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Petroleum Minister inaugurates NCDMB new Governing Council

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Modupe ASUDO

Governing Council Inauguration 2020

hails Nigerian Content Accomplishments

ABUJA-The Minister of State for Petroleum Resources, Chief Timipre Sylva on Tuesday in Abuja inaugurated the new Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB), with a charge to the members to support the attainment of the Nigerian Content 10-Year Strategic Roadmap.

He stated that accomplishing the lofty goals of the roadmap would enable the domestication of petroleum refining, domiciliation of manufacturing of industry requirements, extraction of value from gas, and positioning Nigerian operators and service providers at the fore-front of play in the upstream, midstream, and downstream sectors of the industry.

The Minister who will serve as the Chairman of the Governing Council, with the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote as Secretary, enjoined other members to ensure that the targets set in the roadmap are met by supporting the ongoing initiatives and laying the foundation for the upcoming projects during their four tenure.

The Minister commended NCDMB for the monumental strides it had made to deepen the practice of Nigerian Content in the Nigerian Oil and Gas Industry since its establishment in 2010.

Some of the evidence is that unlike before when we had just a few companies, there are currently more than 8,000 service providers and more than 60 operating companies registered on the NCDMB JQS portal, he noted.

Other achievements include the establishment of two world-class pipe mills and five impressive pipe coating yards and establishment of four active dry docking facilities in Port Harcourt, Onne and Lagos.

Providing further statistics, the Minister said that ”before 2010, only three percent of marine vessels were Nigerian owned, but today, Nigerians control and own over 40 percent of vessels that are used in the oil and gas industry. In the area of fabrication, Nigeria can handle fabrication of more than 60,000 tonnes per year with its array of world-class fabrication yards.”

 

He also expressed delight over the growth of a large number of successful indigenous operators which now account for more than 15 percent of our oil production and 60 percent of our domestic gas production, with infrastructure in place for integration of FPSO in-country.

“The delivery of substantial elements of the TOTAL Egina project and the integration of 6 modules in the country are as a result of Local Content intervention,” he added.

Sylva also hailed NCDMB for the completion of its new headquarters building, complete with 1,000-seater auditorium and 4-level car park. The headquarters building has over 30,000 square meters of ground floor area within the main building that can comfortably accommodate 1,000 workstations, he added.

He identified the construction of oil and gas parks in Bayelsa and Cross River States as another major achievement of NCDMB, noting that each park is expected to create more than 2,000 direct jobs when completed. The parks are meant to enhance local manufacturing by providing power and other infrastructure to enhance Ease of Doing Business and creation of employment, he explained.

The Minister also commended NCDMB’s Investment Policy, which is driving the prudent utilization of the Nigerian Content Development Fund for partnerships in Modular refineries, LPG value chain, and other manufacturing and hydrocarbon processing activities. He announced that the 5,000 Waltersmith Modular Refinery in Ibigwe, Imo State, developed in partnership with NCDMB is ready for commissioning once the current restrictions are lifted.

Members of the new NCDMB Governing Council include Mrs. Peace Oyanbo Owei, representing the Ministry of Petroleum Resources, Engr. Sarki Auwalu, representing the Department of Petroleum Resources, Engr. Farouk Sa’id, representing the Nigerian National Petroleum Corporation (NNPC), Mr. Olorundare Thomas, representing National Insurance Commission (NAICOM) and Mr. Nicolas Odinuwe, representing the Petroleum Technology Association of Nigeria (PETAN). Returning members of the council include Mr. Mina Oforiokuma representing the Nigerian Content Consultative Forum (NCCF) and Engr. Abdul Kashim Ali, representing the Council for the Regulation of Engineering in Nigeria (COREN).

In his welcome address, the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote stated that NCDMB was making history with the inauguration of the first ever female member of the Governing Council.

Dwelling on COVID-19, he said the pandemic has shown that the ability of a country to cater for its people in a safe and secure environment is dependent on its level of self-reliance.

He stressed that “the importance of local content in any nation cannot be over-emphasized and the COVID-19 experience of many nations is an eye-opener.”

Wabote said NCDMB used the occasion of its 10th Year Anniversary to reflect on the events related to the pandemic and what it could do to further deepen our local content practice in the oil and gas industry.

According to him, “our reflection is that we are not fully at our destination but the situation could have been worse if not for the NOGICD Act. We are set and we are looking forward to the next decade of NCDMB with a sense of purpose to deliver on our mandate.”

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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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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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