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  •  The Federal Government on Tuesday reiterated its commitment to achieving self sufficiency and net exporter of energy resources by 2026 Mr Bala Wunti Group General Manager National Petroleum Investment Services NAPIMS made this known while speaking at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Tuesday in Lagos The News Agency of Nigeria reports that he spoke during a panel session on Sustainable Energy Transition Strategy The Role of Legislative Frameworks and Investment Programmes Wunti said though the government had pledged to achieve net zero carbon emission by 2060 its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources To this end he said the government s target was to attain zero dependence on imported energy both primary and secondary as well as becoming a net exporter of secondary energy resources by 2026 Wunti said the plan was to provide access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth He however maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner He noted that unfortunately the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis According to him available statistics from the Organisation of the Petroleum Exporting Countries OPEC shows that the world requires 11 8 trillion to meet its energy needs Wunti said the current global energy crisis was due to energy imbalance with supply falling short of demand which had driven the price of energy resources upward Also Mr Austin Avuru Chairman AA Holdings Ltd said Africa must design home grown solutions to the divestment of assets by International Oil Companies across the continent Avuru said the move was largely responsible for Nigeria being unable to meet its OPEC quota adding that there was need to grow indigenous companies to fill the void created by the divestment of the IOCs He said the way forward was for the companies to get access to funding from within the continent for oil and gas exploration Avuru also called for deployment of technologies production of more natural gas and encouragement of tree planting to achieve decarbonisation while maximising the continent s abundant oil and gas resources Earlier in his remarks Prof Olalekan Olafuyi Chairman SPE Nigeria Council decried the lack of access to energy by many Africans Olafuyi said building a sustainable energy sector was fundamental for the African continent to power sustainable industrialisation and trade He said this underpins the African Continental Free Trade Area AfCFTA plan and thus highlights further the need for regional integration to solve Africa s energy and climate challenges Ramping up sustainable energy generation capacity by 2030 according to the African Development Bank s AfDB New Deal on Energy for Africa requires a minimum of 44 billion of annual financing Maintaining and extending the pace of progress will thus require strong political commitment and sound governance long term energy planning adequate political and fiscal incentives as well as public and private financing he said NewsSourceCredit NAN
    FG reiterates commitment to energy self-sufficiency by 2026
     The Federal Government on Tuesday reiterated its commitment to achieving self sufficiency and net exporter of energy resources by 2026 Mr Bala Wunti Group General Manager National Petroleum Investment Services NAPIMS made this known while speaking at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Tuesday in Lagos The News Agency of Nigeria reports that he spoke during a panel session on Sustainable Energy Transition Strategy The Role of Legislative Frameworks and Investment Programmes Wunti said though the government had pledged to achieve net zero carbon emission by 2060 its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources To this end he said the government s target was to attain zero dependence on imported energy both primary and secondary as well as becoming a net exporter of secondary energy resources by 2026 Wunti said the plan was to provide access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth He however maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner He noted that unfortunately the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis According to him available statistics from the Organisation of the Petroleum Exporting Countries OPEC shows that the world requires 11 8 trillion to meet its energy needs Wunti said the current global energy crisis was due to energy imbalance with supply falling short of demand which had driven the price of energy resources upward Also Mr Austin Avuru Chairman AA Holdings Ltd said Africa must design home grown solutions to the divestment of assets by International Oil Companies across the continent Avuru said the move was largely responsible for Nigeria being unable to meet its OPEC quota adding that there was need to grow indigenous companies to fill the void created by the divestment of the IOCs He said the way forward was for the companies to get access to funding from within the continent for oil and gas exploration Avuru also called for deployment of technologies production of more natural gas and encouragement of tree planting to achieve decarbonisation while maximising the continent s abundant oil and gas resources Earlier in his remarks Prof Olalekan Olafuyi Chairman SPE Nigeria Council decried the lack of access to energy by many Africans Olafuyi said building a sustainable energy sector was fundamental for the African continent to power sustainable industrialisation and trade He said this underpins the African Continental Free Trade Area AfCFTA plan and thus highlights further the need for regional integration to solve Africa s energy and climate challenges Ramping up sustainable energy generation capacity by 2030 according to the African Development Bank s AfDB New Deal on Energy for Africa requires a minimum of 44 billion of annual financing Maintaining and extending the pace of progress will thus require strong political commitment and sound governance long term energy planning adequate political and fiscal incentives as well as public and private financing he said NewsSourceCredit NAN
    FG reiterates commitment to energy self-sufficiency by 2026
    General news2 months ago

    FG reiterates commitment to energy self-sufficiency by 2026

    The Federal Government on Tuesday reiterated its commitment to achieving self-sufficiency and net exporter of energy resources by 2026.Mr Bala Wunti, Group General Manager, National Petroleum Investment Services (NAPIMS), made this known while speaking at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos.

