Oil
Nigerian Petroleum Ministry, NNPC Partner on Capacity Devt. for Technical Officers
By Joseph BAMIDELE
ABUJA – As part of efforts to boost indigenous capacity in the Oil and Gas Sector, the Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation, NNPC, Monday commenced a seven week intensive training for thirty four (34) technical officers in the Ministry.
Delivering his keynote address during the opening ceremony of the second batch of Foundation Skills Training Programme (FSTP) organized by the NNPC for the Technical Officers in Abuja, the Permanent Secretary of the Ministry, Mr. Danladi Kifasi, noted that the programme would equip the trainees technically for the task ahead.
Represented by a Deputy Director in the Ministry, Mrs. Isang Iwara, the Permanent Secretary said the capacity development programme was in line with the transformation agenda of President Goodluck Ebele Jonathan’s administration to take the Oil and Gas Industry to the next level.
He commended the NNPC for facilitating the training programme, stressing that the partnership is geared towards improving the competence and policy direction of the present administration.
In his opening address, the Group Executive Director, Corporate Services, Dr. Dan Efebo, observed that the programme was aimed at developing young professionals for the entire Oil and Gas value chain considering the critical role it plays across the entire spectrum of the Nigerian economy.
“To date, a total of thirty (30) officers were trained in the first batch. At the end of this programme, sixty (64) officers from various disciplines of Geosciences, Petroleum Engineering, Well Engineering and Field Engineering would have been trained,” the GED said.
Represented by the Group General Manager, Group Human Resources, Mr. Ishaya Timothy, the GED implored the trainees to remain focused and work hard in order to justify the enormous resources committed to organizing the programme.
In his welcome address, the GGM, GHR of NNPC, represented by Mrs. Mariam Sani, assured the trainees that the training provider was capable of delivering the training as majority of their resource persons were experienced players in the Nigerian Oil and Gas Industry.
He commended the Group Learning Department for working tirelessly to ensure the successful takeoff and smooth running of the programme and urged them to remain focused on ensuring the successful completion of the programme.
Other speakers at the event included former Group Managing Director of the NNPC, Engr. Funsho Kukpolukun, and former Group Executive Director, Refining and Petrochemicals of the Corporation, Engr. Chris Ogiewonyi, who called on the Ministry and the NNPC to sustain the culture of training and retraining their work force in order to ensure excellence in the Petroleum Sector.
Oil
FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry
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.
Business
Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative
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.
Oil
ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations
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.