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Oil Workers’ Strike: NNPC insists on adequate fuel supply capacity

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Diezani Alison-Madueke
 
ABUJA-INSPITE of the industrial action embarked upon by the two major labour unions in the Nigerian oil and gas sector which is aimed at shutting down the entire oil industry nationwide both upstream and downstream the Management of the Nigerian National Petroleum Corporation (NNPC) has insisted that the strike action embarked upon by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) will not dislocate the robust distribution and sale of fuel to members of the public.
 
The Corporation, in a statement on Monday, noted that it was in talks with the leadership of the unions who gave the assurance that they would not disrupt the fuel supply and distribution system as the strike was basically aimed at addressing the anti-labour issues by some of the International Oil Companies (IOCs).
This is coming on the heels of  price adjustments by the Petroleum Products Pricing Regulatory Agency (PPPRA) via a document obtained from its website earlier today. The Agency puts the market price of PMS at N101.48 per litre, as at December 12, 2014, compared to N108.38 per litre as at December 9, 2014.According to the PPPRA, the Expected Open Market (EOMP) of fuel is N101.48; Landing Cost N98.15; Ex-Depot price is N81.51 per litre, while the regulated price is N97 per litre, this is being speculated to have been adjusted in consideration of the deep slump in international oil prices.
 
Meanwhile, the NNPC and its downstream subsidiary, the Pipelines and Products Marketing Company (PPMC) also revealed that it has over 32 days stock of petroleum products available for supply across the nation during the Yuletide season and beyond. The Corporation also disclosed 17 additional petroleum laden vessels are at the Lagos Port waiting to discharge to the various depots for onward distribution to members of the public.
 
It further assured that everything was being done to ensure that there was no hitch whatsoever in the supply system that could bring any form of hardship to motorists and those who intend to travel during the period.
 
The oil company called on members of the public to avoid panic buying or stock piling of petroleum products as that could lead to needless queues or cause fire accidents that could lead to loss of lives and property.
 
The Corporation also advised marketers to desist from hoarding or diversion of petroleum products as any marketer caught in the act would be sanctioned.
Even if the NNPC has not disclosed its strategies on effective product distribution during the strike period especially as the  call by the union is for the strike to be fully observed by all its members the National Oil Company has continued to assure Nigerians that the effect of the strike would be minimally felt as it has its distribution network in place and not expecting any disruptions in that regard.
 

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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Business

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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Oil

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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