    The News Agency of Nigeria reports that he spoke during a panel session on “Sustainable Energy Transition Strategy: The Role of Legislative Frameworks and Investment Programmes.

    ”Wunti said though the government had pledged to achieve net zero carbon emission by 2060, its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources.

    To this end, he said the government’s target was to attain zero dependence on imported energy, both primary and secondary, as well as becoming a net exporter of secondary energy resources by 2026.Wunti said the plan was to provide  access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth.

    He, however maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector.

    Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner.

    He noted that unfortunately, the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis.  

    According to him, available statistics from the Organisation of the Petroleum Exporting Countries (OPEC) shows that the world requires $11.8 trillion to meet its energy needs.

    Wunti said the current global energy crisis was due to energy imbalance with supply falling short of demand which had driven the price of energy resources upward.

    Also, Mr Austin Avuru, Chairman, AA Holdings Ltd., said Africa must design home grown solutions to the divestment of assets by International Oil Companies across the continent.

    Avuru said the move was largely responsible for Nigeria being unable to meet its OPEC quota, adding that there was need to grow indigenous companies to fill the void created by the divestment of the IOCs.He said the way forward was for the companies to get access to funding from within the continent for oil and gas exploration.

    Avuru also called for deployment of technologies, production of more natural gas and encouragement of tree planting to achieve decarbonisation  while maximising the continent’s abundant oil and gas resources.

    Earlier in his remarks, Prof. Olalekan Olafuyi, Chairman, SPE Nigeria Council, decried the lack of access to energy by many Africans.

    Olafuyi said building a sustainable energy sector was fundamental for the African continent to power sustainable industrialisation and trade.

    He said this underpins the African Continental Free Trade Area (AfCFTA) plan and thus highlights further the need for regional integration to solve Africa’s energy and climate challenges. 

    “Ramping up sustainable energy generation capacity by 2030 according to the African Development Bank’s (AfDB) New Deal on Energy for Africa, requires a minimum of $44 billion of annual financing.  

    “Maintaining and extending the pace of progress will thus require strong political commitment and sound governance, long-term energy planning, adequate political and fiscal incentives as well as public and private financing,” he said.  


