Oil
Shell spends N355m in Nembe Kingdom
YENAGOA – The Anglo-Dutch oil giant, Shell Petroleum Development Company, SPDC, has spent N355 million in executing 10 projects under a Global Memorandum of Understanding, GMoU, in the Nembe kingdom in Nembe local government area of Bayelsa State.
SPDC stated this at the commissioning of some of the projects in Yenagoa by the Bayelsa State Governor, Seriake Dickson.
Dickson who lauded the oil major while commissioning 35 Hyundai cars under a revolving loan scheme and printing press however expressed concern over the delay in the completion of the link road to Nembe.
Represented by his deputy, Rear Admiral John Gboribiogha Jonah (rtd) an indigene of Nembe, the governor said a meeting would be was scheduled as soon as possible to discuss issues concerning the road project being handled by SPDC and Niger Delta Development Commission, NDDC, as proper studies were not carried out before commencing the project.
He explained that the completion of the road project would go a long way in addressing security concerns in the oil rich kingdom which for now could only be access by boat.
Dickson also described the proposed Nembe Independent Power Project as a laudable project that would enhance the quality of life in the rural area when completed.
On the proposed health insurance scheme, the governor pointed out that it was in line with his administration’s policy and assured that more equipment, manpower and items lacking at the Nembe General Hospital would be provided by the state government.
He called on other communities in the state to learn from what was happening in Nembe which he said was due to the leadership of the monarch, King Edmund Daukoru, Amanayabo of Nembe Kingdom.
In his remarks, SPDC General Manager, Sustainable Development and Community Relations, Nedo Osayande disclosed that the sum of N1.418bn is being invested annually to deliver community development projects.
According to him, “SPDC and its joint venture partners have invested over N10.5 billion on GMoU related projects in the state since 2006.”
He said the 10 projects executed under the GMoU cut across economic empowerment and infrastructure and that they were still seeking ways to improve on community interface management.
Earlier, chairman of Nembe City Development Foundation, NCDF, Chief Howells Young-Dede, said the projects have encouraged them to explore more beneficial avenues of partnership for the development of the people.
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.