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Nigerian Upstream Petroleum Regulatory Commission (NUPRC)

  •  The Nigerian Upstream Petroleum Regulatory Commission NUPRC says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country The commission said that the four cardinal areas were gas reserves growth optimised gas production domestic gas utilisation and gas flare elimination Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Monday in Lagos The News Agency of Nigeria that the conference had as its theme Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission According to him this will enable them to achieve the right energy mix while decarbonising their oil and gas development He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel Komolafe said the passage of the Petroleum Industry Act PIA 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments He said We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation Fortunately several African countries including Nigeria Algeria Mozambique Egypt and Libya among others are blessed with huge gas reserves With a total of over 620 trillion cubic feet of natural gas reserves and 125 3 billion barrels of crude oil the future of upstream oil and gas in Africa is promising Komolafe however noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world Also Prof Olalekan Olafuyi the Chairman SPE Nigeria Council said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times Olafuyi said It is expected that the adaptive strategies for energy transition should be adopted in Africa The status quo in the African energy supply is very obvious Africa and Nigeria in particular are still struggling with endemic energy poverty as compared to the developed regions of the world He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference Olafuyi said NewsSourceCredit NAN
    NUPRC outlines cardinal areas for sustainable gas utilisation, development
     The Nigerian Upstream Petroleum Regulatory Commission NUPRC says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country The commission said that the four cardinal areas were gas reserves growth optimised gas production domestic gas utilisation and gas flare elimination Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Monday in Lagos The News Agency of Nigeria that the conference had as its theme Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission According to him this will enable them to achieve the right energy mix while decarbonising their oil and gas development He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel Komolafe said the passage of the Petroleum Industry Act PIA 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments He said We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation Fortunately several African countries including Nigeria Algeria Mozambique Egypt and Libya among others are blessed with huge gas reserves With a total of over 620 trillion cubic feet of natural gas reserves and 125 3 billion barrels of crude oil the future of upstream oil and gas in Africa is promising Komolafe however noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world Also Prof Olalekan Olafuyi the Chairman SPE Nigeria Council said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times Olafuyi said It is expected that the adaptive strategies for energy transition should be adopted in Africa The status quo in the African energy supply is very obvious Africa and Nigeria in particular are still struggling with endemic energy poverty as compared to the developed regions of the world He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference Olafuyi said NewsSourceCredit NAN
    NUPRC outlines cardinal areas for sustainable gas utilisation, development
    General news2 months ago

    NUPRC outlines cardinal areas for sustainable gas utilisation, development

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country.

    The commission said that the four cardinal areas were gas reserves growth, optimised gas production, domestic gas utilisation and gas flare elimination.

    Mr Gbenga Komolafe, Commission’s Chief Executive, NUPRC, made this known at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Monday in Lagos.

    The News Agency of Nigeria that the conference had as its theme: “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa.

    ” Komolafe, represented by Mr Abel Nsa, Head, National Oil and Gas Excellence Centre (NOGEC), urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission.

    According to him, this will enable them to achieve the right energy mix while decarbonising their oil and gas development.

    He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel.

    Komolafe said the passage of the Petroleum Industry Act (PIA) 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments.

    He said: “We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources.

    “This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation.

    “Fortunately, several African countries including Nigeria, Algeria, Mozambique, Egypt and Libya, among others are blessed with huge gas reserves.

    “With a total of over 620 trillion cubic feet of natural gas reserves and 125.3 billion barrels of crude oil, the future of upstream oil and gas in Africa is promising.

    ” Komolafe, however, noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance.

    He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world.

    Also, Prof. Olalekan Olafuyi, the Chairman, SPE Nigeria Council, said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times.

    Olafuyi said: “It is expected that the adaptive strategies for energy transition should be adopted in Africa.

    “The status quo in the African energy supply is very obvious.

    Africa and Nigeria in particular, are still struggling with endemic energy poverty as compared to the developed regions of the world.

    ” He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses.

    “This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources.

    “This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference,” Olafuyi said.


    NewsSourceCredit: NAN

  •  The Revenue Mobilisation Allocation and Fiscal Commission RMAFC has said that its role was not properly considered while enacting the Petroleum Industry Act PIA 2021 This is contained in a communique issued at the end of a two day retreat in Uyo In the communique signed by the Acting Chairman Mr Umaru Abdullahi RMFAC said there was need for a second look at the Act The role of RMFAC to mobilize revenue into the federation account needed to be defined in the Act and the new dispensation Urgent measures should be taken to address sections of the Act that are inconsistent with the constitution The measures can come in the form of judicial interpretation or legislative actions it said It further stated that the operating surpluses from the Nigerian Upstream Petroleum Regulatory Commission NUPRC and Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA should be remitted into the Federation Account Such operating surpluses should not go into the consolidated revenue account as currently provided in the PIA 2021 it said The commission urged governments at all levels to collaborate towards tackling insecurity in the country to make the nation attractive to investors It also said that the shareholding of the NNPC Ltd should be clearly defined to reflect the three tiers of governments There should be a stringent operational policy regime to enable the nation to achieve and sustain the expected increase in revenue earnings under the PIA RMFAC commended the President Muhammadu Buhari led governnment for enacting the Act after several years of procrastination NewsSourceCredit NAN
    RMAFC seeks mainstream role in PIA implementstion
     The Revenue Mobilisation Allocation and Fiscal Commission RMAFC has said that its role was not properly considered while enacting the Petroleum Industry Act PIA 2021 This is contained in a communique issued at the end of a two day retreat in Uyo In the communique signed by the Acting Chairman Mr Umaru Abdullahi RMFAC said there was need for a second look at the Act The role of RMFAC to mobilize revenue into the federation account needed to be defined in the Act and the new dispensation Urgent measures should be taken to address sections of the Act that are inconsistent with the constitution The measures can come in the form of judicial interpretation or legislative actions it said It further stated that the operating surpluses from the Nigerian Upstream Petroleum Regulatory Commission NUPRC and Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA should be remitted into the Federation Account Such operating surpluses should not go into the consolidated revenue account as currently provided in the PIA 2021 it said The commission urged governments at all levels to collaborate towards tackling insecurity in the country to make the nation attractive to investors It also said that the shareholding of the NNPC Ltd should be clearly defined to reflect the three tiers of governments There should be a stringent operational policy regime to enable the nation to achieve and sustain the expected increase in revenue earnings under the PIA RMFAC commended the President Muhammadu Buhari led governnment for enacting the Act after several years of procrastination NewsSourceCredit NAN
    RMAFC seeks mainstream role in PIA implementstion
    General news2 months ago

    RMAFC seeks mainstream role in PIA implementstion

    The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said that its role was not properly considered while enacting the Petroleum Industry Act (PIA), 2021.

    This is contained in a communique issued at the end of a two-day retreat in Uyo.

    In the communique signed by the Acting Chairman, Mr Umaru Abdullahi, RMFAC said there was need for a second look at the Act.

    ”The role of RMFAC to mobilize revenue into the federation account needed to be defined in the Act and the new dispensation.

    ”Urgent measures should be taken to address sections of the Act that are inconsistent with the constitution.

    ”The measures can come in the form of judicial interpretation or legislative actions,” it said.

     It further stated that the operating surpluses from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) should be remitted into the Federation Account.

    ”Such operating surpluses should not go into the consolidated revenue account as currently provided in the PIA, 2021,” it said.

    The commission urged governments at all levels to collaborate towards tackling insecurity in the country to make the nation attractive to investors.

    It also said that the shareholding of the NNPC Ltd should be clearly defined to reflect the three tiers of governments.

    ”There should be a stringent operational policy regime to enable the nation to achieve and sustain the expected increase in revenue earnings under the PIA.

    RMFAC commended the President Muhammadu Buhari-led governnment for enacting the Act after several years of procrastination.

    NewsSourceCredit: NAN

  •  By Paul Sinclair Vice President of Energy and Director of Government Relations Africa Oil Week www Africa OilWeek com and Green Energy Summit Africa The continent is making political and legislative progress towards a new dispensation where companies in the region can exploit and develop their own resources for the benefit of their people The key to this is continued regional engagement Africa is increasingly taking ownership of its own energy destiny in the private sector space But just as importantly it is also developing the policies and regulatory tools that support economic self determination Nowhere is this more evident than in Nigeria where the long awaited passage of the Petroleum Industry Act PIA last year is poised to unlock the vast potential in the national and regional energy sector The Act has legislated the creation of two regulatory agencies to oversee critical parts of the industry The Nigerian Upstream Petroleum Regulatory Commission NUPRC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA will be responsible for the technical and commercial regulation of petroleum operations in their respective sectors The upstream comprises the exploration of resources as well as the drilling and operation of crude oil and natural gas wells Midstream generally refers to the transportation and storage of petroleum products by pipeline barge tanker or truck while downstream petroleum primarily deals with the refining and processing of oil and natural gas and the marketing and distribution of final products to customers The establishment of these regulatory bodies will provide ample space for engagement with industry associations that represent the companies that help drive the industry forward Prominent among them is the Petroleum Technology Association of Nigeria PETAN https www PETAN org an association of Nigerian oilfield technical services companies spanning both sides of the upstream midstream and downstream This long standing association brings together Nigerian oil and gas entrepreneurs specifically to exchange ideas with leading operators and legislators and to help develop Nigeria s oil technology industry for the benefit of Nigerians Under the leadership of the charming Nicolas Odinuwe PETAN seeks to support and enhance the participation of indigenous companies in Nigeria s petroleum products sector Across all quarters there has been a long talk on the need to improve Africa s ability to profit help the continent move from being a producer of primary commodities and reverse the centuries old pattern of developed nations exploiting Africa s resources and then process them elsewhere for huge profit PETAN is at the forefront of helping Africa achieve this in the oil sector He describes himself as the pioneer of local content in Nigeria championing the pursuit of more local participation in the Nigerian oil and gas industry As an association that focuses on local content PETAN also has a role to play in the regional context ensuring that Nigerian companies are equipped to win international or regional tenders for the processing of primary products such as crude oil and natural gas In the oil industry there are already numerous situations where an owner of shallow water assets in Nigeria could hire a European company to service their wells even though there is a local supplier who can do the job same The solution to overcome this imbalance lies in the permanent communication of the industry to guarantee the standardization of local content so that it meets local needs thus promoting the participation of the private sector in national production The establishment of Nigeria s new regulators offers an excellent opportunity to foster this type of intra industry partnership and to help build an African energy industry characterized by mutual benefit rather than unequal power relations A key forum for this type of engagement will be the upcoming African Oil Week https Africa OilWeek com Home in Cape Town AOW the global platform to stimulate deals and transactions across Africa Upstream The event brings together governments national and international oil companies independents investors the geological and geophysical community and service providers In this context the African Union strategy for an African Continental Free Trade Agreement https bit ly 2Sx8Cy3 seeks to create a single continental market for goods and services with free movement of capital and investment A better integrated African energy sector can be an important driver of this vision with for example Nigerian companies partnering on Angolan energy projects and vice versa In the long term there is the possibility of establishing a semi autonomous oil and gas industry that delivers products to internal and external markets on its own terms Getting to this stage requires communication and ongoing strategic commitment The foundations for this are being laid through progressive policies and regulations To take its rightful place as an energy power Africa must continue to engage and partner across national and regional borders
    Africa builds an integrated energy economy (By Paul Sinclair)
     By Paul Sinclair Vice President of Energy and Director of Government Relations Africa Oil Week www Africa OilWeek com and Green Energy Summit Africa The continent is making political and legislative progress towards a new dispensation where companies in the region can exploit and develop their own resources for the benefit of their people The key to this is continued regional engagement Africa is increasingly taking ownership of its own energy destiny in the private sector space But just as importantly it is also developing the policies and regulatory tools that support economic self determination Nowhere is this more evident than in Nigeria where the long awaited passage of the Petroleum Industry Act PIA last year is poised to unlock the vast potential in the national and regional energy sector The Act has legislated the creation of two regulatory agencies to oversee critical parts of the industry The Nigerian Upstream Petroleum Regulatory Commission NUPRC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA will be responsible for the technical and commercial regulation of petroleum operations in their respective sectors The upstream comprises the exploration of resources as well as the drilling and operation of crude oil and natural gas wells Midstream generally refers to the transportation and storage of petroleum products by pipeline barge tanker or truck while downstream petroleum primarily deals with the refining and processing of oil and natural gas and the marketing and distribution of final products to customers The establishment of these regulatory bodies will provide ample space for engagement with industry associations that represent the companies that help drive the industry forward Prominent among them is the Petroleum Technology Association of Nigeria PETAN https www PETAN org an association of Nigerian oilfield technical services companies spanning both sides of the upstream midstream and downstream This long standing association brings together Nigerian oil and gas entrepreneurs specifically to exchange ideas with leading operators and legislators and to help develop Nigeria s oil technology industry for the benefit of Nigerians Under the leadership of the charming Nicolas Odinuwe PETAN seeks to support and enhance the participation of indigenous companies in Nigeria s petroleum products sector Across all quarters there has been a long talk on the need to improve Africa s ability to profit help the continent move from being a producer of primary commodities and reverse the centuries old pattern of developed nations exploiting Africa s resources and then process them elsewhere for huge profit PETAN is at the forefront of helping Africa achieve this in the oil sector He describes himself as the pioneer of local content in Nigeria championing the pursuit of more local participation in the Nigerian oil and gas industry As an association that focuses on local content PETAN also has a role to play in the regional context ensuring that Nigerian companies are equipped to win international or regional tenders for the processing of primary products such as crude oil and natural gas In the oil industry there are already numerous situations where an owner of shallow water assets in Nigeria could hire a European company to service their wells even though there is a local supplier who can do the job same The solution to overcome this imbalance lies in the permanent communication of the industry to guarantee the standardization of local content so that it meets local needs thus promoting the participation of the private sector in national production The establishment of Nigeria s new regulators offers an excellent opportunity to foster this type of intra industry partnership and to help build an African energy industry characterized by mutual benefit rather than unequal power relations A key forum for this type of engagement will be the upcoming African Oil Week https Africa OilWeek com Home in Cape Town AOW the global platform to stimulate deals and transactions across Africa Upstream The event brings together governments national and international oil companies independents investors the geological and geophysical community and service providers In this context the African Union strategy for an African Continental Free Trade Agreement https bit ly 2Sx8Cy3 seeks to create a single continental market for goods and services with free movement of capital and investment A better integrated African energy sector can be an important driver of this vision with for example Nigerian companies partnering on Angolan energy projects and vice versa In the long term there is the possibility of establishing a semi autonomous oil and gas industry that delivers products to internal and external markets on its own terms Getting to this stage requires communication and ongoing strategic commitment The foundations for this are being laid through progressive policies and regulations To take its rightful place as an energy power Africa must continue to engage and partner across national and regional borders
    Africa builds an integrated energy economy (By Paul Sinclair)
    Africa3 months ago

    Africa builds an integrated energy economy (By Paul Sinclair)

