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RGU Oil and Gas Institute debut in Nigeria

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By Kunle Kalejaye 

LAGOS-Robert Gordon University, RGU has formally launched its Aberdeen-based Oil and Gas Institute in Nigeria, the first in Africa
The launch which took place formally at the British Deputy High Commission, Lagos ‎is the second to be launched outside Aberdeen seven weeks after United Kingdom. 
 
RGU

RGU

The Director of RGU’s Oil and Gas Institute, Professor Paul de Leeuw, said th‎e institution chose Nigeria because of the significant future potential it has in the oil and gas industry.

Professor Leeuw added that Nigeria is among the leading oil and gas producing countries in the world noting that it also has huge and growing market, hence establishing the institution in the country was strategic.
 
Giving further reason why RGU decided to established and oil and gas institution outside it home country, Professor Leeuw said “the demand for oil and gas will grow in few years from now and this demand would be based on population growth. 
Therefore there is need for knowledge transfer.”
During the visit to Nigeria, Prof. de Leeuw and other RGU representatives also met with a number of funding bodies and prospective students.
Prof. de Leeuw said: “RGU is committed to building on our strong links with Nigeria, which represents the university’s largest international student population, particularly as the country looks to develop the next generation of oil and gas professionals to explore its significant deep water potential.
“Oil and gas will continue to play a key role in meeting our primary energy needs and will do so for decades to come.
“Most of this demand will be met from oil and gas reservoirs currently not on stream yet, such as deep water Nigeria, and a whole spectrum of professionals – from lawyers to engineers, computer specialists to industry leaders – will be required to make the most of this potential.
“RGU has a great track record of delivering this for the North Sea and other similar basins around the world and we feel we have a key role to play in Nigeria as well.”
The university’s Oil and Gas Institute aims to become a world-class centre of excellence in oil and gas, building on the thinking, creativity, experience and facilities which have been built up through more than four decades of engagement with North Sea oil and gas.
It has received a £3.6 million donation from The Wood Foundation, a philanthropic foundation set up by Sir Ian Wood and his immediate family, to support its aims, as well as a further £4.1 million of funding from RGU.
“We want to ensure a strong dialogue with oil and gas stakeholders in Nigeria to ensure that we can respond to their particular needs,” Prof. de Leeuw said.
“Given its strong industry links, its location in Europe’s oil and gas capital and enviable graduate employment record, RGU is uniquely placed to do this and we look forward to continuing to develop our oil and gas offering as we move forward.”
Chris Maskell, the Director of UK Trade & Investment in Nigeria said that “UKTI enthusiastically supports RGU’s new Oil and Gas Institute and sees it as an important enabler to deepen the relationship between Nigeria and the UK.”
The Oil and Gas Institute is designed to provide a one-stop shop for industry and other stakeholders to access RGU’s oil and gas expertise, with four main areas of focus including drilling and wells excellence; operations excellence; decommissioning excellence; and business excellence.

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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Business

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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