    NewsSourceCredit: NAN

  •  Panelists at a book launch in Lagos have called for documentation of achievements of leaders with integrity This they argued was necessary to raise a new generation of Nigerians who would lead the nation to greatness through hardwork and honesty The panelists spoke on Monday at the launch of a book written by Mr Babs Omotowa former Managing of Nigeria LNG Ltd NLNG tittled From Storeroom to Boardroom Drawn oil and gas experts three of them are also authors Mr Austin Avuru the Founder and Executive Chairman of AA Holdings one of the panelists said that lack of lack of corporate governance structure was a reason for demise of several businesses in Nigeria He said that this was because young people did not have books from which to learn how to grow enterprises to last generations Another Dr Phillip Mshelbila Managing Director and Chief Executive Officer of Nigeria Liquefied Natural Gas NLNG Ltd spoke on Omotowa s tenacity He enumerated reforms brought into the NLNG by Omotowa due to his resilience and tenacity Mshelbila said the author left solid foundation for continuity in the local content drive in the firm He and other panelists enumerated interventions of the author and other interactions that qualified him as role model whom the younger generation must emulate Other panelists include Dr Godswill Ihetu former Managing Director NLNG and Mr Tonye Cole Co founder and former Group Executive Director of Sahara Group Also among them were Mr Isah Inuwa a retiree of the NLNG and Dr Waziri Adio former Executive Secretary of Nigeria Extractive Transparency Initiative NEITI who joined virtually The panelists said the nation needed role models who could point the way of how intergrity and courage could shape global businesses They called for value re orientatation in the nation while reeling out success stories of Omotowa who rose from the lowest cadre of his career to the pinnacle The panelists said he rose through hard work courage and integrity while shunning corruption They also shared their thoughts on how to resolve issues in the oil and gas industry the Niger Delta issues as well as the steps to adopt towards energy transition Mr Aderemi Makanjuola Chairman of Caverton Offshore Support Group Plc giving a goodwill message said the author gave selfless service He said that the younger generations needed this to correct negative perceptions about Nigeria while building lasting legacies Makanjuola said mentorship was important to raise upright leaders According to him the younger generation cannot be coerced hence the need for real role models The Chairman Governing Board Nigerian University of Technology and Management NUTM Dr Okechukwu Enelamah was one of the book reviewers He said the book listed on Amazon presented a good context for the nation s youths to courageously pursue entrepreneurship goals with honestly The reviewer described the book as an easy read that had great potential for global readership Enelamah said it contains several leadership lessons loaded with personal examples of Omotowa s courage to surmount opposition to do things right He said the book documented step by step journey of the author from his humble background in Ile Ife The reviewer said it touched on the role of parents in inculcating the right values which helped Omotowa excel without compromising He said chapter two of the book is quite empowering and teaches how to prioritise goals while not ignoring the power of sacrifices Enelamah said the book was illuminating on how the author handled employees without losing focus on integrity He said it revealed how the author adopted courage to remain incorruptible in the face of opposition in his journey from the Storeroom to Boardroom Another reviewer Donu Kogbara a columnist with the Vanguard Newspaper commended the author for capturing his personal flaws and mistakes in the book She said that he did not pretend to be a saint or super human to conceal his errors Kogbara said he did not mince words in his fight against corruption describing the book s launch as timely She said that this was because young people did not have adequate books on best practices Speaking with journalists Omotowa urged parents to inculcate the right values in their children early in life The author said that this would teach them contentment to make them incorruptible He said that the values of hard work courage and integrity he picked up early in his life from his parents helped him to bring transformation in his career path from the bottom to top The Minister of Information and Culture Alhaji Lai Mohammed was represented at the event by a Director Mrs Amao Ayobami NewsSourceCredit NAN
    Experts want leaders with integrity to inspire youth
     Panelists at a book launch in Lagos have called for documentation of achievements of leaders with integrity This they argued was necessary to raise a new generation of Nigerians who would lead the nation to greatness through hardwork and honesty The panelists spoke on Monday at the launch of a book written by Mr Babs Omotowa former Managing of Nigeria LNG Ltd NLNG tittled From Storeroom to Boardroom Drawn oil and gas experts three of them are also authors Mr Austin Avuru the Founder and Executive Chairman of AA Holdings one of the panelists said that lack of lack of corporate governance structure was a reason for demise of several businesses in Nigeria He said that this was because young people did not have books from which to learn how to grow enterprises to last generations Another Dr Phillip Mshelbila Managing Director and Chief Executive Officer of Nigeria Liquefied Natural Gas NLNG Ltd spoke on Omotowa s tenacity He enumerated reforms brought into the NLNG by Omotowa due to his resilience and tenacity Mshelbila said the author left solid foundation for continuity in the local content drive in the firm He and other panelists enumerated interventions of the author and other interactions that qualified him as role model whom the younger generation must emulate Other panelists include Dr Godswill Ihetu former Managing Director NLNG and Mr Tonye Cole Co founder and former Group Executive Director of Sahara Group Also among them were Mr Isah Inuwa a retiree of the NLNG and Dr Waziri Adio former Executive Secretary of Nigeria Extractive Transparency Initiative NEITI who joined virtually The panelists said the nation needed role models who could point the way of how intergrity and courage could shape global businesses They called for value re orientatation in the nation while reeling out success stories of Omotowa who rose from the lowest cadre of his career to the pinnacle The panelists said he rose through hard work courage and integrity while shunning corruption They also shared their thoughts on how to resolve issues in the oil and gas industry the Niger Delta issues as well as the steps to adopt towards energy transition Mr Aderemi Makanjuola Chairman of Caverton Offshore Support Group Plc giving a goodwill message said the author gave selfless service He said that the younger generations needed this to correct negative perceptions about Nigeria while building lasting legacies Makanjuola said mentorship was important to raise upright leaders According to him the younger generation cannot be coerced hence the need for real role models The Chairman Governing Board Nigerian University of Technology and Management NUTM Dr Okechukwu Enelamah was one of the book reviewers He said the book listed on Amazon presented a good context for the nation s youths to courageously pursue entrepreneurship goals with honestly The reviewer described the book as an easy read that had great potential for global readership Enelamah said it contains several leadership lessons loaded with personal examples of Omotowa s courage to surmount opposition to do things right He said the book documented step by step journey of the author from his humble background in Ile Ife The reviewer said it touched on the role of parents in inculcating the right values which helped Omotowa excel without compromising He said chapter two of the book is quite empowering and teaches how to prioritise goals while not ignoring the power of sacrifices Enelamah said the book was illuminating on how the author handled employees without losing focus on integrity He said it revealed how the author adopted courage to remain incorruptible in the face of opposition in his journey from the Storeroom to Boardroom Another reviewer Donu Kogbara a columnist with the Vanguard Newspaper commended the author for capturing his personal flaws and mistakes in the book She said that he did not pretend to be a saint or super human to conceal his errors Kogbara said he did not mince words in his fight against corruption describing the book s launch as timely She said that this was because young people did not have adequate books on best practices Speaking with journalists Omotowa urged parents to inculcate the right values in their children early in life The author said that this would teach them contentment to make them incorruptible He said that the values of hard work courage and integrity he picked up early in his life from his parents helped him to bring transformation in his career path from the bottom to top The Minister of Information and Culture Alhaji Lai Mohammed was represented at the event by a Director Mrs Amao Ayobami NewsSourceCredit NAN
    Experts want leaders with integrity to inspire youth
    General news2 months ago

    Experts want leaders with integrity to inspire youth

    Panelists at a book launch in Lagos have called for documentation of achievements of leaders with integrity.

