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Investment in Africa’s oil and gas to increase through 2016 and beyond-Baker Hughes

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‎Investment in Africa’s oil and gas business is expected to increase between now and down through 2016 and beyond according to the managing director of Baker Hughes Nigeria, Mr. Ayo Shote.
‎He explained that these investment will continue to come in the continent because of huge potentials in Africa’s oil and gas business.
Key focus of this growth will be in West Africa, East Africa, North and Central Africa countries.
According to him, Africa can not ‎be left out in the entire global energy landscape stating that “we will continue to remain important and grow. The big portion of this growth ‎is Nigeria. We have been in Nigeria since the beginning.
“Nigeria is biggest market globally and in Africa but we have a huge spread across Africa.
 
“In Nigeria we are seeing the increasing importance of indigenous participation.”
 
Speaking at the company’s Techno Day conference and Exhibition program, Baker Hughes managing director, Nigeria said to support the increase investment in Africa’s oil and gas business, the company has a huge presence in the contin‎ent. 
 
He explained that energy goes beyond oil and gas but the availability of safe and affordable energy so that the life of the man on the street will be affected for good.
 
To further support oil and gas investment in Nigeria, Shote said the company has spent above $500 million on research and development.
 
“We focus much on talent and capability development. In Nigeria within the Baker Hughes family, we are net exporter of talent, we actually take send more people out than we take.
“We have 92 percent of nationalised work force in Nigeria today. That is because it is our desired to continually make a different not only on our employee but also our customers.
 
“We also have the Baker Hughes operating system which is an in-house development where we have all our policies and procedures located on a single platform and we use it not only as a training reserves we also use it as quality management reserves.
 
“We are able to achieve success in our operation because we focus on training.
“We do not employ people and think that they know everything. So we are focus on building a talented field organisation and as at this 2014 we have the target to employ 968 field engineers and mathematicians and that is 30 percent of what we did in 2013. Out of these we have 27 PHDs holders.”
John Wilson who spoke at the conference centre said to enhance production capacity for mature fields, Baker Hughes has state of the art technology that can meets challenges in such field.
For instance, Wilson explained that during production, cost effective technologies is needed to deal with water management.
He also stated that $40 billion is spent to deal with unwanted water during production ‎but with Baker Hughes Chemical solution (AquaFix, and other technologies) for water control, the cost can be reduced.
‎Wilson also stated that Baker Hughes has other technologies such as GeoFORM, EXCLUDER 2000 to deal with sand in fields. 
 
The essence of these technologies, Wilson said is to keep the oil flowing from the reservoir for as long as possible. 
 
Leonard Okoronkwo another speaker at the Techno Day conference organise by Baker Hughes said another technology within the company’s reach which has been used and tested in other African countries is the Snapshot and Snapscreen live well deployment system. 
 
He explained that the essence of the technologies is to help increase production potentials from marginal field.
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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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Business

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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