    By Paul Sinclair, Vice President of Energy and Director of Government Relations, Africa Oil Week (www.Africa-OilWeek.com) and Green Energy Summit Africa.The continent is making political and legislative progress towards a new dispensation where companies in the region can exploit and develop their own resources for the benefit of their people. The key to this is continued regional engagement.Africa is increasingly taking ownership of its own energy destiny in the private sector space. But, just as importantly, it is also developing the policies and regulatory tools that support economic self-determination.Nowhere is this more evident than in Nigeria, where the long-awaited passage of the Petroleum Industry Act (PIA) last year is poised to unlock the vast potential in the national and regional energy sector.The Act has legislated the creation of two regulatory agencies to oversee critical parts of the industry. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will be responsible for the technical and commercial regulation of petroleum operations in their respective sectors.The upstream comprises the exploration of resources, as well as the drilling and operation of crude oil and natural gas wells. Midstream generally refers to the transportation and storage of petroleum products by pipeline, barge, tanker, or truck, while downstream petroleum primarily deals with the refining and processing of oil and natural gas and the marketing and distribution of final products to customers.The establishment of these regulatory bodies will provide ample space for engagement with industry associations that represent the companies that help drive the industry forward. Prominent among them is the Petroleum Technology Association of Nigeria (PETAN) (https://www.PETAN.org/), an association of Nigerian oilfield technical services companies spanning both sides of the upstream, midstream, and downstream.This long-standing association brings together Nigerian oil and gas entrepreneurs specifically to exchange ideas with leading operators and legislators, and to help develop Nigeria's oil technology industry for the benefit of Nigerians.Under the leadership of the charming Nicolas Odinuwe, PETAN seeks to support and enhance the participation of indigenous companies in Nigeria's petroleum products sector.Across all quarters, there has been a long talk on the need to improve Africa's ability to profit, help the continent move from being a producer of primary commodities, and reverse the centuries-old pattern of developed nations exploiting Africa's resources. and then process them elsewhere for huge profitPETAN is at the forefront of helping Africa achieve this in the oil sector. He describes himself as "the pioneer of local content in Nigeria... championing the pursuit of more local participation in the Nigerian oil and gas industry."As an association that focuses on local content, PETAN also has a role to play in the regional context, ensuring that Nigerian companies are equipped to win international or regional tenders for the processing of primary products such as crude oil and natural gas.In the oil industry, there are already numerous situations where an owner of shallow water assets in Nigeria could hire a European company to service their wells, even though there is a local supplier who can do the job. same.The solution to overcome this imbalance lies in the permanent communication of the industry, to guarantee the standardization of local content so that it meets local needs, thus promoting the participation of the private sector in national production.The establishment of Nigeria's new regulators offers an excellent opportunity to foster this type of intra-industry partnership and to help build an African energy industry characterized by mutual benefit, rather than unequal power relations.A key forum for this type of engagement will be the upcoming African Oil Week (https://Africa-OilWeek.com/Home) in Cape Town, (AOW), the global platform to stimulate deals and transactions across Africa Upstream.The event brings together governments, national and international oil companies, independents, investors, the geological and geophysical community, and service providers.In this context, the African Union strategy for an African Continental Free Trade Agreement (https://bit.ly/2Sx8Cy3) seeks to create a single continental market for goods and services, with free movement of capital and investment.A better integrated African energy sector can be an important driver of this vision, with, for example, Nigerian companies partnering on Angolan energy projects and vice versa. In the long term, there is the possibility of establishing a semi-autonomous oil and gas industry that delivers products to internal and external markets on its own terms.Getting to this stage requires communication and ongoing strategic commitment. The foundations for this are being laid through progressive policies and regulations. To take its rightful place as an energy power, Africa must continue to engage and partner across national and regional borders.

  •  The Federal Government through the Nigerian Upstream Petroleum Regulatory Commission NUPRC says it has developed key initiatives aimed at reducing to the barest minimum activities of crude oil theft and illegal artisanal refining Engr Gbenga Komolafe Chief Executive Officer NUPRC made this known at the Lagos Chamber of Commerce and Industry LCCI Public Private Dialogue on Crude Oil Theft and Artisanal Modular Refineries on Thursday in Lagos Komolafe said that an unprecedented level of theft estimated at a daily average of 103 000 barrels which was recorded in 2021 had grown to 120 000 barrels in first quarter of 2022 He added that daily average production in 2021stood at 1 5 million barrels while the national production advised by the commission was 2 2 million barrels Consequently only 58 per cent of the technical rate was achieved in 2021 and similar performance has continued in 2022 hence the need for more concerted efforts across all quarters to stem the tide Unfortunately the amount of oil received at the terminals indicates that over nine million barrels of oil is lost to crude oil theft amounting to a loss of one billion dollars in first quarter of 2022 he said Komolafe said that the effect from this level of theft had resulted in the declaration of force majeure shortage of wealth a hostile unsafe environment and was a disincentive to investors in the Nigerian upstream sector He added that many operators had deliberately shut down facilities and pipelines which had further aggravated the low oil production also impacting gas production both for domestic utilisation and exports He said that in view of the development and the ongoing government s efforts to enable the industry deliver production target of three million barrels daily in three years the commission has developed some key initiatives Komofale said that the initiatives were aimed at mitigating oil theft and creating enabling regulatory environment for local refining in Nigeria He said they include a roadmap for tackling the insecurity challenges in the industry identifying and implementing areas of collaboration between government and operators in ensuring that operators realise their full production potentials Others he said were massive collaboration with the top civil echelon of the Nigerian security forces for a robust security for both operators and host communities The commission is also promoting the implementation of modern security technology for real time loss detection that would enable swift and more proactive responses We also advocate a refinery regulation in terms of establishment of more modular refineries to curb activities of artesians from refining crude which is outside the ambit of the law and absolutely below acceptable minimum standards of technology in the 21st century he said Dr Michael Olawale Cole President LCCI expressed concerns over Nigeria s battle in recent years with dwindling revenue security challenges weak infrastructure rising inflation high cost of production and a burdening and unsustainable fuel subsidy Olawale Cole said that crude oil theft had taken a worrisome dimension spiking production costs to 32 a barrel with losses from pipeline vandalisation and theft overwhelming the International Oil Companies IOCs He added that the development had led to several indigenous oil firms contending with rising operational expenses driven mostly by personnel maintenance and security costs Olawale Cole said that there were also concerns about the culpability of the nation s security agencies noting that barges of oil could not be stolen and moved on the coastal waters without the collaboration of some powerful stakeholders The menace of oil theft has become a national disaster and a critical threat to our revenue base as Nigeria is losing crude oil at the level of about 91 per cent of output Nigeria lost 3 2 billion to crude oil theft between January 2021 and February 2022 as revealed by the NUPRC the LCCI Oil Producers Trade Section and the Independent Petroleum Producers Group IPPG This menace has prevented Nigeria from meeting its crude oil output capacity he said The LCCI President reiterated the chamber s position in favour of the removal of fuel subsidies and full deregulation of the petroleum downstream sector to attract required investments into the sector He said that the twin factor of fuel subsidy payments and crude oil theft have combined to deny Nigeria the gains of the high crude oil price on the international market No investor wants to invest in an industry where they cannot even recover their cost of production While we expect some respite from the commencement of commercial private sector refining and modular refineries we call on the regulators to ensure a conducive business environment that supports these investments coming on stream soon he said NewsSourceCredit NAN
    FG moves to tackle crude oil theft
     The Federal Government through the Nigerian Upstream Petroleum Regulatory Commission NUPRC says it has developed key initiatives aimed at reducing to the barest minimum activities of crude oil theft and illegal artisanal refining Engr Gbenga Komolafe Chief Executive Officer NUPRC made this known at the Lagos Chamber of Commerce and Industry LCCI Public Private Dialogue on Crude Oil Theft and Artisanal Modular Refineries on Thursday in Lagos Komolafe said that an unprecedented level of theft estimated at a daily average of 103 000 barrels which was recorded in 2021 had grown to 120 000 barrels in first quarter of 2022 He added that daily average production in 2021stood at 1 5 million barrels while the national production advised by the commission was 2 2 million barrels Consequently only 58 per cent of the technical rate was achieved in 2021 and similar performance has continued in 2022 hence the need for more concerted efforts across all quarters to stem the tide Unfortunately the amount of oil received at the terminals indicates that over nine million barrels of oil is lost to crude oil theft amounting to a loss of one billion dollars in first quarter of 2022 he said Komolafe said that the effect from this level of theft had resulted in the declaration of force majeure shortage of wealth a hostile unsafe environment and was a disincentive to investors in the Nigerian upstream sector He added that many operators had deliberately shut down facilities and pipelines which had further aggravated the low oil production also impacting gas production both for domestic utilisation and exports He said that in view of the development and the ongoing government s efforts to enable the industry deliver production target of three million barrels daily in three years the commission has developed some key initiatives Komofale said that the initiatives were aimed at mitigating oil theft and creating enabling regulatory environment for local refining in Nigeria He said they include a roadmap for tackling the insecurity challenges in the industry identifying and implementing areas of collaboration between government and operators in ensuring that operators realise their full production potentials Others he said were massive collaboration with the top civil echelon of the Nigerian security forces for a robust security for both operators and host communities The commission is also promoting the implementation of modern security technology for real time loss detection that would enable swift and more proactive responses We also advocate a refinery regulation in terms of establishment of more modular refineries to curb activities of artesians from refining crude which is outside the ambit of the law and absolutely below acceptable minimum standards of technology in the 21st century he said Dr Michael Olawale Cole President LCCI expressed concerns over Nigeria s battle in recent years with dwindling revenue security challenges weak infrastructure rising inflation high cost of production and a burdening and unsustainable fuel subsidy Olawale Cole said that crude oil theft had taken a worrisome dimension spiking production costs to 32 a barrel with losses from pipeline vandalisation and theft overwhelming the International Oil Companies IOCs He added that the development had led to several indigenous oil firms contending with rising operational expenses driven mostly by personnel maintenance and security costs Olawale Cole said that there were also concerns about the culpability of the nation s security agencies noting that barges of oil could not be stolen and moved on the coastal waters without the collaboration of some powerful stakeholders The menace of oil theft has become a national disaster and a critical threat to our revenue base as Nigeria is losing crude oil at the level of about 91 per cent of output Nigeria lost 3 2 billion to crude oil theft between January 2021 and February 2022 as revealed by the NUPRC the LCCI Oil Producers Trade Section and the Independent Petroleum Producers Group IPPG This menace has prevented Nigeria from meeting its crude oil output capacity he said The LCCI President reiterated the chamber s position in favour of the removal of fuel subsidies and full deregulation of the petroleum downstream sector to attract required investments into the sector He said that the twin factor of fuel subsidy payments and crude oil theft have combined to deny Nigeria the gains of the high crude oil price on the international market No investor wants to invest in an industry where they cannot even recover their cost of production While we expect some respite from the commencement of commercial private sector refining and modular refineries we call on the regulators to ensure a conducive business environment that supports these investments coming on stream soon he said NewsSourceCredit NAN
    FG moves to tackle crude oil theft
    Economy3 months ago

    FG moves to tackle crude oil theft

    The Federal Government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has developed key initiatives aimed at reducing to the barest minimum activities of crude oil theft and illegal artisanal refining.

    Engr Gbenga Komolafe, Chief Executive Officer, NUPRC, made this known at the Lagos Chamber of Commerce and Industry (LCCI) Public Private – Dialogue on Crude Oil Theft and Artisanal Modular Refineries on Thursday in Lagos.

    Komolafe said that an unprecedented level of theft estimated at a daily average of 103,000 barrels which was recorded in 2021 had grown to 120,000 barrels in first quarter of 2022.

    He added that daily average production in 2021stood at 1.5 million barrels while the national production advised by the commission was 2.2 million barrels.

    “Consequently, only 58 per cent of the technical rate was achieved in 2021 and similar performance has continued in 2022 hence the need for more concerted efforts across all quarters to stem the tide.

    “Unfortunately, the amount of oil received at the terminals indicates that over nine million barrels of oil is lost to crude oil theft amounting to a loss of one billion dollars in first quarter of 2022,” he said.

    Komolafe said that the effect from this level of theft had resulted in the declaration of force majeure, shortage of wealth, a hostile, unsafe environment and was a disincentive to investors in the Nigerian upstream sector.

    He added that many operators had deliberately shut down facilities and pipelines which had further aggravated the low oil production also impacting gas production both for domestic utilisation and exports.

    He said that in view of the development and the ongoing government’s efforts to enable the industry deliver production target of three million barrels daily in three years, the commission has developed some key initiatives.

    Komofale said that the initiatives were aimed at mitigating oil theft and creating enabling regulatory environment for local refining in Nigeria.

    He said they include: a roadmap for tackling the insecurity challenges in the industry, identifying and implementing areas of collaboration between government and operators in ensuring that operators realise their full production potentials.

    Others, he said were massive collaboration with the top civil echelon of the Nigerian security forces for a robust security for both operators and host communities.

    “The commission is also promoting the implementation of modern security technology for real time loss detection that would enable swift and more proactive responses.

    “We also advocate a refinery regulation in terms of establishment of more modular refineries to curb activities of artesians from refining crude which is outside the ambit of the law and absolutely below acceptable minimum standards of technology in the 21st century,” he said.

    Dr Michael Olawale-Cole, President, LCCI, expressed concerns over Nigeria’s battle in recent years with dwindling revenue, security challenges, weak infrastructure, rising inflation, high cost of production, and a burdening and unsustainable fuel subsidy.

    Olawale-Cole said that crude oil theft had taken a worrisome dimension spiking production costs to $32 a barrel with losses from pipeline vandalisation and theft overwhelming the International Oil Companies (IOCs).

    He added that the development had led to several indigenous oil firms contending with rising operational expenses driven mostly by personnel, maintenance, and security costs.

    Olawale-Cole said that there were also concerns about the culpability of the nation’s security agencies, noting that barges of oil could not be stolen and moved on the coastal waters without the collaboration of some powerful stakeholders.

    “The menace of oil theft has become a national disaster and a critical threat to our revenue base as Nigeria is losing crude oil at the level of about 91 per cent of output.

    “Nigeria lost $3.2 billion to crude oil theft between January 2021 and February 2022, as revealed by the NUPRC, the LCCI Oil Producers Trade Section, and the Independent Petroleum Producers Group (IPPG).

    “This menace has prevented Nigeria from meeting its crude oil output capacity,” he said.

    The LCCI President reiterated the chamber’s position in favour of the removal of fuel subsidies and full deregulation of the petroleum downstream sector to attract required investments into the sector.

    He said that the twin factor of fuel subsidy payments and crude oil theft have combined to deny Nigeria the gains of the high crude oil price on the international market.

    “No investor wants to invest in an industry where they cannot even recover their cost of production.

    “While we expect some respite from the commencement of commercial private sector refining and modular refineries, we call on the regulators to ensure a conducive business environment that supports these investments coming on stream soon,” he said.

