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Nigerian Crude Oil Production Hits 2.7 Million Barrels

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu has revealed that a significant milestone was yesterday recorded in the oil and gas sector as Nigerian crude oil production has increased from 2.4 Million barrels per day to 2.7 mbpd.

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ABUJA-The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu has revealed that a significant milestone was yesterday recorded in the oil and gas sector as Nigerian crude oil production has increased from 2.4 Million barrels per day to 2.7 mbpd.

Engr. Yakubu disclosed this on Thursday when the Governor of Benue State, Dr. Gabriel Suswam led a high powered delegation on a working visit to theNNPCTowers,Abuja.

The GMD stated that the security measures put in place by the Federal Government in the Niger Delta region was beginning to yield positive results as shown in the increased crude oil production in the country.

“We want to thank the President, Dr. Goodluck Jonathan, for his great initiative to restore security with regards to pipelines and our crude oil production facilities and we thank the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke for driving the process. I am glad to report to you that in crude oil production, yesterday, we recorded an all time high of 2.7 million barrels. This has not been recorded before,” Engr. Yakubu affirmed.

He appealed to all the State Governments, Local governments, communities and other stakeholders to work in partnership with the Corporation to safeguard the pipelines and other strategic national assets in order to reduce wastages.

The NNPC helmsman expressed the readiness of the Corporation to collaborate with the Benue State Government to restore the Makurdi depot adding that a similar collaboration with the Abia State Government recently led to the re-commissioning of theAbadepot after being closed for seven years.

He assured that as soon as pipelines supplying petroleum products fromAbatoEnuguandEnuguto Makurdi depots are certified all right, the Corporation would commence immediate supply to the area.

“We have not had any negative report from theEnuguto makurdi pipelines and as soon as we do our integrity check and its okay, we will commence supply to the makurdi depot,” the GMD informed.

On the efforts by the Corporation on gas infrastructure, the GMD noted that various gas pipeline projects are presently ongoing across the country to support the industrialisation efforts of the Federal government.

Engr. Yakubu enjoined Governor Gabriel Suswam to assist in convincing his colleague Governors to buy into the Petroleum Industry Bill recently submitted to the National Assembly for consideration and passage into law noting that the bill makes provision for the growth of private initiatives in the petroleum Industry.

Speaking earlier, the Governor of Benue State, Dr. Gabriel Suswam commended the NNPC for the Kerosene Direct initiative and said the scheme has helped tremendously in the distribution of the product to the people of the state.

He stated that the State Government was willing to partner with the Corporation in the resuscitation and expansion of the Makurdi depot, development of gas infrastructure and the ethanol project of the Corporation.

High pointof the visit was a presentation by the Benue State Government on the Makurdi tank farm.

 

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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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