    This, they argued, was necessary to raise a new generation of Nigerians who would lead the nation to greatness through hardwork and honesty.

    The panelists spoke on Monday at the launch of a book written by Mr Babs Omotowa, former Managing of Nigeria LNG Ltd (NLNG) tittled “From Storeroom to Boardroom”.

    Drawn  oil and gas experts, three of them are also authors.

    Mr Austin Avuru, the Founder and Executive Chairman of AA Holdings, one of the panelists, said that lack of lack of corporate governance structure was a reason for demise of several businesses in Nigeria.

    He said that this was because young people did not have books from which to learn how to grow enterprises to last generations.

    Another, Dr Phillip Mshelbila, Managing Director and Chief Executive Officer of Nigeria Liquefied Natural Gas (NLNG) Ltd, spoke on Omotowa’s tenacity.

    He enumerated reforms brought into the NLNG by Omotowa due to his resilience and tenacity.

    Mshelbila said the author left solid foundation for continuity in the local content drive in the firm.

    He, and other panelists, enumerated  interventions of the author and other interactions that qualified him as role model whom the younger generation must emulate.

    Other panelists include Dr Godswill Ihetu, former Managing Director, NLNG, and Mr Tonye Cole, Co-founder and former Group Executive Director of Sahara Group.

    Also among them were Mr Isah Inuwa, a retiree of the NLNG and Dr Waziri Adio, former Executive Secretary of Nigeria Extractive Transparency Initiative (NEITI), who joined virtually.

    The panelists said the nation needed role models who could point the way of how intergrity and courage could shape global businesses.

    They called for value re-orientatation in the nation while reeling out success stories of  Omotowa who rose from the lowest cadre of his career to the pinnacle.

    The panelists said he rose through hard work, courage and integrity while shunning corruption.

    They also shared their thoughts on how to resolve issues in the oil and gas industry, the Niger Delta issues as well as the steps to adopt towards energy transition.

    Mr Aderemi Makanjuola, Chairman of Caverton Offshore Support Group Plc, giving a goodwill message, said the author gave selfless service.

    He said that the younger generations needed this to correct negative perceptions about Nigeria while building lasting legacies.

    Makanjuola said mentorship was important to raise upright leaders.

    According to him, the younger generation cannot be”coerced”, hence, the need for real role models.

    The Chairman, Governing Board, Nigerian University of Technology and Management.

    (NUTM), Dr Okechukwu Enelamah, was one of the book reviewers.

    He said the book, listed on Amazon, presented a good context for the nation’s youths to courageously pursue entrepreneurship goals with honestly.

    The reviewer described the book as an easy read that had great potential for global readership.

    Enelamah said it contains several leadership lessons loaded with personal examples of Omotowa’s courage to surmount opposition to do things right.

    He said the book documented step by step journey of the author from his humble background in Ile Ife.The reviewer said it touched on the role of parents in inculcating the right values which helped  Omotowa excel without compromising.

    He said chapter two of the book is “quite empowering” and teaches how to prioritise goals, while not ignoring the power of sacrifices.

    Enelamah said the book was “illuminating” on how the author handled employees without losing focus on integrity.

    He said it revealed how the author adopted courage to remain incorruptible in the face of opposition in his journey from the”Storeroom to Boardroom”.

    Another reviewer, Donu Kogbara, a columnist with the Vanguard Newspaper, commended the author for capturing his personal flaws and mistakes in the book.

    She said that he did not pretend to be a saint or super human to conceal his errors.

    Kogbara said he did not mince words in his fight against corruption, describing the book’s launch as timely.

    She said that this was because young people did not have adequate books on best practices.

    Speaking with journalists, Omotowa urged parents to inculcate the right values in their children early in life.

    The author said that this would teach them contentment to make them incorruptible.

    He said that the values of hard work, courage and integrity he picked up early in his life from his parents helped him to bring transformation in his career path from the bottom to top.

    The Minister of Information and Culture, Alhaji Lai Mohammed, was represented at the event by a Director, Mrs Amao Ayobami.