    NewsSourceCredit: NAN

  •  The Nigerian Upstream Petroleum Regulatory Commission NUPRC has awarded Petroleum Prospecting Licences PPLs to 161 successful 2020 marginal fields awardees The commission also officially unveiled the Host Communities Development Regulations and model Petroleum Prospecting Licences PPLs Chief Timipre Sylva the Minister of State Petroleum Resources at the unveiling and licences presentation on Tuesday in Abuja said the maiden presentation of the PPL was part of the implementation of Petroleum Industry Act PIA 2021 The News Agency of Nigeria reports that the successful companies include Ardova Plc Matrix Energy Ltd Sun Trust Oil Company Limited Deep Offshore Integrated Service Ltd Island Energy Ltd and Sigmund Oil Field Ltd Others are Shafa Exploration and Production Company Ltd Emadeb Energy Ltd Zigma Ltd Inland Basin Ltd and Petraco Oil Ltd among others NAN also reports that 57 fields presented in the 2020 bid round met the criteria and were subsequently offered for bidding Out of the 665 entities that expressed interest in the exercise 161 emerged as potential awardees while out of the 57 fields 41 were fully paid for Also 37 fields were issued with the PPL having satisfied all conditions for award The minister commended the management and staff of the NUPRC for ensuring the successful completion of the process which began in 2020 He described it as a giant milestone for the administration The implementation of the PIA 2021 is in top gear Consequently the new awardees should note that their assets will be fully governed by the provisions of the PIA 2021 As you develop your assets with the special purpose vehicles SPVs ensure that good oilfield practice is employed environmental considerations and community stakeholders management are not neglected It is my strong belief that the awardees would take advantage of the current attractive oil prices to bring these fields into full production within a short period to increase production grow reserves and reduce cost of production The onboarding of new oil and gas players in the petroleum sector is part of this government s policy to encourage more indigenous participation in our petroleum operations he said Sylva said the development would boost activities in the oil and gas sector He added that it would boost production output and create additional employment opportunities for Nigerians Mr Gbenga Komolafe Commission Chief Executive CCE NUPRC recalled that one of the major tasks inherited by the commission upon its inauguration in 2021 was the need to conclude the 2020 Marginal Field Bid Round He said the exercise was faced with several constraints which included the COVID 19 interruption partial payment of Signature Bonuses by some awardees and the unwillingness of co awardees to work together in forming SPVs for field development He said the marginal field s award initiative began in 1999 and was borne out of the need to entrench the indigenisation policy of government in the upstream sector and build local content capacity He recalled that since its inception a total of 30 fields had been awarded with 17 currently producing He said that the 2020 Marginal Field Bid Round exercise in respect of which PPLs were being issued had attracted government revenue of about N200 million and seven million dollars respectively He said it was significant to note that the passage of the PIA brought an end to the era of Marginal Field awards Section 94 9 of the Act states that no new Marginal Field shall be declared under this Act Accordingly the minister shall now award PPL on undeveloped fields following an open fair transparent competitive and non discriminatory bidding process in line with Sections 73 and 74 of the Act he quoted Komolafe said the impact of the upswing in the crude oil price was not reflecting in the nation s revenue earnings due to disruptions in our national oil production owing to sabotage theft and other operational challenges He urged the potential companies to take advantage of the current market realities and quickly bring their fields to production Speaking on the unveiled Host Communities Development Regulations he said it was significant for the commencement of implementation of the provisions of Section 235 of the PIA for attraction of dividends to the host communities NewsSourceCredit NAN
     Marginal fields: NUPRC awards licences to 161 coys
     The Nigerian Upstream Petroleum Regulatory Commission NUPRC has awarded Petroleum Prospecting Licences PPLs to 161 successful 2020 marginal fields awardees The commission also officially unveiled the Host Communities Development Regulations and model Petroleum Prospecting Licences PPLs Chief Timipre Sylva the Minister of State Petroleum Resources at the unveiling and licences presentation on Tuesday in Abuja said the maiden presentation of the PPL was part of the implementation of Petroleum Industry Act PIA 2021 The News Agency of Nigeria reports that the successful companies include Ardova Plc Matrix Energy Ltd Sun Trust Oil Company Limited Deep Offshore Integrated Service Ltd Island Energy Ltd and Sigmund Oil Field Ltd Others are Shafa Exploration and Production Company Ltd Emadeb Energy Ltd Zigma Ltd Inland Basin Ltd and Petraco Oil Ltd among others NAN also reports that 57 fields presented in the 2020 bid round met the criteria and were subsequently offered for bidding Out of the 665 entities that expressed interest in the exercise 161 emerged as potential awardees while out of the 57 fields 41 were fully paid for Also 37 fields were issued with the PPL having satisfied all conditions for award The minister commended the management and staff of the NUPRC for ensuring the successful completion of the process which began in 2020 He described it as a giant milestone for the administration The implementation of the PIA 2021 is in top gear Consequently the new awardees should note that their assets will be fully governed by the provisions of the PIA 2021 As you develop your assets with the special purpose vehicles SPVs ensure that good oilfield practice is employed environmental considerations and community stakeholders management are not neglected It is my strong belief that the awardees would take advantage of the current attractive oil prices to bring these fields into full production within a short period to increase production grow reserves and reduce cost of production The onboarding of new oil and gas players in the petroleum sector is part of this government s policy to encourage more indigenous participation in our petroleum operations he said Sylva said the development would boost activities in the oil and gas sector He added that it would boost production output and create additional employment opportunities for Nigerians Mr Gbenga Komolafe Commission Chief Executive CCE NUPRC recalled that one of the major tasks inherited by the commission upon its inauguration in 2021 was the need to conclude the 2020 Marginal Field Bid Round He said the exercise was faced with several constraints which included the COVID 19 interruption partial payment of Signature Bonuses by some awardees and the unwillingness of co awardees to work together in forming SPVs for field development He said the marginal field s award initiative began in 1999 and was borne out of the need to entrench the indigenisation policy of government in the upstream sector and build local content capacity He recalled that since its inception a total of 30 fields had been awarded with 17 currently producing He said that the 2020 Marginal Field Bid Round exercise in respect of which PPLs were being issued had attracted government revenue of about N200 million and seven million dollars respectively He said it was significant to note that the passage of the PIA brought an end to the era of Marginal Field awards Section 94 9 of the Act states that no new Marginal Field shall be declared under this Act Accordingly the minister shall now award PPL on undeveloped fields following an open fair transparent competitive and non discriminatory bidding process in line with Sections 73 and 74 of the Act he quoted Komolafe said the impact of the upswing in the crude oil price was not reflecting in the nation s revenue earnings due to disruptions in our national oil production owing to sabotage theft and other operational challenges He urged the potential companies to take advantage of the current market realities and quickly bring their fields to production Speaking on the unveiled Host Communities Development Regulations he said it was significant for the commencement of implementation of the provisions of Section 235 of the PIA for attraction of dividends to the host communities NewsSourceCredit NAN
     Marginal fields: NUPRC awards licences to 161 coys
    General news3 months ago

     Marginal fields: NUPRC awards licences to 161 coys

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has awarded Petroleum Prospecting Licences (PPLs) to 161 successful 2020 marginal fields awardees.

    The commission also officially unveiled the Host Communities Development Regulations and model Petroleum Prospecting Licences (PPLs).

    Chief Timipre Sylva, the Minister of State Petroleum Resources, at the unveiling and licences presentation on Tuesday in Abuja said the maiden presentation of the PPL was part of the implementation of Petroleum Industry Act (PIA), 2021.

    The News Agency of Nigeria reports that the successful companies include Ardova Plc, Matrix Energy Ltd., Sun Trust Oil Company Limited, Deep Offshore Integrated Service Ltd., Island Energy Ltd. and Sigmund Oil Field Ltd.

    Others are Shafa Exploration and Production Company Ltd., Emadeb Energy Ltd., Zigma Ltd., Inland Basin Ltd. and Petraco Oil Ltd., among others.

    NAN also reports that 57 fields presented in the 2020 bid round met the criteria and were subsequently offered for bidding.

    Out of the 665 entities that expressed interest in the exercise,161 emerged as potential awardees while out of the 57 fields, 41 were fully paid for.

    Also, 37 fields were issued with the PPL having satisfied all conditions for award.

    The minister commended the management and staff of the NUPRC for ensuring the successful completion of the process, which began in 2020.

    He described it as a giant milestone for the administration.

    “The implementation of the PIA 2021 is in top gear. Consequently, the new awardees should note that their assets will be fully governed by the provisions of the PIA 2021.

    “As you develop your assets with the special purpose vehicles (SPVs), ensure that good oilfield practice is employed, environmental considerations and community stakeholders’ management are not neglected.

    “It is my strong belief that the awardees would take advantage of the current attractive oil prices to bring these fields into full production within a short period to increase production, grow reserves and reduce cost of production.

    “The onboarding of new oil and gas players in the petroleum sector is part of this government’s policy to encourage more indigenous participation in our petroleum operations,’’ he said.

    Sylva said the development would boost activities in the oil and gas sector.

    He added that it would boost production output and create additional employment opportunities for Nigerians

    Mr Gbenga Komolafe, Commission Chief Executive (CCE) NUPRC, recalled that one of the major tasks inherited by the commission, upon its inauguration in 2021 was the need to conclude the 2020 Marginal Field Bid Round.

    He said the exercise was faced with several constraints which included the COVID-19 interruption, partial payment of Signature Bonuses by some awardees, and the unwillingness of co-awardees to work together in forming SPVs for field development.

    He said the marginal field’s award initiative began in 1999 and was borne out of the need to entrench the indigenisation policy of government in the upstream sector and build local content capacity.

    He recalled that since its inception, a total of 30 fields had been awarded with 17 currently producing.

    He said that the 2020 Marginal Field Bid Round exercise in respect of which PPLs were being issued had attracted government revenue of about N200 million and seven million dollars, respectively.

    He said it was significant to note that the passage of the PIA brought an end to the era of Marginal Field awards.

    “Section 94 (9) of the Act states that no new Marginal Field shall be declared under this Act”.

    “Accordingly, the minister shall now award PPL on undeveloped fields following an open, fair, transparent, competitive, and non-discriminatory bidding process in line with Sections 73 and 74 of the Act,’’ he quoted.

    Komolafe said the impact of the upswing in the crude oil price was not reflecting in the nation’s revenue earnings due to disruptions in our national oil production owing to sabotage, theft, and other operational challenges.

    He urged the potential companies to take advantage of the current market realities and quickly bring their fields to production.

    Speaking on the unveiled Host Communities Development Regulations, he said it was significant for the commencement of implementation of the provisions of Section 235 of the PIA, for attraction of dividends to the host communities. (

    NewsSourceCredit: NAN

  •  The Nigerian Upstream Petroleum Regulatory Commission NUPRC says it will issue Petroleum Prospecting Licences PPL to successful awardees of Marginal Fields in the 2020 Bid Round on Tuesday Mr Gbenga Komolafe the Chief Executive Officer NUPRC said this in a statement on Saturday in Abuja The News Agency of Nigeria reports that the PPL is expected to ensure that the awardees contribute to the country s increased crude oil production capacity which currently stood around 1 4 million barrels per day The country had in recent times failed to meet the 1 799 million barrels per day capacity allocated to it by the Organisation of the Petroleum Exporting Countries OPEC and hopes that it exceeds that allotted capacity soon Komolafe said the licencing would be conducted in pursuant to the provisions of the Petroleum Industry Act PIA 2021 He said that the Commission had in March informed all participants in the 2020 marginal field bid round programme that it had put all necessary machinery in place to conclude the bid round exercise in line with the PIA 2021 Komolafe also said that the commission would unveil the implementation template for the Host Communities Development Trust for commencement of the provisions under Section 235 of the PIA This he said was to positively impact against restiveness in the host communities and in the process guarantee seamless operations boost investors confidence and provide enabling environment for sustainable development 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 said He added that the Commission constituted an in house team to distill and address the concerns of awardees with a view to settling issues affecting multiple awardees per asset and formation of Special Purpose Vehicles by awardees in line with the respective letters of award Komolafe therefore urged awardees to avail themselves of the resolution mechanism provided by the Commission in the overriding national interest NewsSourceCredit NAN
    NUPRC to issue licences to successful marginal field awardees Tuesday
     The Nigerian Upstream Petroleum Regulatory Commission NUPRC says it will issue Petroleum Prospecting Licences PPL to successful awardees of Marginal Fields in the 2020 Bid Round on Tuesday Mr Gbenga Komolafe the Chief Executive Officer NUPRC said this in a statement on Saturday in Abuja The News Agency of Nigeria reports that the PPL is expected to ensure that the awardees contribute to the country s increased crude oil production capacity which currently stood around 1 4 million barrels per day The country had in recent times failed to meet the 1 799 million barrels per day capacity allocated to it by the Organisation of the Petroleum Exporting Countries OPEC and hopes that it exceeds that allotted capacity soon Komolafe said the licencing would be conducted in pursuant to the provisions of the Petroleum Industry Act PIA 2021 He said that the Commission had in March informed all participants in the 2020 marginal field bid round programme that it had put all necessary machinery in place to conclude the bid round exercise in line with the PIA 2021 Komolafe also said that the commission would unveil the implementation template for the Host Communities Development Trust for commencement of the provisions under Section 235 of the PIA This he said was to positively impact against restiveness in the host communities and in the process guarantee seamless operations boost investors confidence and provide enabling environment for sustainable development 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 said He added that the Commission constituted an in house team to distill and address the concerns of awardees with a view to settling issues affecting multiple awardees per asset and formation of Special Purpose Vehicles by awardees in line with the respective letters of award Komolafe therefore urged awardees to avail themselves of the resolution mechanism provided by the Commission in the overriding national interest NewsSourceCredit NAN
    NUPRC to issue licences to successful marginal field awardees Tuesday
    General news3 months ago

    NUPRC to issue licences to successful marginal field awardees Tuesday

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it will issue Petroleum Prospecting Licences (PPL) to successful awardees of Marginal Fields in the 2020 Bid Round on Tuesday.

    Mr Gbenga Komolafe, the Chief Executive Officer, NUPRC, said this in a statement on Saturday in Abuja.

    The News Agency of Nigeria reports that the PPL is expected to ensure that the awardees contribute to the country’s increased crude oil production capacity which currently stood around 1.4 million barrels per day.

    The country had in recent times failed to meet the 1.799 million barrels per day capacity allocated to it by the Organisation of the Petroleum Exporting Countries (OPEC) and hopes that it exceeds that allotted capacity soon.

    Komolafe said the licencing would be conducted in pursuant to the provisions of the Petroleum Industry Act (PIA), 2021.

    He said that the Commission had in March informed all participants in the 2020 marginal field bid round programme that it had put all necessary machinery in place to conclude the bid round exercise in line with the PIA 2021.

    Komolafe also said that the commission would unveil the implementation template for the Host Communities Development Trust for commencement of the provisions under Section 235 of the PIA.

    This, he said, was to positively impact against restiveness in the host communities, and in the process guarantee seamless operations, boost investors’ confidence and provide enabling environment for sustainable development 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 said.

    He added that the Commission constituted an in-house team to distill and address the concerns of awardees with a view to settling issues affecting multiple awardees per asset and formation of Special Purpose Vehicles by awardees, in line with the respective letters of award.

    Komolafe, therefore, urged awardees to avail themselves of the resolution mechanism provided by the Commission in the overriding national interest.


