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NNPC Ltd, PSC Contractors Resolve Disputes, Renew PSC Leases

Published

2 years ago

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.

 

 

 

 

 

 

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Tinubu Rejects Bill for Federal University of Education in Numan

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9 hours ago

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January 14, 2025

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President Bola Tinubu has declined to give assent to the bill establishing the Federal University of Education located in Numan, Adamawa State.

The President gave reasons for his decision in a letter addressed to the President of the Senate, Godswill Akpabio on Tuesday in Abuja.

Reports indicate that in the letter which was read during plenary, President Tinubu said his decision stems from unresolved land discrepancies and constitutional issues regarding disposal rights.

Akpabio however assured that other minor concerns raised would be addressed in due course.

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Nigeria Police Demands Retraction and Apology from Amnesty International Over Publication

Published

14 hours ago

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January 14, 2025

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The Nigeria Police Force (NPF) has demanded an immediate retraction and public apology from Amnesty International regarding a publication titled “Bloody August: Nigeria Government’s Violent Crackdown on End Bad Governance Protests.” The demand was formally communicated via a letter dated January 6, 2025.

The publication in question, which Amnesty International released, includes numerous unsubstantiated claims that accuse the Nigeria Police of human rights violations, police brutality, and excessive violence during the August 2024 End Bad Governance protests. “Upon careful review and investigation, the NPF categorically rejects these baseless allegations, affirming that the claims are entirely false and without foundation,” stated the NPF.

The NPF emphasized that during the protests, the Police acted with restraint and professionalism, even in the face of provocation and violent attacks. “The Police adhered to global best practices and used minimal force where necessary. Evidence, including national media coverage, demonstrates the Police’s efforts to maintain law and order while safeguarding peaceful protesters. Criminal elements attempting to exploit the protests were arrested and dealt with according to law,” the NPF asserted.

The Nigeria Police Force strongly believes that Amnesty International’s misleading publication undermines the trust and confidence it has worked diligently to build with Nigerian citizens and residents. “The Force further underscores that such false claims harm the reputation of the organization and demoralize its officers who risk their lives to protect the public,” emphasized ACP Olumuyiwa Adejobi, Force Public Relations Officer.

In light of these falsehoods, the NPF has demanded that Amnesty International issue a formal retraction and public apology within seven days. “Failure to comply will prompt the NPF to consider legal actions to protect its reputation,” warned ACP Olumuyiwa Adejobi.

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The Nigeria Police Force remains committed to its duty of safeguarding the lives and property of Nigerians, upholding the law, and earning the trust of the people it serves. “The Nigeria Police Force remains committed to its duty of safeguarding the lives and property of Nigerians, upholding the law, and earning the trust of the people it serves,” reiterated ACP Olumuyiwa Adejobi.

 

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Kano Foreign Medical Scholarship Students Lament Non-Receipt of Certificates Five Years After Graduation

Published

17 hours ago

on

January 14, 2025

By

 

Two former medical students from Kano State, who were sponsored to study at October 6 University in Egypt, have expressed their frustration over the non-receipt of their certificates five years after completing their degrees. Tajuddin Isah Ibrahim and Muzammil Muhammad, among the 40 students sponsored by the administration of His Excellency Engr Rabiu Musa Kwankwaso in 2013, have been unable to practice medicine due to the withheld certificates.

Tajuddin Isah Ibrahim shared their plight, stating, “My name is Tajuddin Isah Ibrahim, and I am among the 40 students sponsored by the administration of His Excellency Engr Rabiu Musa Kwankwaso to study at October 6 University in Egypt in the year 2013. However, I and my colleague Muzammil Muhammad are yet to collect our certificates after completing our medicine degree in the year 2019.”

The students inquired about the reason for withholding their certificates and were informed by the school that the full tuition fees for the two of them had not been received. “The school stated that they have not received the full tuition fees for the two of us, while the rest of our colleagues have been paid their full tuition fees and have collected their certificates. This makes us unable to practice, and we’ve been left stranded since the completion of our studies,” Tajuddin explained.

Despite their efforts to urge the previous government of Dr. Abdullahi Umar Ganduje to pay the remaining fees, their attempts were unsuccessful. “We did everything possible to urge the previous government of Dr. Abdullahi Umar Ganduje to pay the remaining fees, but it failed,” Tajuddin lamented.

The students are now appealing to the current administration of His Excellency Alhaji Abba Kabir Yusuf to address their situation and facilitate the collection of their certificates. “We are appealing to this Government of His Excellency Alhaji Abba Kabir Yusuf to please look into our plight and devise a means to collect our certificates. The knowledge and skills acquired will be of significant value to the health sector of Kano State,” Tajuddin stated.

They also expressed their appreciation for Governor Abba Kabir Yusuf’s efforts in uplifting education and healthcare in Kano State. “We also appreciate His Excellency Governor Abba Kabir Yusuf for his effort in uplifting education and healthcare in Kano State,” Tajuddin added.

Despite their continued efforts to resolve the issue, the students have not attained any success and are now considering retaking the JAMB exam to start afresh. “We did everything possible to see our plight resolved by the Government of His Excellency Alhaji Abba Kabir Yusuf without attaining any success up to this point that we finally start to think about retaking the JAMB exam and starting afresh,” Tajuddin concluded.

 

 

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