    NewsSourceCredit: NAN

  •   Eboh and Emmanuel Afonne The Nigerian National Petroleum Company Limited NNPC started the week by congratulating stakeholders in the country s political and industrial sectors for the successful activation of the Petroleum Industry Law PIA 2021 It should be remembered that the law was enacted by Buhari on August 16 as an economic game changer Stakeholders including Akwa Ibom State Governor Mr Udom Emmanuel NNPC Managing Director CEO Malam Mele Kyari and former Seplat Petroleum Managing Director Mr Austin Avuru praised the recently concluded 27th Nigerian Economic Congress Summit NES The summit was a public private dialogue organized by the Economic Summit Group NESG In a virtual presentation Governor Emmanuel applauded President Buhari s timely assent to the PIA saying the law has given a sense of ownership to all stakeholders especially host communities The governor who was represented in the state government SSG Dr Emmanuel Ekuwem said the arrangements for border exploration would help revisit oil wells that had been blocked and improve the economy of the country State For his part the former chief executive of Seplat Petroleum Mr Austin Avuru said the PIA will change the way NNPC operates because it has allowed the company to do business by rules rather than discretion He further noted that the NNPC operating under the Companies and Related Affairs Act CAMA would strengthen the oil industry In his presentation titled PIA 2021 Is a New Day NNPC CEO Malam Mele Kyari gave an overview of the structure of the new NNPC Limited as provided in the PIA Kyari who was represented by the company s financial agent Mr Umar Ajiya said that according to the PIA the NNPC will operate under the CAMA regime declare dividends to its shareholders and keep 20 percent of its profits to develop its activities Minister of State for Petroleum Resources Timipre Sylva and NNPC CEO Malam Mele KyariThe PIA was promulgated to provide legal governmental regulatory and fiscal frameworks as well as guidelines for the development of host communities and other related issues in the upstream middle and downstream sectors of the Nigerian oil industry The law is made up of five chapters 319 articles and 8 annexes Also during the week under review the NNPC said the country s demand for petroleum products is expected to increase by 14 57 percent to 17 3 million metric tons and 15 1 million metric tons in 2020 This projection was made by CEO Mele Kyari on the occasion of the opening of the 15th Africa Downstream Oil Trade and Logistics Week OTL which took place in Lagos In a keynote address at the event Kyari revealed that the country needs around 3 097 billion in investment in condensate refineries to meet expected demand for petroleum products According to Kyari who was represented as executive director downstream NNPC Engr Adeyemi Adetunji NNPC needs 1 6 billion to 2 7 billion to improve the supply and distribution of petroleum products renovate liquefied petroleum gas LPG infrastructure and build gas plants natural compressed CNG in the country Speaking on the theme of the conference Downstream in Transition Getting Set the NNPC coxswain said the country would need a refining capacity of around 1 52 million barrels per day of flux MBPSD to meet its gasoline needs over the next four years He also predicted that the demand for natural gas could increase by about four times over the next decade from 4 8 billion cubic feet per day bcf d in 2020 to between 10 and 23bcf d in 2030 He said the current domestic market supply is around 8 billion cubic feet per day for electricity 0 77 billion cubic feet day for industries and 3 2 billion cubic feet j for export via LNG and the West Africa Gas Pipeline WAGP while about 54 billion cubic feet j was flared According to him the expected growth in demand would come from the increase in the haulage capacity of the existing national electricity grid in accordance with the Presidential Power Initiative large fertilizer projects Dangote Brass and industrial demand for natural gas in the northern axis of the country Regarding the outlook for the global oil market Kyari said Some 10 4 trillion in global stimulus in response to the COVID 19 pandemic has resulted in a rebound in consumer spending while incentives for long term investment term in hydrocarbons had declined Citing recent data from the Petroleum Exporting Countries OPEC Kyari said hydrocarbons will continue to be relevant in the global energy mix over the next two decades He slao cited the OPEC date as saying that global oil demand is expected to drop from a pandemic of 90 6 million barrels per day mbpd in 2020 to 108 2 mbpd in 2045 or 28 of needs global energies OPEC data further indicated that the increase in demand would be due to the global population which is expected to reach 9 5 billion by 2045 and the enormous potential for expanding access to services energy for the underserved He noted that the downstream sector of the Nigerian oil and gas industry was in transition before the adoption of the PIA This he said was in response to global energy transition and decarbonization initiatives Kyari argued that it would be difficult to discuss the transition in the downstream sub sector regardless of the overall developments taking place in the industry adding that NNPC has diversified its portfolio over the years to move to a energy company with new investments in gas electricity and renewable energies He said key pipeline projects are underway to ensure gas delivery to demand nodes noting that the company has also made progress with the Refinery Rehabilitation Program to strengthen its participation in the oil and gas value chain gas Kyari explained that the transition in Nigeria s oil and gas sector was driven by decarbonization efforts to switch to renewable energy in response to environmental concerns As investments in hydrocarbons continued to decline due to the energy transition and geopolitics Kyari said the global economy was facing shortages high energy prices rising inflation and growth sluggish Meanwhile the NNPC has revealed the cost of Route 21 that it plans to rehabilitate as part of the federal government s Road Infrastructure Development and Renovation Tax Credit program in accordance with Presidential Decree 007 of 2019 Following the approval of the Executive Council FEC the NNPC would construct a total of 1 804 6 km of roads at a total cost of N 621 237 143 897 35 six hundred and twenty one billion two hundred and thirty seven million one hundred and forty three thousand eight hundred and ninety seven naira thirty five Kobo The breakdown is set out below in a statement issued by Deen Muhammad Group Managing Director NNPC Group Public Affairs Division S No ZONED KM TO COVER COT BILLION NAIRA 1 Center North 791 10 244 872 518 149 29 2 Northeast 273 35 56 126 741 692 11 3 North West 283 5 23 057 338 426 61 4 South East 122 0 43 281 895 080 04 5 South South 81 9 172 027 737 903 32 6 South West 252 7 81 870 912 645 98 Total 6 zones 1 804 6 km N621 237 143 897 35 The NNPC once again expresses its thanks to the Federal Executive Council for its timely approval of the start of the project and to the Federal Tax Service FIRS for its support Visit us on for more details Source NAN
    NNPC Weekly Review: Stakeholders hail PIA as economic game-changer
