Business
FG Hands Over Licences To 57 Marginal Oil Field Investors, ‘Morrow
The Federal Government has announced that the successful investors in Nigeria’s 57 marginal oil fields for the 2022 bid round would get their various Petroleum Prospecting Licences, tomorrow.
On May 31, 2021, the defunct Department of Petroleum Resources (DPR) issued letters of award to investors for the production of crude oil from 57 marginal fields.
Last January, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that a total of 128 awardees emerged as successful bidders in the bid round and had made complete and part payments for signature bonuses in the oil fields.
It also disclosed at the time that 33 awardees did not make payments during the 45 days window given to successful bidders to pay the required signature bonuses for the oil fields and as such had lost their awards to suitably qualified reserve bidders.
Providing updates on the bid round in Abuja, last Saturday, the Chief Executive, NUPRC, Gbenga Komolafe, announced that the successful awardees would get their licences by Tuesday.
He said, “In fulfillment of the promise made early this year, the NUPRC will on Tuesday in Abuja, issue Petroleum Prospecting Licences to successful awardees of marginal fields in the 2020 bid round, pursuant to the provisions of the Petroleum Industry Act 2021.
“It will also unveil the implementation template for the host communities’ development trust for commencement of the provisions under Section 235 of the PIA, 2021, to positively impact against restiveness in the host communities.”
Komolafe said implementing the development trust would guarantee seamless operations, boost investors’ confidence and provide enabling environment for sustainable improvement of the country’s hydrocarbon resources.
“These will mark the conclusion of some of the most urgent and critical tasks inherited by the commission when it was inaugurated in October, 2021, after the signing into law of the PIA 2021,” he stated.
The commission had in March this year informed all participants in the 2020 marginal field bid round programme that it had put all necessary machinery in place to progress the bid round exercise to conclusion in line with the PIA 2021.
In furtherance of that resolution, the commission constituted an in-house work team to distill and address the concerns of awardees with a view to close out issues affecting multiple awardees per asset and formation of Special Purpose Vehicles by awardees in line with the respective letters of award.
“Awardees were therefore enjoined to avail themselves of the resolution mechanism provided by the commission in the overriding national interest,” Komolafe stated.
He added, “The successful coordination and resolution of the issues culminated in the emergence of the successful awardees that would be handed over licences on Tuesday.”
Business
NCDMB Hails Tinubu’s Oil Sector Executive Orders
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has commended President Bola Ahmed Tinubu over the announcement of three Presidential executive orders.
The orders, he said, are aimed at providing incentives in the Nigerian oil and gas industry, encourage new investments in the sector, reduce contracting costs and timelines, as well as promote cost efficiency in local content requirements.
According to a statement from the NCDMB’s Directorate of Corporate Communications and Zonal Coordination, the Executive Orders are the “Oil and Gas Companies (Tax Incentives, Exemption, Remission, ETC) Order 2024”, “Presidential Directive on Local Content Compliance Requirements, 2024 (EO 41)”, and the “Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024 (EO 42)”.
Speaking at the Nigerian Content Tower, headquarters of the NCDMB in Yenagoa, Bayelsa State, the Executive Secretary stated that the policy directives had reinforced the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and codified the Service Level Agreements (SLA), which the NCDMB first introduced in May 2017, to fast-track approvals for the Nigeria LNG Limited Train 7 project, before expanding it to the entire industry after signing a Memorandum of Understanding (MoU) with the Nigerian National Petroleum Company Limited (NNPC Ltd), and five international oil-producing companies in September 2023.
Ogbe clarified that the Presidential Executive Orders did not whittle down the powers of the NCDMB or abrogate the schedule of the NOGICD Act.
He said, rather, the Executive Order 41 mandates the Board to ensure the patronage of local companies with domiciled proven capacities and capabilities to achieve cost competitiveness and project delivery within schedule.
He also noted that Executive Order 42 re-emphasized NCDMB’s obligation to fast-track approval processes as required by the SLA and section 23 of the NOGICD Act, which mandates the Board to review projects’ documentation within 10 days and advise the concerned operating company.