    NewsSourceCredit: NAN

  •  The Nigerian Upstream Petroleum Regulatory Commission NUPRC has inaugurated the Project Committee on Reactivation of shut in strings inactive oil wells in Nigeria to spur production Inaugurating the committee on Thursday in Abuja Mr Gbenga Komolafe the Commission Chief Executive CCE NUPRC said it would conduct an industry wide technical integrated study on reactivation of the shut in strings The News Agency of Nigeria recalls that crude oil production began in Nigeria in 1958 through Oloibiri Bayelsa with about 5 500 barrels of oil As at 2020 the oil production came all the way to 2 5 million barrels per day Currently production has gone down to 1 2 as a result of pipeline activities and shutting of many oil wells because of lack of evacuation investment and other reasons Komolafe said the nation had suffered significant losses in crude oil production especially in land and swamp terrains due to economic sabotage popularly known as crude oil theft The CCE said the major consequence of this nefarious activity was the declaration of force majeure at Bonny Oil and Gas Terminal BOGT He added the shut in of wells from fields evacuating through the Nembe Creek Trunk Line NCTL and the Trans Niger Pipeline TNP as another consequence A consequential effect of this menace is that the nation only achieved about 60 per cent compliance with Technical Allowable Rate TAR and 72 per cent of its assigned OPEC quota On the other hand the socio economic impact of production and associated revenue losses to both government and investors is a deep cause for concern for all stakeholders The challenges that stem from this issue include threat to national and energy security erosion of global competitiveness and ease of doing business and rise in unemployment across the industry Others are increase in conflicts due to proliferation of arms and widespread HSE and community concerns he said In the light of these issues and government s production target of three million barrels of oil per day in three years he said the NUPRC developed regulatory initiatives and optimisation to tackle the menace He said it developed strategies which involved industry stakeholders and cut across techno socioeconomic and security initiatives aimed at decreasing the menace to the barest minimum in the short run and eventual elimination in the long run It is my utmost belief that the impact of these joint strategies would be felt across the industry in a few months Komolafe added Against this backdrop he said the initiative to conduct an industry wide integrated study on the reactivation of shut in strings was conceptualised in NUPRC and approved by him as a low hanging strategy to gain incremental production He said its analysis showed that the country had over 3 000 shut in strings in country with huge potential to boost production in the short term six months mid term one year and long term over a year He tasked the committee to develop an empirically driven criteria to identify candidate wells for production ramp up in the short mid and long term and identify candidate with potential to increase recovery factor The committee would engage industry stakeholders to get their buy in on this strategic initiative The committee has one month to conclude the study and revert to management with a robust report that will become a working document for the industry in this regard he said He urged the Team Lead Mr Amadasu Enorense the Deputy Director and Zonal Operations Controller NUPRC Owerri to report to the Executive Commissioner Development and Production on weekly basis for the duration of the study Reacting Enorense said it would work assiduously to ensure that all the inactive oil wells were revived to shore up the country s oil quota and facilitate revenue as well as economic growth NewsSourceCredit NAN
    Oil quota: NUPRC inaugurates committee to revive inactive oil wells
     The Nigerian Upstream Petroleum Regulatory Commission NUPRC has inaugurated the Project Committee on Reactivation of shut in strings inactive oil wells in Nigeria to spur production Inaugurating the committee on Thursday in Abuja Mr Gbenga Komolafe the Commission Chief Executive CCE NUPRC said it would conduct an industry wide technical integrated study on reactivation of the shut in strings The News Agency of Nigeria recalls that crude oil production began in Nigeria in 1958 through Oloibiri Bayelsa with about 5 500 barrels of oil As at 2020 the oil production came all the way to 2 5 million barrels per day Currently production has gone down to 1 2 as a result of pipeline activities and shutting of many oil wells because of lack of evacuation investment and other reasons Komolafe said the nation had suffered significant losses in crude oil production especially in land and swamp terrains due to economic sabotage popularly known as crude oil theft The CCE said the major consequence of this nefarious activity was the declaration of force majeure at Bonny Oil and Gas Terminal BOGT He added the shut in of wells from fields evacuating through the Nembe Creek Trunk Line NCTL and the Trans Niger Pipeline TNP as another consequence A consequential effect of this menace is that the nation only achieved about 60 per cent compliance with Technical Allowable Rate TAR and 72 per cent of its assigned OPEC quota On the other hand the socio economic impact of production and associated revenue losses to both government and investors is a deep cause for concern for all stakeholders The challenges that stem from this issue include threat to national and energy security erosion of global competitiveness and ease of doing business and rise in unemployment across the industry Others are increase in conflicts due to proliferation of arms and widespread HSE and community concerns he said In the light of these issues and government s production target of three million barrels of oil per day in three years he said the NUPRC developed regulatory initiatives and optimisation to tackle the menace He said it developed strategies which involved industry stakeholders and cut across techno socioeconomic and security initiatives aimed at decreasing the menace to the barest minimum in the short run and eventual elimination in the long run It is my utmost belief that the impact of these joint strategies would be felt across the industry in a few months Komolafe added Against this backdrop he said the initiative to conduct an industry wide integrated study on the reactivation of shut in strings was conceptualised in NUPRC and approved by him as a low hanging strategy to gain incremental production He said its analysis showed that the country had over 3 000 shut in strings in country with huge potential to boost production in the short term six months mid term one year and long term over a year He tasked the committee to develop an empirically driven criteria to identify candidate wells for production ramp up in the short mid and long term and identify candidate with potential to increase recovery factor The committee would engage industry stakeholders to get their buy in on this strategic initiative The committee has one month to conclude the study and revert to management with a robust report that will become a working document for the industry in this regard he said He urged the Team Lead Mr Amadasu Enorense the Deputy Director and Zonal Operations Controller NUPRC Owerri to report to the Executive Commissioner Development and Production on weekly basis for the duration of the study Reacting Enorense said it would work assiduously to ensure that all the inactive oil wells were revived to shore up the country s oil quota and facilitate revenue as well as economic growth NewsSourceCredit NAN
    Oil quota: NUPRC inaugurates committee to revive inactive oil wells
    General news3 months ago

    Oil quota: NUPRC inaugurates committee to revive inactive oil wells

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has inaugurated the Project Committee on Reactivation of shut-in strings (inactive oil wells) in Nigeria to spur production.

    Inaugurating the committee on Thursday in Abuja, Mr Gbenga Komolafe, the Commission Chief Executive (CCE), NUPRC, said it would conduct an industry-wide technical integrated study on reactivation of the shut-in strings.

    The News Agency of Nigeria recalls that crude oil production began in Nigeria in 1958 through Oloibiri, Bayelsa with about 5,500 barrels of oil.

    As at 2020, the oil production came all the way to 2.5 million barrels per day .

    Currently, production has gone down to 1.2 as a result of pipeline activities and shutting of many oil wells because of lack of evacuation, investment and other reasons.

    Komolafe said the nation had suffered significant losses in crude oil production especially in land and swamp terrains due to economic sabotage popularly known as “crude oil theft”.

    The CCE said the major consequence of this nefarious activity, was the declaration of force majeure at Bonny Oil and Gas Terminal (BOGT).

    He added the shut-in of wells from fields evacuating through the Nembe Creek Trunk Line (NCTL) and the Trans Niger Pipeline (TNP) as another consequence.

    “A consequential effect of this menace is that the nation only achieved about 60 per cent compliance with Technical Allowable Rate (TAR) and 72 per cent of its assigned OPEC quota.

    “On the other hand, the socio-economic impact of production and associated revenue losses to both government and investors is a deep cause for concern for all stakeholders.

    “The challenges that stem from this issue include threat to national and energy security, erosion of global competitiveness and ease of doing business and rise in unemployment across the industry.

    “Others are increase in conflicts due to proliferation of arms and widespread HSE and community concerns,” he said.

    In the light of these issues and government’s production target of three million barrels of oil per day in three years, he said the NUPRC developed regulatory initiatives and optimisation to tackle the menace.

    He said it developed strategies which involved industry stakeholders and cut across techno-socioeconomic and security initiatives aimed at decreasing the menace to the barest minimum in the short run, and eventual elimination in the long run.

    “It is my utmost belief that the impact of these joint strategies would be felt across the industry in a few months,’’ Komolafe added.

    Against this backdrop, he said the initiative to conduct an industry-wide integrated study on the reactivation of shut-in strings was conceptualised in NUPRC and approved by him as a low hanging strategy to gain incremental production.

    He said its analysis showed that the country had over 3,000 shut-in strings in-country with huge potential to boost production in the short-term ( six months), mid-term (one year) and long-term (over a year).

    He tasked the committee to develop an empirically driven criteria to identify candidate wells for production ramp up in the short, mid and long-term and identify candidate with potential to increase recovery factor.

    “The committee would engage industry stakeholders to get their buy-in on this strategic initiative.

    “The committee has one-month to conclude the study and revert to management with a robust report that will become a working document for the industry in this regard,” he said.

    He urged the Team Lead, Mr Amadasu Enorense, the Deputy Director and Zonal Operations Controller, NUPRC Owerri, to report to the Executive Commissioner, Development and Production on weekly basis for the duration of the study.

    Reacting, Enorense said it would work assiduously to ensure that all the inactive oil wells were revived to shore up the country’s oil quota and facilitate revenue as well as economic growth. (

    NewsSourceCredit: NAN

  •  Dr Segun Aina Group Chairman Odu a Investment Company Ltd said the company would pay dividend of N418 4 million to its shareholders for the financial year ended Dec 31 2021 Aina said this at the company s 40th Annual General Meeting on Wednesday in Lagos The figure represented 15 per cent increase when compared with the N364 million paid in 2020 According to him this marks the eighth consecutive year that the company is declaring and paying dividend to shareholders In attendance were shareholders represented by the Secretaries to the State Governments SSGs of Oyo Ondo Ogun Osun Ekiti and Lagos States All resolutions presented for shareholders approval were adopted Aina said profit before tax grew by 149 8 per cent from N3 75 billion achieved in 2020 to N9 37 billion in 2021 He said the growth was driven by the increased focus on the different areas of the business and gains in investments The out going chairman assured the shareholders of the company that the Board had put in various best practice governance policies in the year under review This he added would ensure the company s investments created sustainable impact in the ensuing years Aina thanked the shareholders for the great privilege and rare honour given to him by shareholders to be the Group Chairman of Odu a Investment between May 2020 and June 2022 Aina also urged his fellow directors and management to remain focused on the delivery of the company s five Years SRC 2025 Sweat Revive and Create 2025 Strategic Thrust Commenting on the result the Group Managing Mr Adewale Raji said profit before tax for 2021 included revaluation gains of N7 11 billion from the company s investment properties portfolio which was N2 63 billion in 2020 According to him if this accounting gains are stripped off the normalised profit before tax for 2021 will be N2 26 billion and N1 12 billion for 2022 representing an appreciable 102 per cent growth Raji also reported that the company celebrated 45 years in November 2021 since it commenced operations and that as part of the celebrations the Odu a Investment Foundation was established to positively influence the next generation of youths He said that would be achieved with focus on health education and youth empowerment Our Agric Investment Subsidiary South West Agriculture Company SWAGCO Ltd has begun to make significant effort in investing in agriculture opportunities that will drive capacity development for a new generation of commercial farmers and entrepreneurs We have committed a large proportion of our land bank towards these efforts focusing on cassava maize paddy rice and dairy The company s investment in oil and gas through acquisition of part of BITA Marginal Field and the setting up of BITA Exploration amp Production Ltd with our JV partner is gathering momentum Raji said According to him the Nigerian Upstream Petroleum Regulatory Commission NUPRC that replaced DPR is currently finalising the model for licensing and contracting documents that will govern the operations of the 2020 Marginal Field Bid Winners This is the critical hurdle to scale to make the coast clear for a field development plan and approval that will lead to achieving First Oil he said As Aina ends his tenure in the Board of Odu a Investment Company Ltd the new chairman Mr Bimbo Ashiru former Commisioner for Commerce and Industry in Ogun said his plan is to achieve the company s target of N40 billion profit after tax by 2035 Ashiru was a two term commissioner for Commerce and Industry in Ogun State from 2011 to 2018 Be rest assured that we are a team and there is nothing special that I could do than to focus on the 2035 target We will be reaching a minimum target of 40 billiion profit after tax On other businesses we are going to ensure we are doing the right thing Odu a will be one of the giants in the oil industries In the area of hospitality we want to ensure that we have the world class hotels in Nigeria What I am bringing is my experience pedigree and what I have done in the past Ashiru said Also Gov Rotimi Akeredolu of Ondo State commended the Board and management of the company for the impressive performance Akeredolu thanked the management of Odu a for achieving all the fundamentals suggested by the states in order to have a better performance Also his counterpart Gov Dapo Abiodun of Ogun congratulated the new chairman saying that he has what it takes to run the affairs of the company He enjoined the board to ensure a better performance in the next financial year that would be more visible He assured of the state s full support to the growth of Odu a Investment Company Ltd NewsSourceCredit NAN
    Odu’a Investment Company declares N418.4m dividend
     Dr Segun Aina Group Chairman Odu a Investment Company Ltd said the company would pay dividend of N418 4 million to its shareholders for the financial year ended Dec 31 2021 Aina said this at the company s 40th Annual General Meeting on Wednesday in Lagos The figure represented 15 per cent increase when compared with the N364 million paid in 2020 According to him this marks the eighth consecutive year that the company is declaring and paying dividend to shareholders In attendance were shareholders represented by the Secretaries to the State Governments SSGs of Oyo Ondo Ogun Osun Ekiti and Lagos States All resolutions presented for shareholders approval were adopted Aina said profit before tax grew by 149 8 per cent from N3 75 billion achieved in 2020 to N9 37 billion in 2021 He said the growth was driven by the increased focus on the different areas of the business and gains in investments The out going chairman assured the shareholders of the company that the Board had put in various best practice governance policies in the year under review This he added would ensure the company s investments created sustainable impact in the ensuing years Aina thanked the shareholders for the great privilege and rare honour given to him by shareholders to be the Group Chairman of Odu a Investment between May 2020 and June 2022 Aina also urged his fellow directors and management to remain focused on the delivery of the company s five Years SRC 2025 Sweat Revive and Create 2025 Strategic Thrust Commenting on the result the Group Managing Mr Adewale Raji said profit before tax for 2021 included revaluation gains of N7 11 billion from the company s investment properties portfolio which was N2 63 billion in 2020 According to him if this accounting gains are stripped off the normalised profit before tax for 2021 will be N2 26 billion and N1 12 billion for 2022 representing an appreciable 102 per cent growth Raji also reported that the company celebrated 45 years in November 2021 since it commenced operations and that as part of the celebrations the Odu a Investment Foundation was established to positively influence the next generation of youths He said that would be achieved with focus on health education and youth empowerment Our Agric Investment Subsidiary South West Agriculture Company SWAGCO Ltd has begun to make significant effort in investing in agriculture opportunities that will drive capacity development for a new generation of commercial farmers and entrepreneurs We have committed a large proportion of our land bank towards these efforts focusing on cassava maize paddy rice and dairy The company s investment in oil and gas through acquisition of part of BITA Marginal Field and the setting up of BITA Exploration amp Production Ltd with our JV partner is gathering momentum Raji said According to him the Nigerian Upstream Petroleum Regulatory Commission NUPRC that replaced DPR is currently finalising the model for licensing and contracting documents that will govern the operations of the 2020 Marginal Field Bid Winners This is the critical hurdle to scale to make the coast clear for a field development plan and approval that will lead to achieving First Oil he said As Aina ends his tenure in the Board of Odu a Investment Company Ltd the new chairman Mr Bimbo Ashiru former Commisioner for Commerce and Industry in Ogun said his plan is to achieve the company s target of N40 billion profit after tax by 2035 Ashiru was a two term commissioner for Commerce and Industry in Ogun State from 2011 to 2018 Be rest assured that we are a team and there is nothing special that I could do than to focus on the 2035 target We will be reaching a minimum target of 40 billiion profit after tax On other businesses we are going to ensure we are doing the right thing Odu a will be one of the giants in the oil industries In the area of hospitality we want to ensure that we have the world class hotels in Nigeria What I am bringing is my experience pedigree and what I have done in the past Ashiru said Also Gov Rotimi Akeredolu of Ondo State commended the Board and management of the company for the impressive performance Akeredolu thanked the management of Odu a for achieving all the fundamentals suggested by the states in order to have a better performance Also his counterpart Gov Dapo Abiodun of Ogun congratulated the new chairman saying that he has what it takes to run the affairs of the company He enjoined the board to ensure a better performance in the next financial year that would be more visible He assured of the state s full support to the growth of Odu a Investment Company Ltd NewsSourceCredit NAN
    Odu’a Investment Company declares N418.4m dividend
    Economy3 months ago

    Odu’a Investment Company declares N418.4m dividend

    Dr Segun Aina, Group Chairman, Odu’a Investment Company Ltd., said the company would pay dividend of N418.4 million to its shareholders for the financial year ended Dec. 31, 2021.

    Aina said this at the company’s 40th Annual General Meeting on Wednesday in Lagos.

    The figure represented 15 per cent increase when compared with the N364 million paid in 2020.

    According to him, this marks the eighth consecutive year that the company is declaring and paying dividend to shareholders.

    In attendance were shareholders represented by the Secretaries to the State Governments (SSGs) of Oyo, Ondo, Ogun, Osun, Ekiti and Lagos States.

