Oil
PEM offshore signs $1million manpower agreement with Chevron
ABUJA -PEM Offshore Limited has signed a US$1 million five-year contract (about N160 million), with Chevron Nigeria Limited, to train and promote human capacity development in the Nigerian maritime and petroleum sectors.
A statement signed by the Senior Vice President, Americas/Africa, PEM Offshore, Mr. Philips Matthew, said the company has also entered into a strategic partnership with the Nigerian Content Development Monitoring Board, NCDMB.
Under the terms, NCDMB will undertake a 30 per cent partial guarantee of the PEM Offshore Simulation and Innovation Centre with any bank willing to partner with PEM offshore on the project.
He said the five year contract with Chevron is broken down into $200,000 (N32 million) annually, earmarked to train 40 Nigerians on scholarship who would be picked and pre-qualified by the oil major.
He said, “It is a major milestone for us and the only international oil company that has seen our goal and knows that it would better Nigerian. Chevron’s Nigerian Content Development Department has been on top of it and still corresponds with us to see that it pulls through.”
Chevron, in a letter announcing the partnership, said the agreement, which will come into effect after the establishment and take-off of the simulation centre, is in furtherance of its commitment to human capacity development of Nigerian seamen.
In the letter signed by E.O Imafidon, Director, Business Services, Chevron said, “Our understanding of the training courses to be offered at the centre, will include the principles of Dynamic Positioning (DP) and the practical uses of DP systems amongst other courses.
“Our plan is to award annual scholarships of about $200,000 (approximately N32 million) over a five year period to Nigerian seamen. The commencement of the scholarship programme is subject to the establishment, accreditation and take-off of the centre.
“Prior to the award of the scholarship, Chevron Nigeria Limited will inspect the training facilities provided at the centre and assess the curriculum to be offered to be sure they meet Chevron’s standard.
“However, nominations for the scholarship will be handled by Chevron and we will review the school and courses annually before the awards are made.”
PEM Offshore had a couple of months ago, signed a multi-million dollar contract with Kongsberg Maritime for the supply of a full suite of Offshore Anchor Handling, Dynamic Positioning, Power Management and Crane Simulation systems.
The new simulators will form the main infrastructure for a world-class offshore simulation training centre and the first of its kind in Nigeria and West Africa.
The new training centre will be located in Lagos and will serve to support the training of local and foreign offshore personnel involved in offshore oil and gas operations. Matthew said the Simulation Centre has achieved about 60 per cent completion, and targeting March 2014 for the final take-off.
He noted that the centre will help reduce by 50 per cent, the cost organisations spend on the training of their personnel abroad.
According to him, organisations spend between N1.2 million and N2 million in the training of their staff abroad. “With the Simulation Centre, organisations will only have to spend about half of that amount on the training of their staff. This is the same training they get overseas,” he explained.
– VANGUARD
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.
Read Also: Atiku Calls For Rotational Presidency Across Nigeria’s Geopolitical Zones
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.
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.
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.”
Read Also: Offset Accuses Cardi B Of Cheating During Pregnancy
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.
Enugu Gov Presents ₦971bn 2025 Budget To State Assembly
Tinubu, Wife To Embark On State Visit To France
We Arrested Yahaya Bello; He Didn’t Submit Himself – EFCC
FIRS Chairman Advocates For Innovation To Boost Nigeria’s Economy
Over 4,400 Police Officers File Lawsuit Against NPF, IGP Over Promotions
Tinubu Applauds Revival Of Port Harcourt Refinery, Orders Prompt Reactivation Of Warri, Kaduna Refineries
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