      Eboh and Emmanuel Afonne The Nigerian National Petroleum Company Limited NNPC started the week by congratulating stakeholders in the country s political and industrial sectors for the successful activation of the Petroleum Industry Law PIA 2021 It should be remembered that the law was enacted by Buhari on August 16 as an economic game changer Stakeholders including Akwa Ibom State Governor Mr Udom Emmanuel NNPC Managing Director CEO Malam Mele Kyari and former Seplat Petroleum Managing Director Mr Austin Avuru praised the recently concluded 27th Nigerian Economic Congress Summit NES The summit was a public private dialogue organized by the Economic Summit Group NESG In a virtual presentation Governor Emmanuel applauded President Buhari s timely assent to the PIA saying the law has given a sense of ownership to all stakeholders especially host communities The governor who was represented in the state government SSG Dr Emmanuel Ekuwem said the arrangements for border exploration would help revisit oil wells that had been blocked and improve the economy of the country State For his part the former chief executive of Seplat Petroleum Mr Austin Avuru said the PIA will change the way NNPC operates because it has allowed the company to do business by rules rather than discretion He further noted that the NNPC operating under the Companies and Related Affairs Act CAMA would strengthen the oil industry In his presentation titled PIA 2021 Is a New Day NNPC CEO Malam Mele Kyari gave an overview of the structure of the new NNPC Limited as provided in the PIA Kyari who was represented by the company s financial agent Mr Umar Ajiya said that according to the PIA the NNPC will operate under the CAMA regime declare dividends to its shareholders and keep 20 percent of its profits to develop its activities Minister of State for Petroleum Resources Timipre Sylva and NNPC CEO Malam Mele KyariThe PIA was promulgated to provide legal governmental regulatory and fiscal frameworks as well as guidelines for the development of host communities and other related issues in the upstream middle and downstream sectors of the Nigerian oil industry The law is made up of five chapters 319 articles and 8 annexes Also during the week under review the NNPC said the country s demand for petroleum products is expected to increase by 14 57 percent to 17 3 million metric tons and 15 1 million metric tons in 2020 This projection was made by CEO Mele Kyari on the occasion of the opening of the 15th Africa Downstream Oil Trade and Logistics Week OTL which took place in Lagos In a keynote address at the event Kyari revealed that the country needs around 3 097 billion in investment in condensate refineries to meet expected demand for petroleum products According to Kyari who was represented as executive director downstream NNPC Engr Adeyemi Adetunji NNPC needs 1 6 billion to 2 7 billion to improve the supply and distribution of petroleum products renovate liquefied petroleum gas LPG infrastructure and build gas plants natural compressed CNG in the country Speaking on the theme of the conference Downstream in Transition Getting Set the NNPC coxswain said the country would need a refining capacity of around 1 52 million barrels per day of flux MBPSD to meet its gasoline needs over the next four years He also predicted that the demand for natural gas could increase by about four times over the next decade from 4 8 billion cubic feet per day bcf d in 2020 to between 10 and 23bcf d in 2030 He said the current domestic market supply is around 8 billion cubic feet per day for electricity 0 77 billion cubic feet day for industries and 3 2 billion cubic feet j for export via LNG and the West Africa Gas Pipeline WAGP while about 54 billion cubic feet j was flared According to him the expected growth in demand would come from the increase in the haulage capacity of the existing national electricity grid in accordance with the Presidential Power Initiative large fertilizer projects Dangote Brass and industrial demand for natural gas in the northern axis of the country Regarding the outlook for the global oil market Kyari said Some 10 4 trillion in global stimulus in response to the COVID 19 pandemic has resulted in a rebound in consumer spending while incentives for long term investment term in hydrocarbons had declined Citing recent data from the Petroleum Exporting Countries OPEC Kyari said hydrocarbons will continue to be relevant in the global energy mix over the next two decades He slao cited the OPEC date as saying that global oil demand is expected to drop from a pandemic of 90 6 million barrels per day mbpd in 2020 to 108 2 mbpd in 2045 or 28 of needs global energies OPEC data further indicated that the increase in demand would be due to the global population which is expected to reach 9 5 billion by 2045 and the enormous potential for expanding access to services energy for the underserved He noted that the downstream sector of the Nigerian oil and gas industry was in transition before the adoption of the PIA This he said was in response to global energy transition and decarbonization initiatives Kyari argued that it would be difficult to discuss the transition in the downstream sub sector regardless of the overall developments taking place in the industry adding that NNPC has diversified its portfolio over the years to move to a energy company with new investments in gas electricity and renewable energies He said key pipeline projects are underway to ensure gas delivery to demand nodes noting that the company has also made progress with the Refinery Rehabilitation Program to strengthen its participation in the oil and gas value chain gas Kyari explained that the transition in Nigeria s oil and gas sector was driven by decarbonization efforts to switch to renewable energy in response to environmental concerns As investments in hydrocarbons continued to decline due to the energy transition and geopolitics Kyari said the global economy was facing shortages high energy prices rising inflation and growth sluggish Meanwhile the NNPC has revealed the cost of Route 21 that it plans to rehabilitate as part of the federal government s Road Infrastructure Development and Renovation Tax Credit program in accordance with Presidential Decree 007 of 2019 Following the approval of the Executive Council FEC the NNPC would construct a total of 1 804 6 km of roads at a total cost of N 621 237 143 897 35 six hundred and twenty one billion two hundred and thirty seven million one hundred and forty three thousand eight hundred and ninety seven naira thirty five Kobo The breakdown is set out below in a statement issued by Deen Muhammad Group Managing Director NNPC Group Public Affairs Division S No ZONED KM TO COVER COT BILLION NAIRA 1 Center North 791 10 244 872 518 149 29 2 Northeast 273 35 56 126 741 692 11 3 North West 283 5 23 057 338 426 61 4 South East 122 0 43 281 895 080 04 5 South South 81 9 172 027 737 903 32 6 South West 252 7 81 870 912 645 98 Total 6 zones 1 804 6 km N621 237 143 897 35 The NNPC once again expresses its thanks to the Federal Executive Council for its timely approval of the start of the project and to the Federal Tax Service FIRS for its support Visit us on for more details Source NAN
    NNPC Weekly Review: Stakeholders hail PIA as economic game-changer
    General news11 months ago