    All resolutions presented for shareholders’ approval were adopted.

    Aina said profit before tax grew by 149.8 per cent from N3.75 billion achieved in 2020 to N9.37 billion in 2021.

    He said the growth was driven by the increased focus on the different areas of the business and gains in investments.

    The out-going chairman assured the shareholders of the company that the Board had put in various best practice governance policies in the year under review.

    This, he added, would ensure the company’s investments created sustainable impact in the ensuing years.

    Aina thanked the shareholders for the great privilege and rare honour given to him by shareholders to be the Group Chairman of Odu’a Investment between May 2020 and June 2022.

    Aina also urged his fellow directors and management to remain focused on the delivery of the company’s five Years“SRC-2025” (Sweat, Revive and Create 2025) Strategic Thrust.

    Commenting on the result, the Group Managing , Mr Adewale Raji, said profit before tax for 2021 included revaluation gains of N7.11 billion from the company’s investment properties portfolio, which was N2.63 billion in 2020.

    According to him, if this accounting gains are stripped off, the normalised profit before tax for 2021 will be N2.26 billion and N1.12 billion for 2022, representing an appreciable 102 per cent growth.

    Raji also reported that the company celebrated 45 years in November 2021 since it commenced operations, and that as part of the celebrations the Odu’a Investment Foundation was established to positively influence the next generation of youths.

    He said that would be achieved with focus on health, education and youth empowerment.

    “Our Agric Investment Subsidiary, South West Agriculture Company (SWAGCO) Ltd., has begun to make significant effort in investing in agriculture opportunities that will drive capacity development for a new generation of commercial farmers and entrepreneurs.

    “We have committed a large proportion of our land bank towards these efforts focusing on cassava, maize, paddy rice and dairy.

    “The company’s investment in oil and gas, through acquisition of part of BITA Marginal Field, and the setting up of BITA Exploration & Production Ltd., with our JV partner is gathering momentum,” Raji said.

    According to him, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) that replaced DPR is currently finalising the model for licensing and contracting documents that will govern the operations of the 2020 Marginal Field Bid Winners.

    “This is the critical hurdle to scale to make the coast clear for a field development plan and approval that will lead to achieving ‘’First Oil,’ he said.

    As Aina ends his tenure in the Board of Odu’a Investment Company Ltd., the new chairman, Mr Bimbo Ashiru, former Commisioner for Commerce and Industry in Ogun, said his plan is to achieve the company’s target of N40 billion profit after tax by 2035.

    Ashiru was a two-term commissioner for Commerce and Industry in Ogun State from 2011 to 2018.

    “Be rest assured that we are a team and there is nothing special that I could do than to focus on the 2035 target. We will be reaching a minimum target of 40 billiion profit after tax.

    “On other businesses, we are going to ensure we are doing the right thing.
    Odu’a will be one of the giants in the oil industries.

    “In the area of hospitality, we want to ensure that we have the world class hotels in Nigeria. What I am bringing is my experience, pedigree and what I have done in the past,” Ashiru said.

    Also, Gov. Rotimi Akeredolu of Ondo State, commended the Board and management of the company for the impressive performance.

    Akeredolu thanked the management of Odu’a for achieving all the fundamentals suggested by the states in order to have a better performance.

    Also his counterpart, Gov. Dapo Abiodun of Ogun, congratulated the new chairman, saying that “he has what it takes to run the affairs of the company.”

    He enjoined the board to ensure a better performance in the next financial year that would be more visible.

    He assured of the state’s full support to the growth of Odu’a Investment Company Ltd.

    NewsSourceCredit: NAN

  •  The Presidency has again reeled out 28 page of President Muhammadu Buhari s strides in Oil and gas reforms Digital economy Mines and steel development Agriculture Education Health Creative Industry Sports and infrastructural development roads bridges rail air and sea ports housing and many others The News Agency of Nigeria reports that the president s scorecard is coming ahead of the seven year anniversary of the Buhari led administration on May 29 2022 President Buhari had in May 29 2015 took the oath of office as President promising to serve Nigeria faithfully in all spheres of national life The seven years milestone according to the President s spokesman Mr Femi Adesina presents a major landmark and opportunity to review the service of the president to the country and its people Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges which are being robustly tackled by the government A one stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done and a lot more will still be done in the 12 months ahead Nigeria under Buhari s watch has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria s Independence Under the administration s Energizing Education Economies and Agriculture Programmes the government had so far taken clean and reliable energy Solar and Gas to Federal Universities Teaching Hospitals Markets and Rural Areas across the country The four Universities completed and commissioned already are Bayero University Kano BUK Kano FUNAI Ebonyi ATBU Bauchi and FUPRE Delta Sabon Gari Market in Kano Ariaria Market in Aba and Sura Shopping Complex in Lagos On National Mass Metering Programme the Central Bank of Nigeria is providing N200 billion for this and so far more than one million meters have been rolled out in the first phase This first phase generated more than 10 000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on grid consumers launched in August 2020 The Solar Power Naija SPN Launched in April 2021 to deliver 5 million off grid solar connections would be impacting more than 20 million Nigerians and financed through Central Bank of Nigeria loans as well as through partnerships with NDPHC NNPC and the NSIA The programme is expected to generate an additional N7 billion increase in tax revenues per annum and 10 million in annual import substitution Under Solar Power Naija and NDPHC s partnership ASolar is rolling out 100 000 Solar Home Systems across the country while the NSIA partnering under SPN has announced a N10 billion fund for developers targeting more than 250 000 solar connections In May 2021 the Rural Electrification Agency REA announced the planned deployment of solar powered grids to 200 Primary Health Centres PHC and 104 Unity Schools nationwide Nigeria Electrification Project NEP is a 550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank NEP is a combination of subsidies direct contracts and technical assistance to support Electrification across Nigeria NEP has so far deployed more than 20 000 Standalone Solar Systems SHS as well as Solar Hybrid Mini grids in more than 250 locations across the country The Rural Electrification Fund REF created by the Electricity Power Sector Reform Act of 2005 was operationalized by the Buhari Administration in 2016 Since 2016 the REF under REA has executed more than N4 billion in projects with more than N5 billions of Off Grid mainly Solar projects slated to be executed across Nigeria in 2022 On the special grid interventions the Federal Government has many key grid initiatives with more than N125 2 billion budgeted between 2015 to 2021 for TCN and Development Finance Funding through the likes of World Bank AFDB AFD JICA and others of up to 1 7 billion The Central Bank of Nigeria is also funding 250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery Additionally through the Presidential Power Initiative PPI aka Siemens Power Program an additional 2 0 billion or more will be invested in the Transmission Grid PPI is a Government to Government initiative involving the Governments of Nigeria and Germany and Siemens AG of Germany to upgrade and modernize Nigeria s electricity grid The Contract for the pre engineering phase of the Presidential Power Initiative PPI was signed in Feb 2021 following the 2020 approval for the payment of FGN s counterpart funding for that phase while the first set of equipment contract awards were made in Dec 2021 comprising 10 Mobitra Transformers and 10 Substations In all the PPI will encompass as many as 127 individual Transmission and Distribution projects Brownfield and Greenfield Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha Delta Power Station to Benin as well as the Kano to Katsina 330kV line respectively The 200 million Transmission Infrastructure Project financed by JICA entails the construction of about 200 km of high voltage transmission lines and a number of high voltage substations benefiting several communities in the two States Also through a special CBN intervention for Transmission Distribution interfaces contracts have been awarded for more than 30 Substation Rehabilitations and 1 570MVA transformer capacity upgrades with 34 critical transformers to be installed or replaced On a Policy level the Nigerian Electricity Regulatory Commission NERC has rolled out various policies ranging from a Tariff Capping Regulation for un metered customers to the Eligible Customer Regulations to the introduction of a Service based Tariff Regime and CBN oversight of Disco Bank accounts which has helped improve payment discipline by Discos The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing The ministry has completed or is completing housing projects in 34 States of Nigeria under the National Housing Programme with the support of the State Governments who provided the land So far more than 5 000 houses are at various stages of completion and thousands more are planned The Family Homes Fund Limited FHFL incorporated by the Federal Government of Nigeria in Sept 2016 is the implementing agency for the Buhari Administration s National Social Housing scheme The Fund has now completed more than 13 000 homes across nine States with another 20 000 commencing building works in 2022 In the process these housing developments have created more than 64 000 direct and indirect jobs The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission NIPC Pioneer Status to e Commerce and software development companies Stipulation of N145 per linear meter cap on Highway Right of Way RoW for fibre optic cabling to incentivize investment in rollout Launch of new national 5G policy in 2021 and successful licensing of two private companies to rollout 5G nationally Nigeria s 5G rollout will commence in August 2022 Establishment of new National Data Protection Bureau which is expected to develop primary legislation for data protection and privacy Launch of new National Digital Economy Policy and Strategy by President Buhari in 2019 Drafting of the Nigeria Startup Bill NSB and submission of the draft Bill to the National Assembly for consideration and passage into law Establishment in 2021 of a National Centre for Artificial Intelligence and Robotics NCAIR Ongoing implementation starting 2021 of the National Information and Communication Technology Infrastructure Backbone Phase 2 NICTIB 2 Project The goal of NICTIB is to rollout a nationwide fibre infrastructure network Ongoing construction of a Tier 4 Data Center in Kano to join existing infrastructure in Abuja Tier 3 Data Center and Enugu A Disaster Recovery Site The Kano Data Center is expected to be completed in 2022 The major achievements of the Buhari administration in the area of oil and gas include Buhari s assent to the Petroleum Industry Act on Aug 16 2021 This broke a two decades old jinx and is setting the stage for the unprecedented transformation of Nigeria s oil and gas sector Under the new Act the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022 The regulatory framework for the sector has also changed with the establishment of a the Nigerian Upstream Petroleum Regulatory Commission NUPRC and b the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA which merged the hitherto existing Petroleum Products Pricing Regulatory Agency PPPRA Petroleum Equalization Fund Management Board PEFMB and the Midstream and Downstream Divisions of the Department of Petroleum Resources DPR The historic Signing Ceremony in May 2021 of the Execution of Oil Mining Lease OML 118 Agreements between NNPC Limited and its Contractor Partners Shell Exxon Mobil TOTAL and NAOC These Agreements settled long standing disputes that stalled development and will unlock more than 10 billion of new deep water investment in Nigeria The Buhari administration has declared this decade the Decade of Gas The Federal Government has embarked on the construction of 614km Ajaokuta Kaduna Kano Gas Project the largest domestic gas project in the country Already the government has secured US 45 million financing from the Islamic Development Bank for the Front End Engineering Design FEED Study for the Nigeria Morocco Gas Pipeline NMGP project The Agreement for the Pipeline project was signed by the two countries during President Buhari s State Visit to Morocco in June 2018 When completed it will be the longest offshore pipeline in the world and the second longest pipeline in the world running across 13 countries 11 of them in West Africa It s believed that the successful completion of Nigeria s first Marginal Field Bid Round in almost 20 years is expected to raise in excess of half a billion dollars and open up a new vista of investment in oil and gas Launch of National LPG Expansion Programme including Removal of VAT from the domestic pricing of LPG Financial close and signing of contract for NLNG Train 7 which will grow Nigeria s LNG production capacity by 35 per cent Nigeria and Morocco in 2021 signed an agreement to develop a US 1 4 billion multipurpose industrial platform Ammonia and Di Ammonium Phosphate production plants that will utilize Nigerian gas and Moroccan phosphate to produce 750 000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025 It will be located in Ikot Abasi Akwa Ibom State The nation also witnessed the inauguration in Dec 2020 of the new NPDC Integrated Gas Handling Facility in Edo the largest onshore LPG plant in the country with a processing capacity of 100 million standard cubic feet of gas daily producing 330 tonnes of LPG 345 tonnes of propane and 2 600 barrels of condensate daily The government also established a 350m Nigerian Content Intervention Fund to finance manufacturing contracts and assets in the oil and gas industry The NNPC Limited s National Petroleum Investment Management Services NAPIMS became in 2022 the first Government organization in West and North Africa to receive the ISO 22301 2019 Certification for Business Continuity Management from RINA On the financing and investment in the oil and gas Afreximbank announced in Jan 2022 that it will assist NNPC Limited to raise 5 billion financing to support investments in Nigeria s upstream industry and facilitate expanded energy supply Afrexim also disclosed plans to underwrite 1 billion of the total planned debt Final Investment Decision in January 2021 on a 10 000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board NCDMB in partnership with the private sector The plant is now under construction in Odeama Brass Bayelsa State On Policy Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery in Imo State and broke ground on Phase 2 which will add 20 000bpd processing capacity The Nigerian National Petroleum Corporation NNPC on Dec 21 2021 handed over a symbolic cheque of N621 24 Billion for the rehabilitation of 21 critical roads totalling 1 800km across the country through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019 Note that this does not mean that NNPC has gone into the business of constructing roads instead it is financing the construction of roads through its tax liabilities It s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme NUCOP would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a 10 or less per barrel production cost NAN
    Steps to changing Nigeria by Buhari Administration at 7
     The Presidency has again reeled out 28 page of President Muhammadu Buhari s strides in Oil and gas reforms Digital economy Mines and steel development Agriculture Education Health Creative Industry Sports and infrastructural development roads bridges rail air and sea ports housing and many others The News Agency of Nigeria reports that the president s scorecard is coming ahead of the seven year anniversary of the Buhari led administration on May 29 2022 President Buhari had in May 29 2015 took the oath of office as President promising to serve Nigeria faithfully in all spheres of national life The seven years milestone according to the President s spokesman Mr Femi Adesina presents a major landmark and opportunity to review the service of the president to the country and its people Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges which are being robustly tackled by the government A one stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done and a lot more will still be done in the 12 months ahead Nigeria under Buhari s watch has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria s Independence Under the administration s Energizing Education Economies and Agriculture Programmes the government had so far taken clean and reliable energy Solar and Gas to Federal Universities Teaching Hospitals Markets and Rural Areas across the country The four Universities completed and commissioned already are Bayero University Kano BUK Kano FUNAI Ebonyi ATBU Bauchi and FUPRE Delta Sabon Gari Market in Kano Ariaria Market in Aba and Sura Shopping Complex in Lagos On National Mass Metering Programme the Central Bank of Nigeria is providing N200 billion for this and so far more than one million meters have been rolled out in the first phase This first phase generated more than 10 000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on grid consumers launched in August 2020 The Solar Power Naija SPN Launched in April 2021 to deliver 5 million off grid solar connections would be impacting more than 20 million Nigerians and financed through Central Bank of Nigeria loans as well as through partnerships with NDPHC NNPC and the NSIA The programme is expected to generate an additional N7 billion increase in tax revenues per annum and 10 million in annual import substitution Under Solar Power Naija and NDPHC s partnership ASolar is rolling out 100 000 Solar Home Systems across the country while the NSIA partnering under SPN has announced a N10 billion fund for developers targeting more than 250 000 solar connections In May 2021 the Rural Electrification Agency REA announced the planned deployment of solar powered grids to 200 Primary Health Centres PHC and 104 Unity Schools nationwide Nigeria Electrification Project NEP is a 550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank NEP is a combination of subsidies direct contracts and technical assistance to support Electrification across Nigeria NEP has so far deployed more than 20 000 Standalone Solar Systems SHS as well as Solar Hybrid Mini grids in more than 250 locations across the country The Rural Electrification Fund REF created by the Electricity Power Sector Reform Act of 2005 was operationalized by the Buhari Administration in 2016 Since 2016 the REF under REA has executed more than N4 billion in projects with more than N5 billions of Off Grid mainly Solar projects slated to be executed across Nigeria in 2022 On the special grid interventions the Federal Government has many key grid initiatives with more than N125 2 billion budgeted between 2015 to 2021 for TCN and Development Finance Funding through the likes of World Bank AFDB AFD JICA and others of up to 1 7 billion The Central Bank of Nigeria is also funding 250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery Additionally through the Presidential Power Initiative PPI aka Siemens Power Program an additional 2 0 billion or more will be invested in the Transmission Grid PPI is a Government to Government initiative involving the Governments of Nigeria and Germany and Siemens AG of Germany to upgrade and modernize Nigeria s electricity grid The Contract for the pre engineering phase of the Presidential Power Initiative PPI was signed in Feb 2021 following the 2020 approval for the payment of FGN s counterpart funding for that phase while the first set of equipment contract awards were made in Dec 2021 comprising 10 Mobitra Transformers and 10 Substations In all the PPI will encompass as many as 127 individual Transmission and Distribution projects Brownfield and Greenfield Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha Delta Power Station to Benin as well as the Kano to Katsina 330kV line respectively The 200 million Transmission Infrastructure Project financed by JICA entails the construction of about 200 km of high voltage transmission lines and a number of high voltage substations benefiting several communities in the two States Also through a special CBN intervention for Transmission Distribution interfaces contracts have been awarded for more than 30 Substation Rehabilitations and 1 570MVA transformer capacity upgrades with 34 critical transformers to be installed or replaced On a Policy level the Nigerian Electricity Regulatory Commission NERC has rolled out various policies ranging from a Tariff Capping Regulation for un metered customers to the Eligible Customer Regulations to the introduction of a Service based Tariff Regime and CBN oversight of Disco Bank accounts which has helped improve payment discipline by Discos The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing The ministry has completed or is completing housing projects in 34 States of Nigeria under the National Housing Programme with the support of the State Governments who provided the land So far more than 5 000 houses are at various stages of completion and thousands more are planned The Family Homes Fund Limited FHFL incorporated by the Federal Government of Nigeria in Sept 2016 is the implementing agency for the Buhari Administration s National Social Housing scheme The Fund has now completed more than 13 000 homes across nine States with another 20 000 commencing building works in 2022 In the process these housing developments have created more than 64 000 direct and indirect jobs The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission NIPC Pioneer Status to e Commerce and software development companies Stipulation of N145 per linear meter cap on Highway Right of Way RoW for fibre optic cabling to incentivize investment in rollout Launch of new national 5G policy in 2021 and successful licensing of two private companies to rollout 5G nationally Nigeria s 5G rollout will commence in August 2022 Establishment of new National Data Protection Bureau which is expected to develop primary legislation for data protection and privacy Launch of new National Digital Economy Policy and Strategy by President Buhari in 2019 Drafting of the Nigeria Startup Bill NSB and submission of the draft Bill to the National Assembly for consideration and passage into law Establishment in 2021 of a National Centre for Artificial Intelligence and Robotics NCAIR Ongoing implementation starting 2021 of the National Information and Communication Technology Infrastructure Backbone Phase 2 NICTIB 2 Project The goal of NICTIB is to rollout a nationwide fibre infrastructure network Ongoing construction of a Tier 4 Data Center in Kano to join existing infrastructure in Abuja Tier 3 Data Center and Enugu A Disaster Recovery Site The Kano Data Center is expected to be completed in 2022 The major achievements of the Buhari administration in the area of oil and gas include Buhari s assent to the Petroleum Industry Act on Aug 16 2021 This broke a two decades old jinx and is setting the stage for the unprecedented transformation of Nigeria s oil and gas sector Under the new Act the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022 The regulatory framework for the sector has also changed with the establishment of a the Nigerian Upstream Petroleum Regulatory Commission NUPRC and b the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA which merged the hitherto existing Petroleum Products Pricing Regulatory Agency PPPRA Petroleum Equalization Fund Management Board PEFMB and the Midstream and Downstream Divisions of the Department of Petroleum Resources DPR The historic Signing Ceremony in May 2021 of the Execution of Oil Mining Lease OML 118 Agreements between NNPC Limited and its Contractor Partners Shell Exxon Mobil TOTAL and NAOC These Agreements settled long standing disputes that stalled development and will unlock more than 10 billion of new deep water investment in Nigeria The Buhari administration has declared this decade the Decade of Gas The Federal Government has embarked on the construction of 614km Ajaokuta Kaduna Kano Gas Project the largest domestic gas project in the country Already the government has secured US 45 million financing from the Islamic Development Bank for the Front End Engineering Design FEED Study for the Nigeria Morocco Gas Pipeline NMGP project The Agreement for the Pipeline project was signed by the two countries during President Buhari s State Visit to Morocco in June 2018 When completed it will be the longest offshore pipeline in the world and the second longest pipeline in the world running across 13 countries 11 of them in West Africa It s believed that the successful completion of Nigeria s first Marginal Field Bid Round in almost 20 years is expected to raise in excess of half a billion dollars and open up a new vista of investment in oil and gas Launch of National LPG Expansion Programme including Removal of VAT from the domestic pricing of LPG Financial close and signing of contract for NLNG Train 7 which will grow Nigeria s LNG production capacity by 35 per cent Nigeria and Morocco in 2021 signed an agreement to develop a US 1 4 billion multipurpose industrial platform Ammonia and Di Ammonium Phosphate production plants that will utilize Nigerian gas and Moroccan phosphate to produce 750 000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025 It will be located in Ikot Abasi Akwa Ibom State The nation also witnessed the inauguration in Dec 2020 of the new NPDC Integrated Gas Handling Facility in Edo the largest onshore LPG plant in the country with a processing capacity of 100 million standard cubic feet of gas daily producing 330 tonnes of LPG 345 tonnes of propane and 2 600 barrels of condensate daily The government also established a 350m Nigerian Content Intervention Fund to finance manufacturing contracts and assets in the oil and gas industry The NNPC Limited s National Petroleum Investment Management Services NAPIMS became in 2022 the first Government organization in West and North Africa to receive the ISO 22301 2019 Certification for Business Continuity Management from RINA On the financing and investment in the oil and gas Afreximbank announced in Jan 2022 that it will assist NNPC Limited to raise 5 billion financing to support investments in Nigeria s upstream industry and facilitate expanded energy supply Afrexim also disclosed plans to underwrite 1 billion of the total planned debt Final Investment Decision in January 2021 on a 10 000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board NCDMB in partnership with the private sector The plant is now under construction in Odeama Brass Bayelsa State On Policy Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery in Imo State and broke ground on Phase 2 which will add 20 000bpd processing capacity The Nigerian National Petroleum Corporation NNPC on Dec 21 2021 handed over a symbolic cheque of N621 24 Billion for the rehabilitation of 21 critical roads totalling 1 800km across the country through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019 Note that this does not mean that NNPC has gone into the business of constructing roads instead it is financing the construction of roads through its tax liabilities It s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme NUCOP would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a 10 or less per barrel production cost NAN
    Steps to changing Nigeria by Buhari Administration at 7
    General news4 months ago

