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Lagos Governor expresses optimism at Nigeria’s Oil and Gas reform

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LAGOS-As the country is poised to implement the radical reform in the oil and gas sector, the Governor of Lagos Babatunde Raji Fashola is optimistic that the implementation of the reform will certainly be an engine for growth and have a positive impact on the environment.
Fashola expressed his optimism during the opening ceremony of the 36th Society of Petroleum Engineers, Annual International Conference and Exhibition in Lagos.
He stated that when the various reforms are in place, the country will have no place in the index of nations with the paradox of having an abundance of natural resources and yet comparatively marginal economic growth and development.
He thanked the minister of Petroleum Resources, Mrs Diezani Alison Madueke for her courage in pursuing the reforms necessary to bring the oil and gas industry back from the brink and in for working assiduously towards the quick passage of the Petroleum Industry Bill (PIB).
Nigeria, blessed with huge oil and gas resources which are currently estimated at about 35 billion barrels reserve for oil and 187 trillion cubic feet for gas, Fashola stressed that for various reasons, these valuable assets have not been fully exploited adding that Nigeria’s deep offshore oil and gas resources still remain untapped.
According to him, “Lagos State falls within the Benin sedimentary basin and also among the Nigerian littoral States. Available Information suggests that our offshore territorial areas are endowed with abundant hydrocarbon resources. This hydrocarbon belt is known to cover areas spreading towards the western flange of West Africa and up to Ghana, placing that country amongst the oil players of the world.
He however, urged the Ministr

FASHOLA

y of Petroleum Resources through the Department of Petroleum Resources to intensify exploration activity within the onshore and offshore Dahomey basins, to enable the country boost its’ Oil and Gas Reserves for its collective benefit adding that  Lagos State is willing to partner with and support the Federal Government in achieving this goal.

Governor Fashola also urged all stakeholders in the oil and gas sector who have been actively pursuing the reform in the sector not to rest on the oars as the reforms are on the horizon,
He said “ All hands must be on deck to ensure that once the bill is passed into law, its implementation stimulates the transparency, efficiency, fairness and equity that we all desire. A law is only as good as Its effect; and its effect depends on its implementation, just as the success of its implementation depends on the desire of all stakeholders to’ make it work. As primary stakeholders, you must not be found wanting. I wish you well in this quest.” The SPE international conference and Exhibition 2012 was held in Lagos for the first time the theme “Future of Oil and Gas: Right Balance with the Environment and Sustainable Stakeholders Participation”
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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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