Oil
NNPC Assures of Sufficient Fuel Supply through Festive Period …Urges Nigerians to Shun Panic Buying
BY Joseph BAMIDELE
ABUJA-Conscious of the high demand for petroleum products that characterizes the end of year season along with its festivities, the Nigerian National Petroleum Corporation (NNPC) has stepped up supply and distribution of petroleum products across the country to ensure that motorists do not have to queue at filling stations before buying fuel.The Acting Group General Manager, Group Public Affairs Division of NNPC, Mr. Fidel Pepple, who disclosed this in a statement said the Corporation through its subsidiary, the Pipelines and Products Marketing Company (PPMC), has intensified efforts at ensuring that fuel is available in every nook and cranny of the country so that people can travel with ease to join their families and friends for the Eid-el-Kabir and other festivals coming up towards theend of the year.“We have stepped up fuel supply and distribution across the country to ensure that motorists can drive into any filling station and buy fuel without queuing up, especially during this period of the year that comes with a lot of holidays and festivities. We have increased the number of truck loadings to all the geo-political zones of the country and we hope to sustain this from now through the Sallah holidays to the Christmas and New Year,” he stated.Giving a break down of truck supply figures to Abuja and environs for the month of October, Pepple said the last few days have witnessed a sharp rise in the number of fuel trucks from an average of 92 to 118, adding that this trend will not only be sustained but improved upon across the country.The number of fuel trucks supplied to Abuja and environs from the Kaduna Refinery from 15 to 18 October, 2012, according to him, are: 100, 120, 112 and 131 respectively.“This has greatly improved the situation and the queues have disappeared in Abuja. We are also doing same in Lagos where we have increased trucking from the depots to Lagos and across the Southwest,” Pepple explained.For Lagos, a total of 472 trucks have been distributed to filling stations across the state between 17 and 23 October with the daily figures as follows:
Date Number of Trucks Equivalent in Litres 23 October, 2012 118 3,916,000 22 October, 2012 62 2,046,000 21 October, 2012 76 2,515,000 20 October, 2012 36 1,188,000 19 October, 2012 46 1,528,000 18 October, 2012 52 1,716,000 17 October, 2012 82 2,754,000 Total 472 15,663,000On the diversion of products that was noticed early last week, he said a monitoring committee set up by the PPMC has swung into action tracking the movement of the trucks to stem the trend.He called on motorists to avoid panic buying, adding: “There is no threat of fuel scarcity, we are working round the clock to surmount the distribution challenge and I can assure that the measures we have put in place are proving effective. So we call on motorists not to engage in panic buying which can result in unnecessary queues and create hardship for Nigerians, which is what we are trying to avoid.”
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.