    Steps to changing Nigeria by Buhari Administration at 7

    The Presidency has again, reeled out 28-page of President Muhammadu Buhari’s strides in Oil and gas reforms, Digital economy, Mines and steel development, Agriculture, Education, Health, Creative Industry, Sports and infrastructural development; roads, bridges, rail, air and sea ports, housing, and many others.
    The News Agency of Nigeria reports that the president’s scorecard is coming ahead of the seven year anniversary of the Buhari-led administration on May 29, 2022.
    President Buhari had in May 29, 2015, took the oath of office as President, promising to serve Nigeria faithfully in all spheres of national life.
    The seven years milestone, according to the President’s spokesman, Mr Femi Adesina, presents a major landmark and opportunity to review the service of the president to the country, and its people.
    Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges, which are being robustly tackled by the government.
    A one-stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done, and a lot more will still be done in the 12 months ahead.
    Nigeria, under Buhari’s watch, has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria’s Independence.
    Under the administration’s Energizing Education, Economies and Agriculture Programmes, the government had so far taken clean and reliable energy (Solar and Gas) to Federal Universities, Teaching Hospitals, Markets and Rural Areas across the country.
    The four Universities completed and commissioned already are, Bayero University Kano ( BUK ), Kano, FUNAI (Ebonyi), ATBU (Bauchi) and FUPRE (Delta), Sabon-Gari Market in Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos.
    On National Mass Metering Programme, the Central Bank of Nigeria is providing N200 billion for this, and so far, more than one million meters have been rolled out, in the first phase.
    This first phase generated more than 10,000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on-grid consumers, launched in August 2020.
    The Solar Power Naija (SPN), Launched in April 2021 to deliver 5 million off-grid solar connections, would be impacting more than 20 million Nigerians, and financed through Central Bank of Nigeria loans, as well as through partnerships with NDPHC, NNPC and the NSIA.
    The programme is expected to generate an additional N7 billion increase in tax revenues per annum and $10 million in annual import substitution.
    ”Under Solar Power Naija and NDPHC’s partnership, ASolar is rolling out 100,000 Solar Home Systems across the country, while the NSIA (partnering under SPN) has announced a N10 billion fund for developers, targeting more than 250,000 solar connections.”
    In May 2021, the Rural Electrification Agency (REA) announced the planned deployment of solar-powered grids to 200 Primary Health Centres (PHC) and 104 Unity Schools nationwide.
    Nigeria Electrification Project (NEP) is a $550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank. NEP is a combination of subsidies, direct contracts and technical assistance to support Electrification across Nigeria.
    NEP has so far deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid Mini-grids in more than 250 locations across the country.
    The Rural Electrification Fund (REF), created by the Electricity Power Sector Reform Act of 2005, was operationalized by the Buhari Administration in 2016.
    Since 2016, the REF under REA has executed more than N4 billion in projects, with more than N5 billions of Off-Grid (mainly Solar) projects slated to be executed across Nigeria in 2022.
    On the special grid interventions, the Federal Government has many key grid initiatives with more than N125.2 billion budgeted between 2015 to 2021 for TCN, and Development Finance Funding through the likes of World Bank, AFDB, AFD, JICA and others of up to $1.7 billion.
    The Central Bank of Nigeria is also funding $250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery.
    Additionally, through the Presidential Power Initiative (PPI), aka Siemens Power Program, an additional $2.0 billion or more will be invested in the Transmission Grid.
    PPI is a Government-to-Government initiative involving the Governments of Nigeria and Germany, and Siemens AG of Germany, to upgrade and modernize Nigeria’s electricity grid.
    The Contract for the pre-engineering phase of the Presidential Power Initiative (PPI) was signed in Feb. 2021, following the 2020 approval for the payment of FGN’s counterpart funding for that phase, while the first set of equipment contract awards were made in Dec. 2021, comprising 10 Mobitra Transformers and 10 Substations.
    In all the PPI will encompass as many as 127 individual Transmission and Distribution projects (Brownfield and Greenfield).
    Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha, Delta Power Station to Benin as well as the Kano to Katsina 330kV line (respectively).
    The $200 million Transmission Infrastructure Project, financed by JICA entails the construction of about 200 km of high-voltage transmission lines and a number of high voltage substations, benefiting several communities in the two States.
    Also through a special CBN intervention for Transmission Distribution interfaces, contracts have been awarded for more than 30 Substation Rehabilitations and 1,570MVA transformer capacity upgrades, with 34 critical transformers to be installed or replaced.
    On a Policy level, the Nigerian Electricity Regulatory Commission (NERC) has rolled out various policies ranging from a Tariff-Capping Regulation for un-metered customers, to the Eligible Customer Regulations, to the introduction of a Service-based Tariff Regime and CBN oversight of Disco Bank accounts (which has helped improve payment discipline by Discos).
    The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing.
    The ministry has completed or is completing housing projects in 34 States of Nigeria, under the National Housing Programme, with the support of the State Governments, who provided the land.
    So far more than 5,000 houses are at various stages of completion, and thousands more are planned.
    The Family Homes Fund Limited (FHFL), incorporated by the Federal Government of Nigeria in Sept. 2016, is the implementing agency for the Buhari Administration’s National Social Housing scheme.
    The Fund has now completed more than 13,000 homes across nine States, with another 20,000 commencing building works in 2022. In the process these housing developments have created more than 64,000 direct and indirect jobs.
    The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission (NIPC) ‘Pioneer Status’ to e-Commerce and software development companies.
    ”Stipulation of N145 per linear meter cap on Highway Right of Way (RoW) for fibre optic cabling, to incentivize investment in rollout.
    ”Launch of new national 5G policy in 2021, and successful licensing of two private companies to rollout 5G nationally. Nigeria’s 5G rollout will commence in August 2022.
    ”Establishment of new National Data Protection Bureau, which is expected to develop “primary legislation for data protection and privacy.”
    ”Launch of new “National Digital Economy Policy and Strategy”, by President Buhari in 2019.
    ‘ ‘Drafting of the Nigeria Startup Bill (NSB), and submission of the draft Bill to the National Assembly for consideration and passage into law.
    – Establishment, in 2021, of a National Centre for Artificial Intelligence and Robotics (NCAIR).
    ”Ongoing implementation, starting 2021, of the National Information and Communication Technology Infrastructure Backbone Phase 2 (NICTIB-2) Project.
    ”The goal of NICTIB is to rollout a nationwide fibre infrastructure network.
    ”Ongoing construction of a Tier-4 Data Center in Kano, to join existing infrastructure in Abuja (Tier-3 Data Center) and Enugu (A Disaster Recovery Site). The Kano Data Center is expected to be completed in 2022.”
    The major achievements of the Buhari administration in the area of oil and gas include Buhari’s assent to the Petroleum Industry Act on Aug, 16, 2021.
    This, broke a two-decades-old jinx and is setting the stage for the unprecedented transformation of Nigeria’s oil and gas sector.
    Under the new Act, the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022.
    The regulatory framework for the sector has also changed, with the establishment of:
    (a) the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and
    (b) the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which merged the hitherto-existing Petroleum Products Pricing Regulatory Agency (PPPRA), Petroleum Equalization Fund (Management) Board(PEFMB), and the Midstream and Downstream Divisions of the Department of Petroleum Resources (DPR).
    The historic Signing Ceremony, in May 2021, of the Execution of Oil Mining Lease (OML) 118 Agreements between NNPC Limited and its Contractor Partners: Shell, Exxon Mobil, TOTAL and NAOC.
    These Agreements settled long-standing disputes that stalled development, and will unlock more than $10 billion of new deep-water investment in Nigeria.
    The Buhari administration has declared this decade the “Decade of Gas.”
    The Federal Government has embarked on the construction of 614km Ajaokuta-Kaduna-Kano Gas Project, the largest domestic gas project in the country.
    Already, the government has secured US$45 million financing from the Islamic Development Bank, for the Front-End Engineering Design (FEED) Study for the Nigeria–Morocco Gas Pipeline (NMGP) project.
    The Agreement for the Pipeline project was signed by the two countries during President Buhari’s State Visit to Morocco in June 2018.
    When completed it will be the longest offshore pipeline in the world, and the second longest pipeline in the world, running across 13 countries, 11 of them in West Africa.
    It’s believed that the successful completion of Nigeria’s first Marginal Field Bid Round in almost 20 years, is expected to raise in excess of half a billion dollars, and open up a new vista of investment in oil and gas.
    ”Launch of National LPG Expansion Programme (including Removal of VAT from the domestic pricing of LPG)
    ”Financial close and signing of contract for NLNG Train 7, which will grow Nigeria’s LNG production capacity by 35 per cent.
    ”Nigeria and Morocco in 2021 signed an agreement to develop a US$1.4 billion multipurpose industrial platform (Ammonia and Di-Ammonium Phosphate production plants) that will utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025.
    ”It will be located in Ikot-Abasi, Akwa-Ibom State.”
    The nation also witnessed the inauguration, in Dec. 2020, of the new NPDC Integrated Gas Handling Facility in Edo, the largest onshore LPG plant in the country, with a processing capacity of 100 million standard cubic feet of gas daily, producing 330 tonnes of LPG, 345 tonnes of propane and 2,600 barrels of condensate, daily.
    The government also established a $350m Nigerian Content Intervention Fund, to finance manufacturing, contracts and assets in the oil and gas industry.
    ”The NNPC Limited’s National Petroleum Investment Management Services (NAPIMS) became, in 2022, the first Government organization in West and North Africa to receive the ISO 22301:2019 Certification for Business Continuity Management from RINA.”
    On the financing and investment in the oil and gas, Afreximbank announced in Jan. 2022 that it will assist NNPC Limited to raise $5 billion financing to support investments in Nigeria’s upstream industry, and facilitate expanded energy supply.
    Afrexim also disclosed plans to underwrite $1 billion of the total planned debt.
    ”Final Investment Decision in January 2021 on a 10,000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant, being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board (NCDMB), in partnership with the private sector.
    ”The plant is now under construction in Odeama, Brass, Bayelsa State.
    On Policy, Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta, the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta.
    In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery, in Imo State, and broke ground on Phase 2, which will add 20,000bpd processing capacity.
    The Nigerian National Petroleum Corporation (NNPC), on Dec. 21, 2021, handed over a symbolic cheque of N621.24 Billion for the rehabilitation of 21 critical roads (totalling 1,800km) across the country, through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019.
    ”Note that this does not mean that NNPC has gone into the business of constructing roads; instead it is financing the construction of roads, through its tax liabilities.”
    It’s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme (NUCOP), would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a $10 or less per barrel production cost.

