Energy
NCDMB Parleys Chevron, Recommits To Fast-Track Approvals of Oil Industry Projects
The Nigerian Content Development and Monitoring Board (NCDMB) has restated its commitment to accelerated approvals of requests and documents submitted to it by operating oil and gas companies.
The goal, according a statement from the NCDMB was to ensure speedy development of oil and gas projects and contribute to increased oil production and improved national economy.
Biztellers reports that Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe gave the assurance on Friday at the Nigerian Content Tower, Yenagoa, Bayelsa State when he received senior officials from Chevron Nigeria Limited led by the Deputy Managing Director, Cosmas Iwueze.
The ES conveyed the Board’s willingness to improve on the timelines set by the Service Level Agreement (SLA) instituted by the Board, Nigerian National Petroleum Company Ltd (NNPC Ltd) and international oil companies for shortening the contracting cycle for oil and gas projects.
He reiterated his proposal for the setting up of technical working groups (TWGs) between the representatives of the NCDMB and respective international oil firms.
The working groups could meet monthly or quarterly to evaluate the companies’ expectations from the NCDMB on their projects. The intent, he explained is “to resolve contentious issues, close all the gaps and come to an agreement before the official correspondences are received. That will ensure quick turn-around and approvals will be dealt with quickly and that will help to cut downtime.”
Emphasising the need for all oil and gas companies to comply with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, the ES promised that the Board will accede to cogent urgent requests from companies to avoid delays that could cause costs overruns, impact negatively on oil and gas operations and the economy at large.
He encouraged the companies to see the NCDMB as partners in progress, adding: “we want to create the enabling environment that will minimize conflicts with international oil companies (IOCs) and attract investments into the sector.
“We want to create employment opportunities for our youths and help achieve the economic objectives of President Bola Tinubu. We want to make international oil companies comfortable and reverse the exit of foreign investors because they create jobs, and we need all hands on the deck.”
Ogbe revealed that he had long and successful career with Chevron Nigeria and remarked that the hallmark of the company was teamwork.
He noted that the NCDMB operates with the same core value, hence the Board is determined to support oil companies to accomplish their operational goals. “We have to make sure that you succeed otherwise we will not be successful,” he added.
The ES confirmed that NCDMB under his watch would not emphasise the use of sanctions, rather would seek to dialogue with companies to achieve win-win situations.
“We will be flexible regarding your requests, but we all need to have open minds and look at the critical paths that will ensure that we make progress and produce effectively,” he said.
Contributing, the Director, Planning Research and Statistics, NCDMB, Isaac Yalah, commended Chevron Nigeria for supporting the Board’s development of the Nigerian Content Research Centre of Excellence at the Federal University of Technology Akure (FUTA), in Ondo State.
He affirmed that the Board will continue to collaborate with Chevron on other projects and would address any issues relating to requests for expatriate quota approvals.
Responding, Iwunze commended the ES for adopting the mantra of collaboration and pushing to increase crude oil production in Nigeria.
He highlighted the importance producing crude oil at competitive costs, noting that the primary aspiration of oil companies and the Federal Government is to ramp up Nigeria’s crude oil production volumes and shore up the revenue accruing to the national coffers.
The Deputy Managing Director emphasised the need to incentivise investments in the oil and gas sector. He explained that international oil and gas companies in Nigeria compete for capital with their sister operations in other oil producing nations.
He said, “The capital we need for big oil and gas investments is domiciled with global investors. We need to always present Nigeria as an investor friendly destination where people can come and do business.”
He also confirmed that the company was working on some major projects, relating to deepwater and Escravos gas-to liquids (EGTL) and he looked forward to receiving the Board’s support and collaboration when the projects come for consideration and approvals.
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.
ALSO READ: Dangote Slashes PMS Price To N899.50k
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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