Oil
Offshore West Africa 2016 partners with International Trade Council
By Yemie ADEOYE
Houston Texas– Offshore West Africa Conference & Exhibition, owned and produced by PennWell Corporation, has announced a Strategic Partnership for the upcoming 20th anniversary edition with the International Trade Council (ITC).
Taking place on 26‐28 January 2016 at the Eko Hotel & Suites, Lagos, Nigeria, the 20th annual Offshore West Africa will build on the success of the 2015 event, which also took place in Lagos, which attracted a record breaking international audience of almost 2,400 leading oil and gas industry professionals from more than 30 countries worldwide.
This was contained in a statement issued and made available to Biztellers.com by the PenWell corporation via electronic mail.
The International Trade Council is an independent, nonpartpartisan membership organisation, mediator and thinktank dedicated to being a resource for its members, government officials, business executives, journalists, educators and students, civic leaders, and other interested citizens in order to help them better understand the world of domestic and international trade. The Council provides services to members in 76 countries. As the premier technical forum for the West African offshore oil and gas exploration and production industry, Offshore West Africa is pleased to announce this alliance, with Mr. Guillermo Torres, Marketing Manager, International Trade Council stating, “ITC & PennWell are working together on a number of initiatives to provide the international business community, particularly in the field of oil & gas with opportunities to gain insight, network and improve knowledge with the aim of providing significant business opportunities to generate sustainable business growth and prosperity”. Offshore West Africa will continue to feature a technical and strategic conference program developed by an Advisory Board comprised of leading industry experts, as well as an exhibition showcasing products, technologies and services from global and regional oil & gas companies, held concurrently, bringing together exhibitors and attendees from around the world for three days of education, networking and new business development.
Offshore West Africa is a truly West African event and addresses key technology and development issues for the West African offshore oil and gas market, through a comprehensive educational program and three‐day exhibition and conference, with the 2016 event focusing on Positioning for a Sustainable Future as the core theme.
In addition to the announcement of the return of Offshore West Africa to Nigeria, the Advisory Board and Conference Director, Mr. David Paganie, has announced the opening of the 2016 Conference Call for Papers, with a deadline for abstract submittal set for 19 May 2015. Offshore West Africa has released the Technical Focus Areas that any abstract should be based upon. These technical focus areas are listed at www.offshorewestafrica.com. To have your presentation considered for the technical session program, please submit you 100‐400 word abstract on one or more of the technical focus areas listed. Offshore West Africa welcomes you to join in the celebrations as the event hosts its 20th anniversary celebrations, and will provide further news shortly on the announcement of new strategic partners, supporters, sponsors, exhibitors and speakers.
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.