    (NAN)

  •  The Presidency has again reeled out 28 page of President Muhammadu Buhari s strides in Oil and gas reforms Digital economy Mines and steel development Agriculture Education Health Creative Industry Sports and infrastructural development roads bridges rail air and sea ports housing and many others The News Agency of Nigeria reports that the president s scorecard is coming ahead of the seven year anniversary of the Buhari led administration on May 29 2022 President Buhari had in May 29 2015 took the oath of office as President promising to serve Nigeria faithfully in all spheres of national life The seven years milestone according to the President s spokesman Mr Femi Adesina presents a major landmark and opportunity to review the service of the president to the country and its people Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges which are being robustly tackled by the government A one stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done and a lot more will still be done in the 12 months ahead Nigeria under Buhari s watch has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria s Independence Under the administration s Energizing Education Economies and Agriculture Programmes the government had so far taken clean and reliable energy Solar and Gas to Federal Universities Teaching Hospitals Markets and Rural Areas across the country The four Universities completed and commissioned already are Bayero University Kano BUK Kano FUNAI Ebonyi ATBU Bauchi and FUPRE Delta Sabon Gari Market in Kano Ariaria Market in Aba and Sura Shopping Complex in Lagos On National Mass Metering Programme the Central Bank of Nigeria is providing N200 billion for this and so far more than one million meters have been rolled out in the first phase This first phase generated more than 10 000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on grid consumers launched in August 2020 The Solar Power Naija SPN Launched in April 2021 to deliver 5 million off grid solar connections would be impacting more than 20 million Nigerians and financed through Central Bank of Nigeria loans as well as through partnerships with NDPHC NNPC and the NSIA The programme is expected to generate an additional N7 billion increase in tax revenues per annum and 10 million in annual import substitution Under Solar Power Naija and NDPHC s partnership ASolar is rolling out 100 000 Solar Home Systems across the country while the NSIA partnering under SPN has announced a N10 billion fund for developers targeting more than 250 000 solar connections In May 2021 the Rural Electrification Agency REA announced the planned deployment of solar powered grids to 200 Primary Health Centres PHC and 104 Unity Schools nationwide Nigeria Electrification Project NEP is a 550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank NEP is a combination of subsidies direct contracts and technical assistance to support Electrification across Nigeria NEP has so far deployed more than 20 000 Standalone Solar Systems SHS as well as Solar Hybrid Mini grids in more than 250 locations across the country The Rural Electrification Fund REF created by the Electricity Power Sector Reform Act of 2005 was operationalized by the Buhari Administration in 2016 Since 2016 the REF under REA has executed more than N4 billion in projects with more than N5 billions of Off Grid mainly Solar projects slated to be executed across Nigeria in 2022 On the special grid interventions the Federal Government has many key grid initiatives with more than N125 2 billion budgeted between 2015 to 2021 for TCN and Development Finance Funding through the likes of World Bank AFDB AFD JICA and others of up to 1 7 billion The Central Bank of Nigeria is also funding 250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery Additionally through the Presidential Power Initiative PPI aka Siemens Power Program an additional 2 0 billion or more will be invested in the Transmission Grid PPI is a Government to Government initiative involving the Governments of Nigeria and Germany and Siemens AG of Germany to upgrade and modernize Nigeria s electricity grid The Contract for the pre engineering phase of the Presidential Power Initiative PPI was signed in Feb 2021 following the 2020 approval for the payment of FGN s counterpart funding for that phase while the first set of equipment contract awards were made in Dec 2021 comprising 10 Mobitra Transformers and 10 Substations In all the PPI will encompass as many as 127 individual Transmission and Distribution projects Brownfield and Greenfield Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha Delta Power Station to Benin as well as the Kano to Katsina 330kV line respectively The 200 million Transmission Infrastructure Project financed by JICA entails the construction of about 200 km of high voltage transmission lines and a number of high voltage substations benefiting several communities in the two States Also through a special CBN intervention for Transmission Distribution interfaces contracts have been awarded for more than 30 Substation Rehabilitations and 1 570MVA transformer capacity upgrades with 34 critical transformers to be installed or replaced On a Policy level the Nigerian Electricity Regulatory Commission NERC has rolled out various policies ranging from a Tariff Capping Regulation for un metered customers to the Eligible Customer Regulations to the introduction of a Service based Tariff Regime and CBN oversight of Disco Bank accounts which has helped improve payment discipline by Discos The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing The ministry has completed or is completing housing projects in 34 States of Nigeria under the National Housing Programme with the support of the State Governments who provided the land So far more than 5 000 houses are at various stages of completion and thousands more are planned The Family Homes Fund Limited FHFL incorporated by the Federal Government of Nigeria in Sept 2016 is the implementing agency for the Buhari Administration s National Social Housing scheme The Fund has now completed more than 13 000 homes across nine States with another 20 000 commencing building works in 2022 In the process these housing developments have created more than 64 000 direct and indirect jobs The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission NIPC Pioneer Status to e Commerce and software development companies Stipulation of N145 per linear meter cap on Highway Right of Way RoW for fibre optic cabling to incentivize investment in rollout Launch of new national 5G policy in 2021 and successful licensing of two private companies to rollout 5G nationally Nigeria s 5G rollout will commence in August 2022 Establishment of new National Data Protection Bureau which is expected to develop primary legislation for data protection and privacy Launch of new National Digital Economy Policy and Strategy by President Buhari in 2019 Drafting of the Nigeria Startup Bill NSB and submission of the draft Bill to the National Assembly for consideration and passage into law Establishment in 2021 of a National Centre for Artificial Intelligence and Robotics NCAIR Ongoing implementation starting 2021 of the National Information and Communication Technology Infrastructure Backbone Phase 2 NICTIB 2 Project The goal of NICTIB is to rollout a nationwide fibre infrastructure network Ongoing construction of a Tier 4 Data Center in Kano to join existing infrastructure in Abuja Tier 3 Data Center and Enugu A Disaster Recovery Site The Kano Data Center is expected to be completed in 2022 The major achievements of the Buhari administration in the area of oil and gas include Buhari s assent to the Petroleum Industry Act on Aug 16 2021 This broke a two decades old jinx and is setting the stage for the unprecedented transformation of Nigeria s oil and gas sector Under the new Act the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022 The regulatory framework for the sector has also changed with the establishment of a the Nigerian Upstream Petroleum Regulatory Commission NUPRC and b the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA which merged the hitherto existing Petroleum Products Pricing Regulatory Agency PPPRA Petroleum Equalization Fund Management Board PEFMB and the Midstream and Downstream Divisions of the Department of Petroleum Resources DPR The historic Signing Ceremony in May 2021 of the Execution of Oil Mining Lease OML 118 Agreements between NNPC Limited and its Contractor Partners Shell Exxon Mobil TOTAL and NAOC These Agreements settled long standing disputes that stalled development and will unlock more than 10 billion of new deep water investment in Nigeria The Buhari administration has declared this decade the Decade of Gas The Federal Government has embarked on the construction of 614km Ajaokuta Kaduna Kano Gas Project the largest domestic gas project in the country Already the government has secured US 45 million financing from the Islamic Development Bank for the Front End Engineering Design FEED Study for the Nigeria Morocco Gas Pipeline NMGP project The Agreement for the Pipeline project was signed by the two countries during President Buhari s State Visit to Morocco in June 2018 When completed it will be the longest offshore pipeline in the world and the second longest pipeline in the world running across 13 countries 11 of them in West Africa It s believed that the successful completion of Nigeria s first Marginal Field Bid Round in almost 20 years is expected to raise in excess of half a billion dollars and open up a new vista of investment in oil and gas Launch of National LPG Expansion Programme including Removal of VAT from the domestic pricing of LPG Financial close and signing of contract for NLNG Train 7 which will grow Nigeria s LNG production capacity by 35 per cent Nigeria and Morocco in 2021 signed an agreement to develop a US 1 4 billion multipurpose industrial platform Ammonia and Di Ammonium Phosphate production plants that will utilize Nigerian gas and Moroccan phosphate to produce 750 000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025 It will be located in Ikot Abasi Akwa Ibom State The nation also witnessed the inauguration in Dec 2020 of the new NPDC Integrated Gas Handling Facility in Edo the largest onshore LPG plant in the country with a processing capacity of 100 million standard cubic feet of gas daily producing 330 tonnes of LPG 345 tonnes of propane and 2 600 barrels of condensate daily The government also established a 350m Nigerian Content Intervention Fund to finance manufacturing contracts and assets in the oil and gas industry The NNPC Limited s National Petroleum Investment Management Services NAPIMS became in 2022 the first Government organization in West and North Africa to receive the ISO 22301 2019 Certification for Business Continuity Management from RINA On the financing and investment in the oil and gas Afreximbank announced in Jan 2022 that it will assist NNPC Limited to raise 5 billion financing to support investments in Nigeria s upstream industry and facilitate expanded energy supply Afrexim also disclosed plans to underwrite 1 billion of the total planned debt Final Investment Decision in January 2021 on a 10 000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board NCDMB in partnership with the private sector The plant is now under construction in Odeama Brass Bayelsa State On Policy Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery in Imo State and broke ground on Phase 2 which will add 20 000bpd processing capacity The Nigerian National Petroleum Corporation NNPC on Dec 21 2021 handed over a symbolic cheque of N621 24 Billion for the rehabilitation of 21 critical roads totalling 1 800km across the country through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019 Note that this does not mean that NNPC has gone into the business of constructing roads instead it is financing the construction of roads through its tax liabilities It s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme NUCOP would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a 10 or less per barrel production cost NAN
    2: One-stop shop of achievements of Buhari Administration at 7
     The Presidency has again reeled out 28 page of President Muhammadu Buhari s strides in Oil and gas reforms Digital economy Mines and steel development Agriculture Education Health Creative Industry Sports and infrastructural development roads bridges rail air and sea ports housing and many others The News Agency of Nigeria reports that the president s scorecard is coming ahead of the seven year anniversary of the Buhari led administration on May 29 2022 President Buhari had in May 29 2015 took the oath of office as President promising to serve Nigeria faithfully in all spheres of national life The seven years milestone according to the President s spokesman Mr Femi Adesina presents a major landmark and opportunity to review the service of the president to the country and its people Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges which are being robustly tackled by the government A one stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done and a lot more will still be done in the 12 months ahead Nigeria under Buhari s watch has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria s Independence Under the administration s Energizing Education Economies and Agriculture Programmes the government had so far taken clean and reliable energy Solar and Gas to Federal Universities Teaching Hospitals Markets and Rural Areas across the country The four Universities completed and commissioned already are Bayero University Kano BUK Kano FUNAI Ebonyi ATBU Bauchi and FUPRE Delta Sabon Gari Market in Kano Ariaria Market in Aba and Sura Shopping Complex in Lagos On National Mass Metering Programme the Central Bank of Nigeria is providing N200 billion for this and so far more than one million meters have been rolled out in the first phase This first phase generated more than 10 000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on grid consumers launched in August 2020 The Solar Power Naija SPN Launched in April 2021 to deliver 5 million off grid solar connections would be impacting more than 20 million Nigerians and financed through Central Bank of Nigeria loans as well as through partnerships with NDPHC NNPC and the NSIA The programme is expected to generate an additional N7 billion increase in tax revenues per annum and 10 million in annual import substitution Under Solar Power Naija and NDPHC s partnership ASolar is rolling out 100 000 Solar Home Systems across the country while the NSIA partnering under SPN has announced a N10 billion fund for developers targeting more than 250 000 solar connections In May 2021 the Rural Electrification Agency REA announced the planned deployment of solar powered grids to 200 Primary Health Centres PHC and 104 Unity Schools nationwide Nigeria Electrification Project NEP is a 550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank NEP is a combination of subsidies direct contracts and technical assistance to support Electrification across Nigeria NEP has so far deployed more than 20 000 Standalone Solar Systems SHS as well as Solar Hybrid Mini grids in more than 250 locations across the country The Rural Electrification Fund REF created by the Electricity Power Sector Reform Act of 2005 was operationalized by the Buhari Administration in 2016 Since 2016 the REF under REA has executed more than N4 billion in projects with more than N5 billions of Off Grid mainly Solar projects slated to be executed across Nigeria in 2022 On the special grid interventions the Federal Government has many key grid initiatives with more than N125 2 billion budgeted between 2015 to 2021 for TCN and Development Finance Funding through the likes of World Bank AFDB AFD JICA and others of up to 1 7 billion The Central Bank of Nigeria is also funding 250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery Additionally through the Presidential Power Initiative PPI aka Siemens Power Program an additional 2 0 billion or more will be invested in the Transmission Grid PPI is a Government to Government initiative involving the Governments of Nigeria and Germany and Siemens AG of Germany to upgrade and modernize Nigeria s electricity grid The Contract for the pre engineering phase of the Presidential Power Initiative PPI was signed in Feb 2021 following the 2020 approval for the payment of FGN s counterpart funding for that phase while the first set of equipment contract awards were made in Dec 2021 comprising 10 Mobitra Transformers and 10 Substations In all the PPI will encompass as many as 127 individual Transmission and Distribution projects Brownfield and Greenfield Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha Delta Power Station to Benin as well as the Kano to Katsina 330kV line respectively The 200 million Transmission Infrastructure Project financed by JICA entails the construction of about 200 km of high voltage transmission lines and a number of high voltage substations benefiting several communities in the two States Also through a special CBN intervention for Transmission Distribution interfaces contracts have been awarded for more than 30 Substation Rehabilitations and 1 570MVA transformer capacity upgrades with 34 critical transformers to be installed or replaced On a Policy level the Nigerian Electricity Regulatory Commission NERC has rolled out various policies ranging from a Tariff Capping Regulation for un metered customers to the Eligible Customer Regulations to the introduction of a Service based Tariff Regime and CBN oversight of Disco Bank accounts which has helped improve payment discipline by Discos The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing The ministry has completed or is completing housing projects in 34 States of Nigeria under the National Housing Programme with the support of the State Governments who provided the land So far more than 5 000 houses are at various stages of completion and thousands more are planned The Family Homes Fund Limited FHFL incorporated by the Federal Government of Nigeria in Sept 2016 is the implementing agency for the Buhari Administration s National Social Housing scheme The Fund has now completed more than 13 000 homes across nine States with another 20 000 commencing building works in 2022 In the process these housing developments have created more than 64 000 direct and indirect jobs The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission NIPC Pioneer Status to e Commerce and software development companies Stipulation of N145 per linear meter cap on Highway Right of Way RoW for fibre optic cabling to incentivize investment in rollout Launch of new national 5G policy in 2021 and successful licensing of two private companies to rollout 5G nationally Nigeria s 5G rollout will commence in August 2022 Establishment of new National Data Protection Bureau which is expected to develop primary legislation for data protection and privacy Launch of new National Digital Economy Policy and Strategy by President Buhari in 2019 Drafting of the Nigeria Startup Bill NSB and submission of the draft Bill to the National Assembly for consideration and passage into law Establishment in 2021 of a National Centre for Artificial Intelligence and Robotics NCAIR Ongoing implementation starting 2021 of the National Information and Communication Technology Infrastructure Backbone Phase 2 NICTIB 2 Project The goal of NICTIB is to rollout a nationwide fibre infrastructure network Ongoing construction of a Tier 4 Data Center in Kano to join existing infrastructure in Abuja Tier 3 Data Center and Enugu A Disaster Recovery Site The Kano Data Center is expected to be completed in 2022 The major achievements of the Buhari administration in the area of oil and gas include Buhari s assent to the Petroleum Industry Act on Aug 16 2021 This broke a two decades old jinx and is setting the stage for the unprecedented transformation of Nigeria s oil and gas sector Under the new Act the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022 The regulatory framework for the sector has also changed with the establishment of a the Nigerian Upstream Petroleum Regulatory Commission NUPRC and b the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA which merged the hitherto existing Petroleum Products Pricing Regulatory Agency PPPRA Petroleum Equalization Fund Management Board PEFMB and the Midstream and Downstream Divisions of the Department of Petroleum Resources DPR The historic Signing Ceremony in May 2021 of the Execution of Oil Mining Lease OML 118 Agreements between NNPC Limited and its Contractor Partners Shell Exxon Mobil TOTAL and NAOC These Agreements settled long standing disputes that stalled development and will unlock more than 10 billion of new deep water investment in Nigeria The Buhari administration has declared this decade the Decade of Gas The Federal Government has embarked on the construction of 614km Ajaokuta Kaduna Kano Gas Project the largest domestic gas project in the country Already the government has secured US 45 million financing from the Islamic Development Bank for the Front End Engineering Design FEED Study for the Nigeria Morocco Gas Pipeline NMGP project The Agreement for the Pipeline project was signed by the two countries during President Buhari s State Visit to Morocco in June 2018 When completed it will be the longest offshore pipeline in the world and the second longest pipeline in the world running across 13 countries 11 of them in West Africa It s believed that the successful completion of Nigeria s first Marginal Field Bid Round in almost 20 years is expected to raise in excess of half a billion dollars and open up a new vista of investment in oil and gas Launch of National LPG Expansion Programme including Removal of VAT from the domestic pricing of LPG Financial close and signing of contract for NLNG Train 7 which will grow Nigeria s LNG production capacity by 35 per cent Nigeria and Morocco in 2021 signed an agreement to develop a US 1 4 billion multipurpose industrial platform Ammonia and Di Ammonium Phosphate production plants that will utilize Nigerian gas and Moroccan phosphate to produce 750 000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025 It will be located in Ikot Abasi Akwa Ibom State The nation also witnessed the inauguration in Dec 2020 of the new NPDC Integrated Gas Handling Facility in Edo the largest onshore LPG plant in the country with a processing capacity of 100 million standard cubic feet of gas daily producing 330 tonnes of LPG 345 tonnes of propane and 2 600 barrels of condensate daily The government also established a 350m Nigerian Content Intervention Fund to finance manufacturing contracts and assets in the oil and gas industry The NNPC Limited s National Petroleum Investment Management Services NAPIMS became in 2022 the first Government organization in West and North Africa to receive the ISO 22301 2019 Certification for Business Continuity Management from RINA On the financing and investment in the oil and gas Afreximbank announced in Jan 2022 that it will assist NNPC Limited to raise 5 billion financing to support investments in Nigeria s upstream industry and facilitate expanded energy supply Afrexim also disclosed plans to underwrite 1 billion of the total planned debt Final Investment Decision in January 2021 on a 10 000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board NCDMB in partnership with the private sector The plant is now under construction in Odeama Brass Bayelsa State On Policy Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery in Imo State and broke ground on Phase 2 which will add 20 000bpd processing capacity The Nigerian National Petroleum Corporation NNPC on Dec 21 2021 handed over a symbolic cheque of N621 24 Billion for the rehabilitation of 21 critical roads totalling 1 800km across the country through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019 Note that this does not mean that NNPC has gone into the business of constructing roads instead it is financing the construction of roads through its tax liabilities It s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme NUCOP would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a 10 or less per barrel production cost NAN
    2: One-stop shop of achievements of Buhari Administration at 7
    General news4 months ago

