Oil
FG assures of full support for NIPS 2020, applauds industry endorsement of summit
Yemie ADEOYE
ABUJA-THE Federal Government of Nigeria has assured the Nigerian, African and global oil industries that it is ready to host local,regional and international players and executives across the various sub-sectors and disciplines accross the energy, oil and gas value chain.
This will also Include exploration and production companies and the various end consumers ranging from power generation companies (Gencos), gas-based industries (Fertiliser, Methanol, Petrochemical, etc.), and industrial and commercial consumers (Mini/Micro LNG, CNG/LPG, etc.) including Automobile at the 2020 edition of the annual Nigeria International Petroleum Summit (N.I.P.S.).
Delegates during the Executive session at the 2019 NIPS in Abuja, Nigeria.
Minister of state for petroleum resources Chief Timipre Sylva stated this during a meeting with executives of Brevity Anderson, the event producers.
According to the Minister, the third edition of the conference and exhibition will be held to the highest international standards.
He stated further that from his observation, the great attention of the international oil companies for the event either through participation or sponsorship, is a reflection of Nigeria’s unique place on the map of oil and gas industry regionally and internationally.
The participation of the heads of the international companies in the conference plenary sessions demonstrates the successful cooperation across the sector and the new investment plans in Nigeria which presents the trustworthiness of the Nigerian economy and the oil and gas industry, and this confirms that there are opportunities to attract more investments to the industry in the future.
In the same vein, the managing director of Brevity Anderson, Mr. James Shindi, attributed the increase recorded in number of delegates and exhibitors at N.I.P.S. 2019 to a number of factors, which include the success of the previous edition held in 2018.
“In the first edition, we had the who is who of the oil and gas industry in Nigeria attending and when added to the participation of several foreign bodies like Organisation of Petroleum Exporting Countries(OPEC), Africa Petroleum Producers Organization(APPO), International Energy Commission(IEC ) and Gas Exporting Countries Forum (GECF) e.t.c that brought with it physical presence of personalities such as OPEC secretary general and APPO including several foreign ministers and delegates across global energy industry,” says Shindi.
The event has achieved great success in the last editions as it is considered as an important opportunity for the oil and gas industry in Nigeria and Africa in general to show its success stories, the plans and investment opportunities and provide a stage for exchanging information and ideas about issues that related to the industry.
N.I.P.S. 2019 was unique as it addressed the technical, operational and commercial challenges associated with future sector growth. The three-day event featured an exhibition where 50+ supply chain companies showcased their products and services. Next to that, there was an accompanying conference that covered key topics and solutions for the E & P, Petrochemical & Refining; offshore community and finance et cetera. If N.I.P.S. 2019 edition could attracts over 3,000 unique attendees representing 30+ nationalities, hopefully the 2020 edition will be bigger and better.
N.I.P.S. 2020, scheduled for February 9 – 13, 2020 in Abuja, is a federal government of Nigeria official petroleum industry event. The Federal Ministry of Petroleum Resources and all its parastatals including the Nigerian National Petroleum Corporation (NNPC), Nigeria Content Development and Monitoring Board (NCDMB) and Department of Petroleum Resources (DPR) are hosts.
The summit is expected to be declared open by the Nigerian president His Excellency President Muhammadu Buhari, GCFR, and will feature internationally certified training workshops.
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.
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.
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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