    NNPC Weekly Review: Stakeholders hail PIA as economic game-changer

    -Eboh and Emmanuel Afonne

    The Nigerian National Petroleum Company Limited (NNPC) started the week by congratulating stakeholders in the country's political and industrial sectors for the successful activation of the Petroleum Industry Law (PIA 2021).

    It should be remembered that the law was enacted by Buhari on August 16, as an economic game changer.

    Stakeholders, including Akwa Ibom State Governor Mr. Udom Emmanuel, NNPC Managing Director (CEO) Malam Mele Kyari, and former Seplat Petroleum Managing Director, Mr. Austin Avuru, praised the recently concluded 27th Nigerian Economic Congress. Summit (NES).

    The summit was a public-private dialogue organized by the Economic Summit Group (NESG).

    In a virtual presentation, Governor Emmanuel applauded President Buhari's timely assent to the PIA, saying the law has given a sense of ownership to all stakeholders, especially host communities.

    The governor who was represented in the state government (SSG), Dr Emmanuel Ekuwem, said the arrangements for border exploration would help revisit oil wells that had been blocked and improve the economy of the country. State.

    For his part, the former chief executive of Seplat Petroleum, Mr. Austin Avuru, said the PIA will change the way NNPC operates because it has allowed the company to do business by rules rather than discretion.

    He further noted that the NNPC operating under the Companies and Related Affairs Act (CAMA) would strengthen the oil industry.

    In his presentation titled: “PIA 2021 Is a New Day”, NNPC CEO Malam Mele Kyari gave an overview of the structure of the new NNPC Limited as provided in the PIA.

    Kyari, who was represented by the company's financial agent Mr. Umar Ajiya, said that according to the PIA, the NNPC will operate under the CAMA regime, declare dividends to its shareholders and keep 20 percent of its profits. to develop its activities.

    Minister of State for Petroleum Resources, Timipre Sylva and NNPC, CEO, Malam Mele Kyari

    The PIA was promulgated to provide legal, governmental, regulatory and fiscal frameworks as well as guidelines for the development of host communities and other related issues in the upstream, middle and downstream sectors of the Nigerian oil industry. .

