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Penwell confirms Youth Empowerment Programme as part of OWA2015 Conference

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LAGOS– PennWell Corporation, the organisers of the annual Offshore West Africa conference have announced the inclusion of a Youth Empowerment Programme as part of Offshore West Africa 2015.

Working in conjunction with The Energy Institute’s Young Professionals Network and Lonadek, this Youth Empowerment Programme will take place on the 22nd January 2015 and is a new element added to the already impressive line-up of activities at the upcoming event at The Eko Hotel & Suites, Victoria Island, Lagos.

 

Deep offshore platform

Deep offshore platform

The Youth Empowerment Programme is an event part of the overall Offshore West Africa 2015 schedule and is available for a maximum of 100 youths/students, through invitation only. As part of EI’s YPN Centenary Celebration all  undergraduate students from Ghana and Nigeria would be given complimentary  membership of the Energy Institute.

This new addition to the 19th annual Offshore West Africa coincides with the announcement of a Continuing Professional Development (CPD) program for the first time, supported by the Energy Institute’ YPN and Lonadek, as well as being part of PennWell’s overall corporate social responsibility plans.
Youth empowerment is a holistic means of education, enlightenment and engagement. Careers in the energy industry is fast changing due to the variable energy source types, rapid technological advancement, fast-changing consumer needs and continuously adapting working environment. 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 to enjoy a fruitful and rewarding career is the primary purpose of the PennWell Youth Empowerment Programme. The programme will involve Career Counselling, Industry Related Awareness and an Empowerment Workshop.
As part of this new initiative, attendees will be given the chance to visit the Offshore West Africa Exhibition, plus access to all conference sessions over the previous 2 days of the event. The Youth Empowerment Programme includes many presentations such as welcome and introduction speeches from Lonadek and PennWell Corporation, as well as a presentation on the “Impact of Continuous Professional Development (CPD) for upcoming and growing professionals” from the Chairman of the Energy Institute, Nigeria. This will be followed by a Q&A session.
These introductions will be followed by Panel Discussions on “Integrating Energy & Power needs of Hydrocarbon provinces with Offshore projects”, and “Bridging the academia and industry towards sustainable economic growth in engineering within Nigeria & Africa”. In addition, there will be a presentation on a deepwater  Project, courtesy of an IOC. The Youth Empowerment Programme will conclude with a final presentation from the Energy Institute on “Building Competencies – soft & hard skills for young professionals”, and a small reception for further networking.

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.

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.

 

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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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