Connect with us

News

NNPC Ltd, PSC Contractors Resolve Disputes, Renew PSC Leases

Published

on

 

Less than a month after the unveiling of NNPC Ltd by Mr. President, NNPC Ltd and its Production Sharing Contract (PSC) Contractors are pleased to announce the execution of fully termed agreements for the renegotiated PSCs.

During an event to mark the landmark achievement held today at the NNPC Towers in Abuja, the parties renewed their agreements in five Oil Mining Leases (OMLs 128,130,132, 133, and 138), a development that would not only unlock further investments in the upstream sector and boost investors’ confidence but would also unlock over $500bn in revenue for the country.

Group CEO, NNPC Ltd, Mallam Mele Kyari, said renegotiations of the assets were in line with the provisions of section 311 of the PIA with other improvements to the PSCs aimed at driving performance in the PSC operations.

President Buhari Unveils New NNPC LTD

Speaking further, Kyari said the negotiations were completed within the timeframe specified by PIA for all re-negotiated PSCs, stressing that “the “meaning of this is that there is now a great deal of clarity between NNPC Ltd and its partners in the deep water space.”

Kyari commended President Muhammadu Buhari for his leadership in providing theNNPC Ltd and its Contractors the opportunity to achieve the milestone through thePIA, thereby offering more opportunities for boosting the nation’s crude oil production and revenue base.

In his remarks, Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor described the execution of OML 133 PSC contract as significant progress towards harnessing the deep-water resources of Nigeria.

Also speaking, the Chairman/Managing Director of Exxon Mobil Companies in Nigeria,Mr. Richard Laing noted that the renewal of the Usan and Erha leases validates his company’s commitment to maintaining a significant deepwater presence in Nigeria,through Esso Exploration and Production Nigeria (Deepwater) Limited.

On his part, Chairman/Managing Director of Chevron Nigeria Limited (CNL), Mr. Rick Kennedy said Chevron is proud of its strong partnership with Nigeria and its various partners and remains also committed to supporting the country to develop its energy resources safely and reliably.

The recent negotiations will put to rest the protracted dispute between the NNPC Ltd and the Contractor Parties in Oil Mining Leases (OMLs) 125, 128, 130, 132 and 133, as well as 138 PSCs). The PSCs and their leases, except OML 130, will run for another 20 years term under pre-PIA laws, while OML130 is to be renewed under PIA terms.

The PIA in Section 31m(2) stipulates that new PSC agreements under new Heads of Terms will be signed between NNPC Ltd as Concessionaire and her Contractor Parties within one year of signing the PIA into law, giving a deadline of 15th August 2022.

This provision paved the way for the resolution of lingering disputes which created investment uncertainty and stifled new investments in the nation’s deep offshore assets.

To achieve this, NNPC Ltd leveraged on the near-end term of the PSCs and the parties’ interest to renew the PSCs as a negotiation currency in bringing the contractors to work towards trading the past for the future.

These renewed PSCs would provide several benefits such as improved long-term relationships with contractors, elimination of contractual ambiguities, especially in relation to gas terms, and enable early contract renewal amongst others.

In a statement by Group General Manger public affairs Division NNPC Limited Garba Deen Muhammad said the signing ceremony was witnessed by the Honourable Minister of State for Petroleum Resources, Chief Timipre Sylva; Board Members of NNPC Ltd, led by the Chairman, Senator, Margerie Chuba Okadigbo; Chief Executive of NUPRC, Engr. Gbenga Komolafe; Chief Executive of NMDPRA, Mr. Faruk Ahmed and the Executive Chairman, Federal InlandRevenue Service (FIRS), Mr. Muhammad Namu.

NNPC Ltd, PSC Contractors Resolve Disputes, Renew PSC Leases

Less than a month after the unveiling of NNPC Ltd by Mr. President, NNPC Ltd and its Production Sharing Contract (PSC) Contractors are pleased to announce the execution of fully termed agreements for the renegotiated PSCs.

During an event to mark the landmark achievement held today at the NNPC Towers in Abuja, the parties renewed their agreements in five Oil Mining Leases (OMLs 128,130,132, 133, and 138), a development that would not only unlock further investments in the upstream sector and boost investors’ confidence but would also unlock over $500bn in revenue for the country.

Group CEO, NNPC Ltd, Mallam Mele Kyari, said renegotiations of the assets were in line with the provisions of section 311 of the PIA with other improvements to the PSCs aimed at driving performance in the PSC operations.

Speaking further, Kyari said the negotiations were completed within the timeframe specified by PIA for all re-negotiated PSCs, stressing that “the “meaning of this is that there is now a great deal of clarity between NNPC Ltd and its partners in the deep water space.”

