Nation
PIA To Open Investment Opportunities In Nigeria-Kyari
Chief Executive Officer, Nigerian National Petroleum Company (NNPC), Mallam Mele Kyari, says the newly passed Petroleum Industry Act (PIA) will attract more business Investments in Nigeria.
Kyari gave this assurance at the ongoing World Petroleum Congress on Wednesday, in Houston, Texas.
Kyari spoke on the theme tagged “ Building Partnership”, which he described as a key aspect of the oil industry’s operating model.
The NNPC boss said: “Our industry has been struggling with the fiscal environment in Nigeria, such as issues surrounding investors investing money and getting it back with returns they deserve and without fiscal stability and sanctity of contracts.
“This is what our new law has done to bring all these in focus to ensure that fiscal environment is very competitive with world class practices that you can find in stability and security.
“ We have a robust partnership today working for us; we are also looking forward to more partnership.
“ Partnerships are now required for energy transition in a way and manner that will secure energy security,” he added.
Kyari said that Nigeria and indeed NNPC had a long history of contributing to global energy security and sustainable partnerships, which is premised on commitments and trust that have been built together with partners for well over 50 years.
He added that Nigeria had renewed its commitment to attracting investments in the oil and gas Industry by the recent passage of the Petroleum Industry Act 2021.
He said that the Act provides the needed improvements in fiscal and governance frameworks, emphasizes transparency and accountability as well as provides a level playing field for all players.
“This is indeed a new dawn for investors as well as our National Oil Company (NNPC), that is transiting to a commercially oriented limited liability company,” he noted.
On challenges, Kyari said today, our industry is faced with a multitude of challenges, one of which is the requirement for a careful balancing of the aspirations of energy transition and energy security.
He said that lack of investment capital for oil and gas is already creating energy crises around the world.
“Who would have ever thought that the price of natural gas could sell as high as 60 dollars per million British Thermal Unit (MMBtu),” he asked.
On energy and economic security, NNPC boss said it was important to pinpoint the fact that the energy and economic security of many resource- rich countries where dependent on the development of their hydrocarbon resources.
He said this was an important source of generating revenue, providing employment and alleviating energy poverty in these countries, while ensuring that the world never lacked the energy it required to function effectively.
According him, compounding result of all these factors is the stifling of supply sources, thereby creating a shortage of sustainable energy supply to the world.
“We have seen how building sustainable partnerships is working in the Industry with one of the recent example being the alliance of Canada’s oil sands producers to achieve the net-zero emissions, forced by the pressure to meet energy transition goals.
“There is a need to ensure sustainable partnerships between the oil and gas industry, host governments, host communities towards ensuring compliance with Environmental, Social, and Governance (ESG) principles.
Nation
HYPREP Marks 15 Years Of UNEP Report, Highlights Major Cleanup Milestones
The Hydrocarbon Pollution Remediation Project (HYPREP) has commemorated the 15th anniversary of the release of the United Nations Environment Programme (UNEP) Environmental Assessment Report on Ogoniland, reaffirming its commitment to restoring the environment and improving the livelihoods of affected communities.
In a statement signed by the Project Coordinator, Prof Nenibarini Zabbey, to commemorate the anniversary, HYPREP described the anniversary as a significant milestone in Nigeria’s environmental restoration efforts, noting that the project has made remarkable progress in implementing the recommendations of the landmark UNEP report released on August 4, 2011.
The UNEP report had revealed extensive oil pollution across Ogoniland, severe environmental degradation, and serious public health risks resulting from decades of petroleum operations. It also recommended an initial $1 billion fund to commence the cleanup of the affected communities.
According to HYPREP, the Federal Government formally launched the Ogoni clean-up in 2016, while the Project Coordination Office was established in 2017 to drive the implementation of UNEP’s recommendations.
Zabbey said the current administration has continued to prioritise the project under the Renewed Hope Agenda.
Providing an update on the cleanup, the Project Coordinator disclosed that 30 of the 65 contaminated sites identified by UNEP have been fully remediated, while work is ongoing at several medium- and high-risk locations. It also stated that more than 1.5 million mangrove seedlings have been planted as part of what it described as the world’s largest restoration of oil-degraded mangroves, with over 1,000 hectares of shoreline already rehabilitated.
Zabbey further revealed that 49 Ogoni communities have been connected to potable water schemes through multiple water projects and booster stations aimed at providing safe drinking water across the region.
In the health sector, he said the 100-bed Ogoni Specialist Hospital in Kpite and the 43-bed Cottage Hospital in Buan are nearing completion, adding that several existing health facilities have been upgraded with modern medical equipment, while five ambulances have been donated to improve emergency healthcare services. The Project Coordinator also disclosed that a three-year human health biomonitoring study is being conducted in collaboration with the World Health Organization’s International Agency for Research on Cancer (IARC).
On economic empowerment, Zabbey stated that the Project has created more than 8,000 direct jobs and trained thousands of Ogoni youths and women in various vocational and technical skills, including software development, cybersecurity, aviation, commercial diving, seafaring, mechatronics, and creative arts. The project also reported awarding scholarships to more than 1,000 students, providing grants to small businesses, and supporting persons living with special needs through skills acquisition programmes.
The statement further highlighted ongoing legacy projects, including the Ogoni Power Project and the Centre of Excellence for Environmental Restoration, which it said is about 96 per cent complete. HYPREP also welcomed the recent designation of the Ogoni Wetland as a Ramsar Site of International Importance and pledged to continue promoting biodiversity conservation and sustainable management of the ecosystem.
Marking the anniversary, Zabbey said the progress achieved over the past 15 years demonstrates the collective commitment of government, development partners, stakeholders, and local communities to restoring Ogoniland. He called for renewed collaboration to sustain the cleanup effort, promote environmental sustainability, and support the long-term development of the region. 3
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