    The law is made up of five chapters, 319 articles and 8 annexes.

    Also during the week under review, the NNPC said the country's demand for petroleum products is expected to increase by 14.57 percent to 17.3 million metric tons and 15.1 million metric tons in 2020.

    This projection was made by CEO Mele Kyari on the occasion of the opening of the 15th Africa Downstream Oil Trade and Logistics Week (OTL) which took place in Lagos.

    In a keynote address at the event, Kyari revealed that the country needs around $ 3.097 billion in investment in condensate refineries to meet expected demand for petroleum products.

    According to Kyari who was represented as executive director, downstream, NNPC, Engr. Adeyemi Adetunji, NNPC needs $ 1.6 billion to $ 2.7 billion to improve the supply and distribution of petroleum products, renovate liquefied petroleum gas (LPG) infrastructure and build gas plants natural compressed (CNG) in the country.

    Speaking on the theme of the conference "Downstream in Transition: Getting Set", the NNPC coxswain said the country would need a refining capacity of around 1.52 million barrels per day of flux ( MBPSD) to meet its gasoline needs over the next four years.

    He also predicted that the demand for natural gas could increase by about four times over the next decade, from 4.8 billion cubic feet per day (bcf / d) in 2020 to between 10 and 23bcf / d in 2030.

    He said the current domestic market supply is around 8 billion cubic feet per day for electricity, 0.77 billion cubic feet / day for industries and 3.2 billion cubic feet / j for export via LNG and the West Africa Gas Pipeline (WAGP), while about 54 billion cubic feet / j was flared.

    According to him, the expected growth in demand would come from the increase in the haulage capacity of the existing national electricity grid in accordance with the Presidential Power Initiative, large fertilizer projects (Dangote, Brass) and industrial demand for natural gas. in the northern axis of the country.

    Regarding the outlook for the global oil market, Kyari said, “Some $ 10.4 trillion in global stimulus in response to the COVID-19 pandemic has resulted in a rebound in consumer spending while incentives for long-term investment term in hydrocarbons had declined. "

    Citing recent data from the Petroleum Exporting Countries (OPEC), Kyari said hydrocarbons will continue to be relevant in the global energy mix over the next two decades.

    He slao cited the OPEC date as saying that global oil demand is expected to drop from a pandemic of 90.6 million barrels per day (mbpd) in 2020 to 108.2 mbpd in 2045, or 28% of needs. global energies.

    OPEC data further indicated that the increase in demand would be due to the global population, which is expected to reach 9.5 billion by 2045, and the enormous potential for expanding access to services. energy for the underserved.

    He noted that the downstream sector of the Nigerian oil and gas industry was in transition before the adoption of the PIA.

    This, he said, was in response to global energy transition and decarbonization initiatives.

    Kyari argued that it would be difficult to discuss the transition in the downstream sub-sector regardless of the overall developments taking place in the industry, adding that NNPC has diversified its portfolio over the years to move to a energy company with new investments in gas, electricity and renewable energies.

    He said key pipeline projects are underway to ensure gas delivery to demand nodes, noting that the company has also made progress with the Refinery Rehabilitation Program to strengthen its participation in the oil and gas value chain. gas.

    Kyari explained that the transition in Nigeria's oil and gas sector was driven by decarbonization efforts to switch to renewable energy in response to environmental concerns.

    As investments in hydrocarbons continued to decline due to the energy transition and geopolitics, Kyari said the global economy was facing shortages, high energy prices, rising inflation and growth. sluggish.

    Meanwhile, the NNPC has revealed the cost of Route 21 that it plans to rehabilitate as part of the federal government's Road Infrastructure Development and Renovation Tax Credit program in accordance with Presidential Decree 007 of 2019.

    Following the approval of the Executive Council (FEC), the NNPC would construct a total of 1,804.6 km of roads at a total cost of N 621,237,143,897.35 (six hundred and twenty-one billion, two hundred and thirty-seven million , one hundred and forty three thousand, eight hundred and ninety-seven naira, thirty-five Kobo).

    The breakdown is set out below in a statement issued by Deen Muhammad, Group Managing Director, NNPC Group Public Affairs Division.

    S / NoZONEDKM TO COVERCOT (BILLION NAIRA)
    1.Center-North791.10244 872 518 149.29
    2.Northeast273.3556,126,741,692.11
    3.North West283.523 057 338 426.61
    4.South East122.043,281,895,080.04
    5.South South81.9172 027 737 903.32
    6.South West252.781 870 912 645.98
    Total6 zones1,804.6 kmN621.237.143.897.35

    The NNPC once again expresses its thanks to the Federal Executive Council for its timely approval of the start of the project and to the Federal Tax Service (FIRS) for its support.

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    Source: NAN