Oil
Pennwell confirms youth empowerment programme as part of the OWA 20th anniversary celebrations
LAGOS-PennWell is delighted to announce the continued inclusion of the Youth Empowerment Programme as part of Offshore West Africa 2016. Working in conjunction with The Energy Institute’s Young Professionals Network (YPN) and Lonadek, the Youth Empowerment Programme will take place on the 26th-28th January 2016.
The Youth Empowerment Programme a key CSR (Corporate Social Responsibility) initiative of PennWell, is an integral part of the Offshore West Africa 2016 schedule and is available for a maximum of 300 youths/students by invitation only. All participating undergraduate students from Ghana and Nigeria will undergo the Continuing Professional Development (CPD) program and also receive complimentary membership of the Energy Institute through its Young Professionals Network.
PennWell is therefore delighted to invite young professionals and undergraduate students to the Offshore West Africa 20th Anniversary event and the Continuing Professional Development programme for the second consecutive year. Registrations are now open for the YEP Programme and potential attendees are encouraged to visit www.lonadek.com/owa in order to register their interest.
PennWell recognises that today’s undergraduates and youths are the leaders of the future whom when given the right exposure, would excel in their chosen professions; the Youth Empowerment Programme therefore, is a holistic means of education, enlightenment and engagement.
Careers in the energy industry are dynamic due to the variable energy source types, rapid technological advancement, fast-changing consumer needs and continuously changing work environments. Organisations are paying more attention to skills and competencies that are required to optimise and utilise natural resources for energy and power. Emphasis is being laid more on learning and development with continuous professional development being viewed as a major success driver in human capital development.
Creating awareness of the personal, professional and career development paths in readiness for fruitful and rewarding careers is the primary purpose of the PennWell Youth Empowerment Programme. The Programme includes welcome and introductory speeches plus various presentations from Lonadek, the Energy Institute, International Oil Companies (IOCs) as well as the PennWell Corporation; it will also feature Career Counselling, Industry Related Awareness and Empowerment Workshops. Participation in the YEP Programme is free for attendees.
As part of the YEP initiative, attendees will be given the chance to visit the Offshore West Africa Exhibition, plus access to all conference sessions over the three-day event. Following the success of the OWA 2015 one-day YEP programme, the OWA 2016 YEP programme now spans the three days for the OWA event; this is to enable attendees gain exposure from the programme, the conference proceedings and networking sessions as much as possible.
Taking place on 26-28 January 2016 at the Eko Hotel & Suites, Lagos, Nigeria, 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.
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.
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.