Oil
Penwell partners Lonadek as Strategic Partner of Offshore West Africa 2015
LAGOS-PennWell Corporation, owners and producers of Offshore West Africa Conference & Exhibition, have confirmed that Lonadek will be a Strategic Partner for the upcoming 2015 event, taking place on 20-22 January at The Eko Hotel & Suites, Lagos, Nigeria.
The 19th Annual Offshore West Africa will continue to be the premier conference and exhibition for the offshore oil and gas exploration & production industry within West Africa, and PennWell is pleased to be working with Lonadek for the first time, and establishing an exciting partnership going forward.
Lonadek is a firm of consultants with a passion and desire to implement and develop local content in a manner that adds significant value to all our stakeholders. With a goal to ensure that local and indigenous companies develop themselves and utilise tested systems, processes and procedures to deliver quality goods and services, the core competencies of Lonadek merge fully with the aspirations of PennWell within West Africa, and one of the main aims of the annual Offshore West Africa Conference & Exhibition. (www.lonadek.com)
“Offshore West Africa, and PennWell Corporation are delighted to be working with Lonadek as a Strategic Partner for the upcoming 2015 event.
The support of Lonadek is greatly received, and with their core competencies in the areas of local content consultancy, recruitment and placement of skilled personnel in the oil and gas industry, and their focus on value addition for national development and socio-economic transformation, it is our belief that together we can work for the benefit of all within the West African oil & gas market”, Glenn Ensor, Event Director, Offshore West Africa.
“Lonadek is excited about the strategic collaboration with Offshore West Africa and PennWell Corporation at her annual conference and exhibition programmes.
With our landmark achievement in identifying, developing and engaging local talent for business growth and profitability as well as our success with managing high profile human capital development initiatives and events, we are pleased to align with the purpose of this conference.
We look forward to more of West Africa’s projects being managed with local content and workforce development at the epicenter of project planning and reaffirm our commitment to work with Offshore West Africa and PennWell Corporation.”, Dr. Ibilola Amao, Principal Consultant, Lonadek
Offshore West Africa is well versed in providing highly specialized, market leading information, and will continue this trend in 2015, featuring 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.
Offshore West Africa 2015, alongside Lonadek, will continue to bring together exhibitors and attendees from around the world for three days of education, networking and new business development.
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.