    2: One-stop shop of achievements of Buhari Administration at 7

    The Presidency has again, reeled out 28-page of President Muhammadu Buhari’s strides in Oil and gas reforms, Digital economy, Mines and steel development, Agriculture, Education, Health, Creative Industry, Sports and infrastructural development; roads, bridges, rail, air and sea ports, housing, and many others.
    The News Agency of Nigeria reports that the president’s scorecard is coming ahead of the seven year anniversary of the Buhari-led administration on May 29, 2022.
    President Buhari had in May 29, 2015, took the oath of office as President, promising to serve Nigeria faithfully in all spheres of national life.
    The seven years milestone, according to the President’s spokesman, Mr Femi Adesina, presents a major landmark and opportunity to review the service of the president to the country, and its people.
    Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges, which are being robustly tackled by the government.
    A one-stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done, and a lot more will still be done in the 12 months ahead.
    Nigeria, under Buhari’s watch, has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria’s Independence.
    Under the administration’s Energizing Education, Economies and Agriculture Programmes, the government had so far taken clean and reliable energy (Solar and Gas) to Federal Universities, Teaching Hospitals, Markets and Rural Areas across the country.
    The four Universities completed and commissioned already are, Bayero University Kano ( BUK ), Kano, FUNAI (Ebonyi), ATBU (Bauchi) and FUPRE (Delta), Sabon-Gari Market in Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos.
    On National Mass Metering Programme, the Central Bank of Nigeria is providing N200 billion for this, and so far, more than one million meters have been rolled out, in the first phase.
    This first phase generated more than 10,000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on-grid consumers, launched in August 2020.
    The Solar Power Naija (SPN), Launched in April 2021 to deliver 5 million off-grid solar connections, would be impacting more than 20 million Nigerians, and financed through Central Bank of Nigeria loans, as well as through partnerships with NDPHC, NNPC and the NSIA.
    The programme is expected to generate an additional N7 billion increase in tax revenues per annum and $10 million in annual import substitution.
    ”Under Solar Power Naija and NDPHC’s partnership, ASolar is rolling out 100,000 Solar Home Systems across the country, while the NSIA (partnering under SPN) has announced a N10 billion fund for developers, targeting more than 250,000 solar connections.”
    In May 2021, the Rural Electrification Agency (REA) announced the planned deployment of solar-powered grids to 200 Primary Health Centres (PHC) and 104 Unity Schools nationwide.
    Nigeria Electrification Project (NEP) is a $550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank. NEP is a combination of subsidies, direct contracts and technical assistance to support Electrification across Nigeria.
    NEP has so far deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid Mini-grids in more than 250 locations across the country.
    The Rural Electrification Fund (REF), created by the Electricity Power Sector Reform Act of 2005, was operationalized by the Buhari Administration in 2016.
    Since 2016, the REF under REA has executed more than N4 billion in projects, with more than N5 billions of Off-Grid (mainly Solar) projects slated to be executed across Nigeria in 2022.
    On the special grid interventions, the Federal Government has many key grid initiatives with more than N125.2 billion budgeted between 2015 to 2021 for TCN, and Development Finance Funding through the likes of World Bank, AFDB, AFD, JICA and others of up to $1.7 billion.
    The Central Bank of Nigeria is also funding $250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery.
    Additionally, through the Presidential Power Initiative (PPI), aka Siemens Power Program, an additional $2.0 billion or more will be invested in the Transmission Grid.
    PPI is a Government-to-Government initiative involving the Governments of Nigeria and Germany, and Siemens AG of Germany, to upgrade and modernize Nigeria’s electricity grid.
    The Contract for the pre-engineering phase of the Presidential Power Initiative (PPI) was signed in Feb. 2021, following the 2020 approval for the payment of FGN’s counterpart funding for that phase, while the first set of equipment contract awards were made in Dec. 2021, comprising 10 Mobitra Transformers and 10 Substations.
    In all the PPI will encompass as many as 127 individual Transmission and Distribution projects (Brownfield and Greenfield).
    Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha, Delta Power Station to Benin as well as the Kano to Katsina 330kV line (respectively).
    The $200 million Transmission Infrastructure Project, financed by JICA entails the construction of about 200 km of high-voltage transmission lines and a number of high voltage substations, benefiting several communities in the two States.
    Also through a special CBN intervention for Transmission Distribution interfaces, contracts have been awarded for more than 30 Substation Rehabilitations and 1,570MVA transformer capacity upgrades, with 34 critical transformers to be installed or replaced.
    On a Policy level, the Nigerian Electricity Regulatory Commission (NERC) has rolled out various policies ranging from a Tariff-Capping Regulation for un-metered customers, to the Eligible Customer Regulations, to the introduction of a Service-based Tariff Regime and CBN oversight of Disco Bank accounts (which has helped improve payment discipline by Discos).
    The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing.
    The ministry has completed or is completing housing projects in 34 States of Nigeria, under the National Housing Programme, with the support of the State Governments, who provided the land.
    So far more than 5,000 houses are at various stages of completion, and thousands more are planned.
    The Family Homes Fund Limited (FHFL), incorporated by the Federal Government of Nigeria in Sept. 2016, is the implementing agency for the Buhari Administration’s National Social Housing scheme.
    The Fund has now completed more than 13,000 homes across nine States, with another 20,000 commencing building works in 2022. In the process these housing developments have created more than 64,000 direct and indirect jobs.
    The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission (NIPC) ‘Pioneer Status’ to e-Commerce and software development companies.
    ”Stipulation of N145 per linear meter cap on Highway Right of Way (RoW) for fibre optic cabling, to incentivize investment in rollout.
    ”Launch of new national 5G policy in 2021, and successful licensing of two private companies to rollout 5G nationally. Nigeria’s 5G rollout will commence in August 2022.
    ”Establishment of new National Data Protection Bureau, which is expected to develop “primary legislation for data protection and privacy.”
    ”Launch of new “National Digital Economy Policy and Strategy”, by President Buhari in 2019.
    ‘ ‘Drafting of the Nigeria Startup Bill (NSB), and submission of the draft Bill to the National Assembly for consideration and passage into law.
    – Establishment, in 2021, of a National Centre for Artificial Intelligence and Robotics (NCAIR).
    ”Ongoing implementation, starting 2021, of the National Information and Communication Technology Infrastructure Backbone Phase 2 (NICTIB-2) Project.
    ”The goal of NICTIB is to rollout a nationwide fibre infrastructure network.
    ”Ongoing construction of a Tier-4 Data Center in Kano, to join existing infrastructure in Abuja (Tier-3 Data Center) and Enugu (A Disaster Recovery Site). The Kano Data Center is expected to be completed in 2022.”
    The major achievements of the Buhari administration in the area of oil and gas include Buhari’s assent to the Petroleum Industry Act on Aug, 16, 2021.
    This, broke a two-decades-old jinx and is setting the stage for the unprecedented transformation of Nigeria’s oil and gas sector.
    Under the new Act, the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022.
    The regulatory framework for the sector has also changed, with the establishment of:
    (a) the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and
    (b) the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which merged the hitherto-existing Petroleum Products Pricing Regulatory Agency (PPPRA), Petroleum Equalization Fund (Management) Board(PEFMB), and the Midstream and Downstream Divisions of the Department of Petroleum Resources (DPR).
    The historic Signing Ceremony, in May 2021, of the Execution of Oil Mining Lease (OML) 118 Agreements between NNPC Limited and its Contractor Partners: Shell, Exxon Mobil, TOTAL and NAOC.
    These Agreements settled long-standing disputes that stalled development, and will unlock more than $10 billion of new deep-water investment in Nigeria.
    The Buhari administration has declared this decade the “Decade of Gas.”
    The Federal Government has embarked on the construction of 614km Ajaokuta-Kaduna-Kano Gas Project, the largest domestic gas project in the country.
    Already, the government has secured US$45 million financing from the Islamic Development Bank, for the Front-End Engineering Design (FEED) Study for the Nigeria–Morocco Gas Pipeline (NMGP) project.
    The Agreement for the Pipeline project was signed by the two countries during President Buhari’s State Visit to Morocco in June 2018.
    When completed it will be the longest offshore pipeline in the world, and the second longest pipeline in the world, running across 13 countries, 11 of them in West Africa.
    It’s believed that the successful completion of Nigeria’s first Marginal Field Bid Round in almost 20 years, is expected to raise in excess of half a billion dollars, and open up a new vista of investment in oil and gas.
    ”Launch of National LPG Expansion Programme (including Removal of VAT from the domestic pricing of LPG)
    ”Financial close and signing of contract for NLNG Train 7, which will grow Nigeria’s LNG production capacity by 35 per cent.
    ”Nigeria and Morocco in 2021 signed an agreement to develop a US$1.4 billion multipurpose industrial platform (Ammonia and Di-Ammonium Phosphate production plants) that will utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025.
    ”It will be located in Ikot-Abasi, Akwa-Ibom State.”
    The nation also witnessed the inauguration, in Dec. 2020, of the new NPDC Integrated Gas Handling Facility in Edo, the largest onshore LPG plant in the country, with a processing capacity of 100 million standard cubic feet of gas daily, producing 330 tonnes of LPG, 345 tonnes of propane and 2,600 barrels of condensate, daily.
    The government also established a $350m Nigerian Content Intervention Fund, to finance manufacturing, contracts and assets in the oil and gas industry.
    ”The NNPC Limited’s National Petroleum Investment Management Services (NAPIMS) became, in 2022, the first Government organization in West and North Africa to receive the ISO 22301:2019 Certification for Business Continuity Management from RINA.”
    On the financing and investment in the oil and gas, Afreximbank announced in Jan. 2022 that it will assist NNPC Limited to raise $5 billion financing to support investments in Nigeria’s upstream industry, and facilitate expanded energy supply.
    Afrexim also disclosed plans to underwrite $1 billion of the total planned debt.
    ”Final Investment Decision in January 2021 on a 10,000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant, being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board (NCDMB), in partnership with the private sector.
    ”The plant is now under construction in Odeama, Brass, Bayelsa State.
    On Policy, Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta, the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta.
    In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery, in Imo State, and broke ground on Phase 2, which will add 20,000bpd processing capacity.
    The Nigerian National Petroleum Corporation (NNPC), on Dec. 21, 2021, handed over a symbolic cheque of N621.24 Billion for the rehabilitation of 21 critical roads (totalling 1,800km) across the country, through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019.
    ”Note that this does not mean that NNPC has gone into the business of constructing roads; instead it is financing the construction of roads, through its tax liabilities.”
    It’s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme (NUCOP), would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a $10 or less per barrel production cost.

    (NAN)