added value to the economy.
The Commissioner for Insurance described insurance as the oxygen of business operations. He expressed concern that the insurance services regulations that were signed by the Commission and NCDMB were yet to be implemented.
He requested the Executive Secretary to address the challenges, hinting that implementing the regulations would bring the needed changes in the insurance subsector of the oil and gas industry before being extended to other key sectors of the economy.
At the NUPRC, the ES reiterated the need for teamwork and partnership amongst various agencies under the Ministry of Petroleum Resources, to sustain the growth of the Nigerian oil and gas industry.
He hinted that collaboration would create an enabling environment that would attract investments and new projects into the sector, helping to create employment opportunities for youths, which would help to address insecurity in the polity.
While noting that Local Content development would be stunted if projects and investments in the oil and gas sector do not flourish, the ES suggested that NCDMB and NUPRC should organize workshops to examine and resolve concerns identified by investors as obstacles to investments and new projects.
The ES hinted that investment decisions by international oil and gas companies were often affected by their assessment of their Return on Investments (ROI).
In his comments, the Chief Executive of NUPRC, Engr. Gbenga Komolafe congratulated the Executive Secretary on his appointment, noting that the industry was pleased to have a person of his pedigree as the new helmsman of the NCDMB.
The NUPRC’s boss highlighted the important role of the NCDMB in the operations of the upstream sector of the petroleum industry and commended the new ES for seeking closer cooperation among the agencies.
He described the move as expedient, especially at a time when every hand had to be on the deck towards increasing Nigeria’s crude oil production, earning higher revenue for the nation, and reviving the economy.
He remarked that the Nigerian upstream sector is facing severe pressures because of the low crude oil production and lack of investment in recent years.
He pointed out that the energy map of the world had changed considerably with the emergence of several new oil-producing countries.
This situation, in his view, had induced a high level of competitiveness for investment capital, stressing that strategic actions must be taken to make the Nigerian environment investor-friendly.
According to him, “we must vacate entry barriers for investment. This is common logic when there is high competition. We need to work together to lower barriers and do everything possible to motivate investment.”
He assured that the NUPRC would partner closely with the NCDMB to achieve some of the programmes it had planned for 2024.
MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide.
The company has also called on Nigerians to monitor and report any outlets that fail to adhere to the new price structure.
Biztellers reports that this is consequent upon an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.
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It was gathered that MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance.
In a statement on Monday night, the company declared, “Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: NG-FMKPMGWHISTLEBLOWING@NG.KPMG.COM”
Emphasising the eco-friendly nature of its products, MRS Oil added, “We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”
In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol, with many expressing their gratitude to the Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.
A commuter at the MRS station at Alapere on the Lagos Ibadan Express way, Ibukun Phillips, could not hide her joy as her husband filled up their car.
“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”
A commercial bus driver, Adio Ajibade described the price reduction as a great relief, especially during the festive season.
“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.
A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.
According to Dr. Akanni, “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”
As a direct implication of the Federal Government’s Foreign Direct Investment drive, the Royal Dutch Shell has completed the final investment decision on the deep offshore Bonga North project in Nigeria.
Biztellers reports that the Bonga North will be a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility which Shell operates with a 55% interest.
Shell’s Integrated Gas and Upstream Director, Zoë Yujnovich, said, “This is another significant investment, which will help us to maintain stable liquids production from our advantaged Upstream portfolio”.
ALSO READ: OGUNCCIMA Commends Dangote Refinery’s Impact
It was gathered that the Bonga North project involves drilling, completing, and starting up 16 wells (8 production and 8 water injection wells), modifications to the existing Bonga Main FPSO and the installation of new subsea hardware tied back to the FPSO.
The company is optimistic that the project will sustain oil and gas production at the Bonga facility.
The Bonga North currently has an estimated recoverable resource volume of more than 300 million barrels of oil equivalent (boe) and will reach a peak production of 110,000 barrels of oil a day, with first oil anticipated by the end of the decade.
In addition, the Bonga North will help ensure Shell’s leading Integrated Gas and Upstream business continues to drive cash generation into the next decade.
Chevron Nigeria Limited (CNL), has received an award as “Energy company of the year (2024)” for its Environmental Sustainability and Corporate Responsibility accomplishments.
The award presented by the Nigerian News Direct newspaper, on Friday December 6, 2024, and was received by Manager Communications, Chevron Nigeria and Mid-Africa Business Unit, Victor Anyaegbudike, at a colourful event at the Grand Ballroom of the Oriental Hotel, Lagos.
ALSO READ: Stakeholders Hail NCDMB As Local Content Level Hits 56%
The organizers of the award noted that Chevron has implemented the “Protecting People and the Environment” policy, which aims at preventing injuries, illnesses, and environmental incidents. They also referenced that the company has achieved 97% gas flaring reduction in its operations in Nigeria, while implementing waste management and environmental conservation programs.
According to the media organization, Chevron Nigeria has also invested millions of dollars in community development programs, supporting education, health and economic development initiatives that have benefited thousands of people, while ensuring diversity, inclusion, and employee engagement in its business operations.
Receiving the award from the Lagos State Commissioner for Information and Strategy, Gbenga Omotosho, Anyaegbudike thanked the organizers for the honour, and reiterated Chevron’s commitment to continue to develop, affordable, reliable and ever-cleaner energy that enables human progress around the world.
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