The Board’s helmsman assured that the NCDMB would comply with the terms of the Presidential Executive Orders, insisting that the Board had always been pragmatic with its implementation of the NOGICD Act, and mindful of the cost competitiveness of projects and schedules.
He also stated that the objectives of the Executive Orders and the SLAs were directed to shorten the oil industry’s contracting cycle to six months or less, engender speedy development of new projects, contribute to increased oil production, and improve the national economy.
The Executive Secretary expressed delight that President Tinubu had put his stamp of authority on the noble objectives of the SLAs, and commended him for acknowledging the giant strides recorded in Nigerian Content development.
Particularly, he noted the impressive capacities built by local oil and gas service companies in key areas of the industry and the substantial benefits that had accrued to the Nigerian economy and her citizens through local content implementation.
The NCDMB boss assured that the agency would continue to serve as a business enabler and maintain the recognition conferred by the Presidential Enabling Business Environment Council (PEBEC), which awarded the Board the most efficient agency amongst all Federal Government’s MDAs in 2022, and the PLATINUM rating by the Bureau for Public Service Reforms in recognition of the self-imposed reforms of the Board’s processes.
Ariwera Ibibo-Howells, Yenagoa
Business
Nigeria Opens Land, Air Borders With Niger Republic
President Bola Tinubu has directed the opening of Nigeria’s land and air borders with the Republic of Niger.
He also directed the lifting of other sanctions against the country with immediate effect.
A statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, said “President Tinubu has also approved the lifting of financial and economic sanctions against the Republic of Guinea”.
The statement is titled “Nigeria opens land and air borders with Republic of Niger, lifts other sanctions”.
The President’s directive has come just days after the ECOWAS Authority of Heads of State and Government lifted economic and travel sanctions on Niger, Mali, and Guinea at its extraordinary summit on February 24, 2024, in Abuja.
ECOWAS leaders had agreed to lift economic sanctions against the Republic of Niger, Mali, Burkina Faso, and Guinea.
Consequently, the President directed that sanctions imposed on the Republic of Niger be lifted immediately alongside others.
The sanctions are: “Closure of land and air borders between Nigeria and Niger Republic, as well as ECOWAS no-fly zone on all commercial flights to and from Niger Republic.
“Suspension of all commercial and financial transactions between Nigeria and Niger, as well as a freeze of all service transactions, including utility services and electricity to the Niger Republic.
“Freeze of assets of the Republic of Niger in ECOWAS Central Banks and freeze of assets of the Republic of Niger, state enterprises, and parastatals in commercial banks.
“Suspension of Niger from all financial assistance and transactions with all financial institutions, particularly EBID and BOAD.
“Travel bans on government officials and their family members”, the statement read.
Business
FG Targets Standards For Electric, CNG Vehicles
The National Automotive Design and Development Council (NADDC) has announced plans to validate its National Occupational Standards for the conversion and maintenance of electric vehicles and Compressed Natural Gas (CNG)vehicles.
The Director-General of NADDC, Joseph Osanipin, disclosed this during the validation workshop exercise for the draft of the national standards for auto gas vehicles in Nasarawa recently.
He stated that the primary objective of the workshop was to develop a blueprint for skills development and standardised operational procedures in the conversion, calibration, and maintenance of those new automotive energy sources, aligning with the government’s renewed hope agenda.
Osanipin noted that upon approval of the draft by the National Assembly, it would facilitate job creation and reduce greenhouse gas emissions, as ongoing plans include the establishment of more CNG gas stations in Abuja.
He said, “If we achieve what the Federal Government wants us to achieve with autogas, it will reduce the dependency on PMS and diesel and mitigate environmental concerns. It will also create more jobs and wealth for the nation”.
According to Osanipin, the essence of the workshop was to ensure that the input of all relevant stakeholders was captured in the making of this national document.
“This is in line with international best practices. It is expected that the document will come out of this effort at international standards and help to drive the auto sector to global standards”, he added.
He emphasised the significance of the Nigerian Automotive Industry Development Plan 2023 – 2033, relaunched by the Federal Government in 2023, aimed at revitalising the automotive industry and fostering sustainable growth through technological and skills development.
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