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UKTI backs Offshore West Africa 2015

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By Kunle Kalejaye

 
UK Trade and Investment, UKTI section of the British High Commission in Lagos has thrown it weight behind Pennwell Corporation to promote partnership opportunities in view of the 19th Annual Edition of Offshore West Africa taking place next week from 20-22 January 2015
This was reiterated at the Press conference which was held on Thursday, 15th January 2015 at the British Deputy High Commissioner’s residence in Lagos.
The Press conference was opened by the Acting British Deputy High Commissioner Mike Purves who expressed confidence that  Nigeria’s economy will remain highly competitive after his brief meeting with Minister of the economy, Dr. Ngozi Okonji Iweala
Nick Richardson Strategic Business Partner Manager, PennWell Corporation stated that under the auspices of the Nigerian National Petroleum Corporation and endorsed by the Department of Petroleum Resources Nigeria, Offshore West Africa which will be sponsored by TOTAL, will once again address key technology and development issues for the West African offshore oil and gas market, through a comprehensive educational conference program and three-day exhibition, under the theme “Managing West Africa’s Major Projects”.
Speaking during the press conference was the Chairman of Petroleum Technology Association of Nigeria (PETAN) Mr Ranti Omole who expressed partnership support for PennWell.
Other speakers where Dorothy Bassey –Head Public Affairs Unit, DPR, Mr Ijere Kanu – Business Relations Manager SNEPco, Dr Kenny Obateru, Manager Public Affairs NNPC and Dele Olaoye Director of Operations Africa, PennWell Corporation.
Dele Olaoye said “as a truly West African event, Offshore West Africa promotes opportunities in the West African marketplace with numerous recent discoveries heightening the need for new intelligence, technology and investment.
“Offshore West Africa is well versed in providing highly specialized, market leading and thought provoking information, and we will continue this trend in 2015.
Highlights of Offshore West Africa 2015 include a three-day Exhibition comprising of both prominent local and international organizations, displaying their latest products, services, technologies and industry innovations.
Alongside the Exhibition is an impressive Conference program, beginning with the Opening Plenary Session on 20 January at 10am, including addresses from Mrs. Elizabeth Proust, Managing Director/Chief Executive, TOTAL Upstream Nigeria; Dr. Joseph Dawha, Group Managing Director, Nigerian National Petroleum Corporation; the invited Dr. Diezani Alison-Madueke, Honourable Minister of Petroleum Resources, Ministry of Petroleum Resources, Nigeria; and Dr. Abdu Bulama, Honorable Minister of Science & Technology, Ministry of Science & Technology, Nigeria.
This will be followed by a Keynote Address on Wednesday 21 January at 9am by Mr. George Osahon, Director, Department of Petroleum Resources, Nigeria. “PennWell Corporation is delighted to be able to return to Nigeria once more for the 19th edition of Offshore West Africa and especially with the decision to host the event in Lagos.
The event Director Glenn Ensor, said ‎”it is our belief that the 2015 event will be one of, if not our most successful event in its history, bringing together both seasoned and leading oil and gas professionals with the future of the industry as part of our high-level‎ conference and youth programs, as well as our world-class exhibition floor.
 
“For the first time, Offshore West Africa will include a continuous professional development (CPD) program, supported by the Energy Institute. 
 
“This Initiative is part of PennWell Corporation’s and Offshore West Africa‘s Corporate Social Responsibility Strategy to help with the West African region’s objective of developing a fully sustainable sector.   
 
“With activity within West Africa expected to increase significantly, and with the huge potential and desire for local content and human development within Nigeria, this high-quality technical forum and exhibition provides a unique networking opportunity for attendees to share and learn from experts in their respective fields‎.”

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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