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NNPC Ltd, PSC Contractors Resolve Disputes, Renew PSC Leases

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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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BIKOBA Mourns National Legal Adviser

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The Birnin Kudu Old Boys association has mourned its National Legal Adviser Barrister Nuhu Dawakin Aminu .

In a statement signed by National publicity secretary of the association Malam Mahmud Ibrahim Kwari said

“With total submission to Allah the National leadership and indeed the entire members of Birninkudu Old Boys Association (BIKOBA) received with shock and sorrow, the news of the death of the National legal adviser of the body, Barrister Nuhu Dawaki Aminu.”

Barrister Nuhu Aminu who until his death was the Chief Magistrate Court Gumel, Jigawa state died on Friday, the 18th day of November, 2022 after brief illness.

The decease who graduated from University of Maiduguri Borno state with L.LB in 1999, attended Government Unity College, Birninkudu from 1981 – 1986 and is survived by a wife and nine children also left behind his father Malam Dawaki Aminu and relatives.

Leading BIKOBA National Officers on Condolence visit to the family of late Barrister Nuhu, the President of BIKOBA, Malam Ja’afar Muhammad Usman (Turakin Gaya) described late Nuhu as a principled, professional and highly intelligent personality who contributed immensely with a good sense of responsibility to the promotion of Judiciary in Jigawa state and indeed the Nation as a whole.

The BIKOBA president prayed to Almighty Allah to grant him Aljannah Firdausi and also give his immediate family and BIKOBA Family the fortitude to bear the irreparable loss, said the demise of Barrister Nuhu Dawaki has created serious vacuum that is difficult to fill.

 

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CITAD Trains Remand Home Inmates In Kano

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By Ozumi Abdul

Centre for information Technology and Development (CITAD) on Thursday concluded the training of inmates in the remand home in Goron Dutse, Kano state on ICT and phone repairs.

The training which lasted for six weeks was segmented into three weeks each, with the first segment dedicated to ICT training and the other for phone repairs.

While speaking, the Deputy Director of CITAD, Ahmad Abdullahi Yakasai, said his organization has been combing the entire country in the bid to bring technological development to bear upon every area of humanity, but however discovered that certain segments of people have been sidelined.

Yakasai noted that this informed the reason for his organization’s training of the underaged inmates of the remand home, because the inmates are not enjoying the benefits of ICT.

He said that CITAD finds it imperative to organise a training of such nature to build the capacities of the inmates, adding that unemployment might be the reason why they are in detention.

He exuded the confidence that with the training, the inmates would not only be self employed, but employers of other people when they are freed from detention.

“Well, as you are aware CITAD is a Centre For Information Technology And Development, we aim to use technology to bring development to the people. We have been working around the country, but we later discovered that certain segments of people have been sidelined, not deriving the benefit of technology, and that is the reason we organise this training to build their capacities.

“Also we think that most of them, it might be the issue of unemployment that brought them here. So by the time they leave here, they will be able to stand on their feet and to employ others”, Yakasai said.

On her part, the representative from the Ministry of Women Affairs and Social Development, Kano state,Hajiya Abdullahi Hafsat expressed her happiness towards the efforts of CITAD, as well as enjoining the beneficiaries to make use of the opportunity when they returned to their various homes.

Also, the officer in charge of the remand home, Mallam Musa Muhammad Tarauni commanded CITAD for their gesture, promising that the remand home will continue to partner with the organization.

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Pure Water Producers Announces Price Increment

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Pure water

 

 

The Association of Table Water Producers (ATWAP) says it has jacked up the price of sachet water from N200 to N300 per bag.

This is contained in a statement issued by the National President of the association, Mrs Clementina Ativie in Abuja.

The president said the decision was unanimously reached during ATWAP national convention in Abuja on Wednesday.

She said that the change in the price was as a result of the increase in the prices of material, coupled economic situation of the country.

She said that the change in the price was as a result of the increase in the prices of material, coupled economic situation of the country.

NAN Via Solacebase

 

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