Kyari commended President Muhammadu Buhari for his leadership in providing theNNPC Ltd and its Contractors the opportunity to achieve the milestone through thePIA, thereby offering more opportunities for boosting the nation’s crude oil production and revenue base.

In his remarks, Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor described the execution of OML 133 PSC contract as significant progress towards harnessing the deep-water resources of Nigeria.

Also speaking, the Chairman/Managing Director of Exxon Mobil Companies in Nigeria,Mr. Richard Laing noted that the renewal of the Usan and Erha leases validates his company’s commitment to maintaining a significant deepwater presence in Nigeria,through Esso Exploration and Production Nigeria (Deepwater) Limited.

On his part, Chairman/Managing Director of Chevron Nigeria Limited (CNL), Mr. Rick Kennedy said Chevron is proud of its strong partnership with Nigeria and its various partners and remains also committed to supporting the country to develop its energy resources safely and reliably.

The recent negotiations will put to rest the protracted dispute between the NNPC Ltd and the Contractor Parties in Oil Mining Leases (OMLs) 125, 128, 130, 132 and 133, as well as 138 PSCs). The PSCs and their leases, except OML 130, will run for another 20 years term under pre-PIA laws, while OML130 is to be renewed under PIA terms.

The PIA in Section 31m(2) stipulates that new PSC agreements under new Heads of Terms will be signed between NNPC Ltd as Concessionaire and her Contractor Parties within one year of signing the PIA into law, giving a deadline of 15th August 2022.

This provision paved the way for the resolution of lingering disputes which created investment uncertainty and stifled new investments in the nation’s deep offshore assets.

To achieve this, NNPC Ltd leveraged on the near-end term of the PSCs and the parties’ interest to renew the PSCs as a negotiation currency in bringing the contractors to work towards trading the past for the future.

These renewed PSCs would provide several benefits such as improved long-term relationships with contractors, elimination of contractual ambiguities, especially in relation to gas terms, and enable early contract renewal amongst others.

In a statement by Group General Manger public affairs Division NNPC Limited Garba Deen Muhammad said the signing ceremony was witnessed by the Honourable Minister of State for Petroleum Resources, Chief Timipre Sylva; Board Members of NNPC Ltd, led by the Chairman, Senator, Margerie Chuba Okadigbo; Chief Executive of NUPRC, Engr. Gbenga Komolafe; Chief Executive of NMDPRA, Mr. Faruk Ahmed and the Executive Chairman, Federal InlandRevenue Service (FIRS), Mr. Muhammad Namu.

 

 

 

 

 

 

News

Governor Inuwa Yahaya Inaugurates Taskforce on Basic Education Revitalization

Published

on

 

 

Gombe State Governor, Muhammadu Inuwa Yahaya, CON, has inaugurated a Taskforce on the Revitalization of Basic Education, with a mandate to develop practical and transformative strategies to strengthen foundational learning across the state.

Speaking during the inauguration ceremony at the Government House, Governor Inuwa Yahaya charged the taskforce members to propose actionable measures that will improve basic education performance, address shortages of qualified teachers and tackle weak administrative structures, among other critical challenges.

The Governor recalled that upon assuming office in 2019, his administration declared a state of emergency in the education sector due to years of decay, poor planning and structural inadequacies.

He noted that, despite significant progress recorded since then, the state must push further to achieve excellence.

Governor Inuwa Yahaya pointed out some of the tangible achievements in the sector, including the dramatic improvement in WAEC performance from 22 percent to over 70 percent within six and a half years, describing it as evidence of his administration’s commitment to quality education.

He reiterated his resolve to ensure that students in Gombe continue to excel in both NECO and WAEC examinations.

On efforts to reduce the number of out-of-school children, the Governor explained that, through the Better Education Service Delivery for All (BESDA) programme and support from development partners, the state successfully enrolled over 450,000 children into various schools.

He acknowledged the challenges posed by migration patterns, particularly with Gombe bearing the brunts in the middle of the North-East, but assured that government will continue to provide the necessary support to ensure that these children remain in school until completion.

Describing members of the taskforce as seasoned administrators and accomplished educationists, Governor Inuwa Yahaya said their appointment was based strictly on technical competence and professional merit, not political considerations.

He encouraged the committee to adopt innovative ideas and co-opt additional expertise where necessary to enrich their assignment and deliver a roadmap that will reposition basic education in the state. He warned against any bureaucratic bottlenecks that will hinder the work of the taskforce.

The Governor reiterated that his administration places utmost priority on basic education, healthcare, security and agriculture, noting that these sectors form the foundation of sustainable human development.

He revealed that the state government recently launched the disbursement of over 13.5 billion Naira under AGILE towards improving girl-child learning environments, N1.5 billion for scholarships to students, and an additional over 700 million naira disbursed as incentives to keep girls in school.

