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Total denies interference with passage of PIB

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ABUJA – French oil giant, Total, has revealed that contrary to speculations in some quarters, the company has never interfered with the debate on the long-overdue Petroleum Industry Bill (PIB). Instead, the company says the bill, if passed, presents a huge opportunity for the oil and gas sector in Nigeria.

Speaking at its international headquarters in Paris, France, Vice President and Country Adviser (Nigeria) of Total, Mr. Francois Le Cocq, said the company has never at anytime worked against the passage of the bill.

“We are not against the passage of PIB. It presents a huge opportunity for development,” Cocq noted, adding that the biggest issue the firm has with the bill is the new fiscal terms that will be put in place. The changes of the version of the PIB are so drastic. It will stop our new projects. What we have seen today is that the new PIB will completely kill the development of gas.

“We need to recoup our investments but the fiscal terms are not just one in number. The PIB is creating some fears that tomorrow’s investments will bring the desired results. Let us look at future developments. Let us have an independent party to look at both sides of the business to see how it should go.

“The issue of PIB is not in the hands of foreign oil companies. It is something the Nigerian government has to decide. We have no say in what happens. There are huge potentials in the Nigerian market. There is this drive from the government and that has to be sustained. The government needs to improve on its fiscal policy system to protect businesses.”

Cocq equally spoke on the negative effects of oil bunkering and oil exploration in the Niger Delta region. He said although it does not have direct impacts on its operations on the area, illegal bunkering still remains a big issue in the oil and gas sector of the country.

“Oil bunkering is not impacting directly on our operations but it has become one of the big issues in the oil and gas sector of the country. It is the philosophy of Total to use the resources we have to better the environment. For every energy we produce, we ensure that it is better than what we have outside,” he added.

“We are giving grants and scholarships to local communities. We are also building health centres. We have two ways of delivering on our social corporate responsibilities.

“Every year, we have a certain amount dedicated to the development of the Niger Delta. We have community liaison officers who are ambassadors of Total. We are always trying to have dialogues with the people. We always consider dialogue as an essential thing,” he revealed.

– THE SUN

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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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