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Pipeline Vandals: 330, 000 litres of PMS recovered from 33 suspects

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By Kunle Kalejaye
 
ABUJA-330, 000 litres of Premium Motor Spirit, PMS also known as petrol siphoned from the pipelines of Nigeria National Petroleum Corporation, NNPC have been recovered from 33 suspects apprehended by the Inspector General of Police Special Task Force on Pipeline Vandalism.
The products according to IGP-STFPV were loaded in 10 branded and unbranded trucks.
 
NNPC Blames Ijegun Oil Spill on Pipeline SabotageCommander of the task force, CSP Valentine Olumese, who made this known to newsmen, while handing over the recovered petroleum products to officials of the NNPC, explained that the arrest and recoveries were made in the last two months at various locations within the country.
Olumese,  who also reiterated the task force readiness  in combating  pipeline vandalism and illegal oil bunkery across the country,  adding that  advance  and effective techniques  have been adopted in ensuring that  pipeline vandals are brought to their kneels without loss of life.
  He said:  “This strategy is paying off immensely and it aimed at discouraging the vandals.   With the number of arrest and recoveries made so far, with no bloody confrontation with the vandals has shown that we are winning the war.
“I want to assure members of the public that we are not going to relent in our efforts, and we also ensure that those arrested face the full wrought of the law.  As I speak, all the suspects have been arraigned in the court and they currently been remanded in prison custody. “
Meantime,  the Public Relations Officer,  Pipeline and Product Marketing Company, PPMC, a subsidiary of the NNPC,   Imodagde Nasir,  who confirmed the receipt of the recovered  stolen products,  said that returning of stolen  products, is an ongoing process between the NNPC and the security agents.  
 
He explained  that the recovered product will be returned back to the system for decanting, adding that they have received over 80,000 litres and they are expecting more. 
 “This is not the first time we are receiving stolen petroleum products from security agencies.  A few months ago, the Nigerian Navy made huge recoveries from Majidun, ikorodu and they handed over the products to us and he had them returned into the system for decanting.
“We all have a collective role to play in the fight against pipeline vandalism.   Aside stealing of petroleum products, the act of vandalism has an enormous ecological effect on our society. Every Nigeria must see it as duty to protect their environment by assisting the security agents in fighting pipeline vandalism.”  He stated.
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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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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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