Responding on behalf of the taskforce, the Chairperson and Commissioner of Education, Professor Aishatu Maigari, assured the Governor that members of the committee will justify the confidence reposed in them by producing a revitalization blueprint that will serve as a model for other states.

She commended Governor Inuwa Yahaya’s courage and vision, stating, “It takes courage for a leader to invest six years of exemplary effort in education and still say, ‘Tell me what more I need to do.’”

Professor Maigari disclosed that Gombe was the first state to pay its UBEC counterpart funding for 2025, adding that the Minister of Education had recently commended Governor Inuwa Yahaya for his steadfast commitment to educational development.

“We assure you, Your Excellency, that we will diagnose the problems and challenges, assess the needs of the sector and proffer tailor made solutions that will be scalable, achievable, specific, realistic, time bound and transparent “.

The taskforce has the Commissioner for Education, Professor Aishatu Maigari as Chairperson, with Dr. Hamid Bobboyi, OON, Mr. Mataimaki Tom Maiyashi, Engr. Dr. Muhammad Nuru Yakubu, OON and Dr. Sadiq Abubakar Gombe as members.

The Executive Chairman of the Gombe State Universal Basic Education Board (SUBEB), Professor Esrom Toro Jokthan, serves as Secretary, while the Permanent Secretary, Special Services and Political, is Assistant Secretary.

 

Continue Reading

News

Psychiatrist warns journalists against rising stress, depression

Published

on

 

Stress and mental health disorders have been identified as growing threats to the journalism profession in Nigeria and across the globe, a leading psychiatrist has warned.

Dr. Aminu Ibrahim Shehu, a Consultant Psychiatrist at the Aminu Kano Teaching Hospital (AKTH), sounded the alarm while presenting a paper titled “Pressure Amid Deadline: Psychiatric/Mental Health Precautions” during the 2025 Retreat of the Kano Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), held at Pyramid Hotel, Kaduna.

He said the fast-paced and high-pressure nature of journalism has exposed many practitioners to chronic stress, trauma, depression and other psychological disorders.

“Journalists are stressful and always under pressure to meet deadlines and break the news. What can we do about it? Even though stress is always around us, the only place you stay without stress is the graveyard,” he remarked.

Dr. Shehu noted that reporters often witness tragic and traumatic events first-hand, which may silently affect their mental stability over time. He observed that, like military personnel, journalists are always present at gory and tragic scenes, making them highly vulnerable to trauma.

He warned that unless journalists begin to take mental health seriously, the industry may continue to lose practitioners to depression, suicide and stress-related illnesses.

The psychiatrist urged journalists to seek medical and emotional support when overwhelmed, cultivate healthier work routines, identify the causes of stress early, and prioritise adequate sleep and rest.

He also shared examples of journalists who died by suicide or from untreated depression, underscoring the importance of taking psychological wellbeing as seriously as physical health.

Continue Reading

News

Experts caution journalists on defamation, AI risks and digital vulnerabilities

Published

on

 

Media professionals have been urged to strengthen their understanding of emerging technologies, legal boundaries and digital safety to remain relevant in modern journalism.

This formed part of the key messages delivered during the second-day sessions of the 2025 Retreat organised by the Kano Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ) in Kaduna.

Presenting a paper titled “The Defamatory Border Lines in Media Reports: A Legal Perspective,” Barr. Yusuf Abdul Salam said Nigerian journalists must pay closer attention to the legal implications of their language use and sourcing practices.

According to him, “in Nigeria, what exists is right of expression, not freedom of the press,” adding that careless reporting could easily lead to libelous or defamatory publications.

In her paper, “AI in Journalism and Mass Communication: Scope and Values,” Ms. Hajia Sani urged journalists to upgrade their knowledge of emerging media technologies or risk being left behind.

“If you don’t know how to utilize devices, you are left behind,” she said, adding that while Artificial Intelligence supports content production, it also comes with ethical and social implications journalists must be cautious about.

Speaking on digital trends, Abdullateef Abubakar Jos, who delivered a presentation titled “Digital Media: Emerging Opportunities, Challenges,” highlighted the distinction between digital and new media, lamenting that journalists, especially online publishers, are increasingly falling victim to cybercrime.

He urged media practitioners to verify information and uphold professional ethics despite the pressure of the digital environment.

The chairman of the retreat, Sunusi Bature Dawakin Tofa—who is also the Director-General, Media and Public Relations at the Kano State Government House—commended the resource persons for their knowledge-driven sessions.

Bature, who is the spokesperson to Kano State Governor Abba Kabir Yusuf, cautioned journalists on excessive dependence on Artificial Intelligence.

“Artificial Intelligence generates information through human beings. We should not entirely succumb our creativity and professionalism to AI,” he said, while stressing the need for journalists to follow digital trends without compromising their craft.

Continue Reading

Trending