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NNPC says Fuel scarcity will end soon, appeals against pipeline vandalism

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By Yemie ADEOYE
ABUJA-THE Nigerian National Petroleum Corporation (NNPC) has expressed its readiness to work with all relevant stakeholders in the downstream sector of the Oil and Gas industry to bring to an end the lingering fuel scarcity across the country.
The Group Managing Director of the NNPC, Dr. Joseph T. Dawha stated this while on a tour of some filling stations in Abuja with some top management staff of the Corporation.
Dr. Dawha noted that the NNPC as supplier of last resort has improved availability of premium motor spirit otherwise known as petrol in the country and would ensure effective distribution of the product nationwide.
He said arising from the meeting with petroleum products marketing stakeholders last week, the NNPC and its downstream subsidiary Pipelines and Products Marketing Company (PPMC) is committed to bringing the fuel queue situation to an end in Abuja and across the states of the federation.
The NNPC GMD said as at today, the PPMC has a stock level of 1.1billion litres representing 27 days sufficiency stressing that the stock excludes volumes with confirmed delivery dates within the next couple of days.
Dr. Dawha appealed to the general public to desist from panic buying, hoarding or patronizing of black marketers while urging  stakeholders to sustain the supply and distribution of petroleum products across the country.
The NNPC helmsman stated that the Corporation through its subsidiary, NNPC Retail Limited has embarked on massive petrol lifting to its Mega and Affiliate stations in Abuja and across the nation.
“In the last five days, we have brought into Abuja 428 trucks of premium motor spirit, averaging 85 trucks daily to address the petrol requirement in Abuja and its immediate environs,” Dr. Dawha said.
Speaking on the recent vandalized system 2B pipeline of the NNPC, the Managing Director of the PPMC, Prince Haruna Momoh said the system 2B pipeline in Ije Ododo in Lagos is the most vandalized pipeline and disclosed that already the situation has been brought under control and repair of the pipeline has already commenced.
Prince Momoh stated that as at today, the NNPC imports 50 percent of petroleum products into the country and with the 40 million daily petrol consumption of Nigerians, the Corporation would continue to intensify its efforts to wet the country with products from its coastal depots to inland depots.
The MD, PPMC noted that when the ongoing Rehabilitation and Turn Around Maintenance of the Port Harcourt Refining Company Limited is completed in July, 2015, the plant would run at 80 percent installed capacity and produce 5 million litres of petrol on a daily basis.
On his part, the Managing Director of NNPC Retail Limited, Mr. Chris Osarunmwwense said the NNPC Mega Stations and Affiliate Stations would increase their hours of service to motorists in order to clear the queues as soon as possible.

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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