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Nigeria projects 4M barrels daily crude production by 2020 …commits to 40 billion Barrels Crude Reserves Target

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By Joseph BAMIDELE
ABUJA-The State-owned Nigerian National Petroleum Corporation, NNPC, has reiterated its determination to growing the nations proven crude oil reserve from its current level of 37 billion barrels to 40 billion barrels by the year 2020.
Speaking in Kaduna at a reception organised by the state government in honour of some illustrious sons and daughter of Kaduna State, Engr. Andrew Yakubu, Group Managing Director of NNPC, also one of the celebrants, stated that apart from ensuring an increase in the level of proven reserves the Corporation is working assiduously towards increasing production from the current figure of 2.4 million barrels per day to a record 4 million barrels per day by 2020.
Nigeria’s production of crude oil now averages at 2.4 million barrels daily after recording an all time high of 2.7million barrels per day late July.
“As we endeavour to achieve effective transformation of the oil and gas industry in line with the Transformation Agenda of Mr. President our target is to ensure that we grow our proven crude reserves to 40 billion by 2020 and also increase our production to 4 million barrels per day by 2020,’’ Engr. Yakubu stated.
The GMD also assured that the Corporation, alongside its JV partners, is strategically focused on power generation via effective alignment with the power supply aspiration of the Federal Government.
He stated that the NNPC is also working on strategic upgrade of gas infrastructure in Kaduna and other Northern States to help resuscitate the ailing textile industry in that part of the country.
Engr. Yakubu also reassured residents of Kaduna and adjoining states of adequate supply of petroleum products, noting that Kaduna Refinery is currently producing about 4 million litres of Premium Motor Spirit (PMS) per day.
“The Kaduna Refinery is one of the best run in the country today. It currently produces 4million litres of PMS every couple of days and this has helped us to stabilise supply in Kaduna and its environs especially at this trying period,’’ he said.
He pledged that the plan to ensure complete turn around and rehabilitation of the nation’s refineries is still intact as the lead equipment for the TAM of Port Harcourt Refinery has since arrived.
“Once we are done with Port Harcourt Refinery Kaduna is next in line and from there we move to Warri Refinery,’’ the GMD said.
Engr. Yakubu thanked the government and people of Kaduna State for the special recognition noting that it is re-assuring to know that “you are loved back home when embarking on a journey like this’’.
The event which had Vice President Architect Namadi Sambo as Special Guest of Honour and former Chief Justice of Nigeria, Muhammadu Lawal Uwais as Chairman conferred awards to three other prominent indigenes of Kaduna State. These include: Minister of the Environment Hajiya Hadiza Mailafia, Justice of the the Supreme Court, Hon. Justice Kumai Akaahs and National Organising Secretary of the Peoples Democratic Party, Alhaji Abubakar Mustapha.
In his remarks, the Vice-President commended Engr. Yakubu for piloting the Corporation in the right direction especially the recent effort to resuscitate the search for oil in the inland sedimentary basins particularly the Chad Basin which has shown some significant breakthroughs.
A similar position was echoed by the Kaduna State Governor, Sir. Ibrahim Yakowa who praised Engr. Yakubu for his focus and sterling leadership qualities.
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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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