Oil
Oil spill: Rivers state demands implementation of UNEP recommendations
PORT HARCOURT – The Rivers State Government has called on the federal government to implement the recommendations of the United Nations Environmental Programme (UNEP) assessment report on the effects of oil spill on Ogoniland Mr. Chibuike Rotimi Amaechi, the Rivers state governor made the call when he recieved a technical team of the Hydrocarbon Pollution, Restoration Project (HYPRP) in Port Harcourt
The governor noted that sustainable implementation of the recommendations by HYPRP would be guaranteed by an infusion of appropriate socio-economic contents into the remediation schedule.
Amaechi told the team, including the National Coordinator of HYPRP, Joy Mumeh and experts from the John Hopkins University, that the people of Ogoniland would appreciate efforts of the government in implementing contents of the report when means of creating wealth to improve their socio-economic status are justly evolved.
“I am a politician but not particularly a good one because politicians are known to say the opposite of what they mean. It was important that I receive you people if not for anything else but to dispel rumours that the government of Rivers State is not in support of your activities.
“But I must tell you that you must infuse means of creating wealth to reduce poverty in Ogoniland. HYPRP is existing today because there were pipeline breakages and pollution in Ogoniland but what do you have to do to stop these breakages? You have to create jobs for the people,” Amaechi said.
“Do you believe that you will wake up one day and there will be no oil pollution in the Niger Delta? I don’t think so, but I must say that unemployment contributes to some of the reasons why there are pipeline breakages and then pollution and this is the socio-economic reality of the situation.
“Ogoni people are very progressive and brilliant and I will warn you to be careful how you manage HYPRP. They are taking notes of your activities and will soon call you to account; so you have to be honest in your dealings. Let the Federal Government develop massive farms in areas that are not contaminated in Ogoniland, we have done our best but more has to be done.”
The HYPRP team, during its visit, caught a team of military personnel of the Joint Task Force (JTF) stationed at Sisioke in Eleme Local Government Area of the state allegedly stealing petroleum products from a Nigerian National Petroleum Corporation (NNPC)/Pipeline Products Marketing Company (PPMC) pipeline passing through Sisioke.
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.