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.

Advert

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

Ajiya Expresses Concern Over Rising Insecurity, Banditry, and Cattle Rustling

Published

on

 

Elder statesman Umar Ajiya has raised fresh concerns over Nigeria’s worsening security situation, warning that the country’s persistent insecurity could escalate into a national crisis if citizens fail to actively support government efforts in tackling the menace.

Speaking in a statement issued to journalists, Ajiya noted that Nigeria has been grappling with multiple security challenges for more than two decades, ranging from insurgency by Boko Haram to widespread kidnapping, banditry, cattle rustling, and other violent crimes that have continued to threaten national stability and economic growth.

According to him, while the Federal Government and several state governments have made considerable efforts to address the situation, it has become increasingly evident that government intervention alone cannot solve the problem. He stressed that every responsible citizen has a role to play by providing credible intelligence, contributing resources where possible, and offering constructive ideas and advice to support security agencies.

Ajiya emphasized that history has repeatedly shown that when the majority of law-abiding citizens remain silent in the face of growing societal challenges, such problems often worsen and become more difficult to resolve.

“Throughout history, the failure of the good majority to speak up has allowed systemic issues to thrive, whether in civic life or spiritual matters. If this trend continues, Nigeria stands the risk of a national meltdown that Africa cannot swallow,” he warned.

The elder statesman said the gravity of the current security challenges compelled him, as a concerned private citizen, to propose a number of policy options and practical solutions that government authorities may consider in their efforts to restore peace and security across the country.

Among his recommendations was the need for adequate and timely funding of security agencies, backed by measurable Key Performance Indicators (KPIs) and accountability mechanisms to ensure efficient utilization of resources.

He also called for improved intelligence gathering and the effective deployment of technology, particularly drones, to enhance surveillance operations. According to him, security agencies should be held accountable for failure to act on intelligence provided by relevant agencies, including the Department of State Services (DSS).

Advert

On community policing, Ajiya advocated the establishment of state police or, alternatively, the deployment of police officers below the rank of Deputy Commissioner of Police to their respective states of origin under the existing federal policing structure. He further recommended the compulsory registration of all citizens under the National Identification Number (NIN) scheme, with links to phone numbers and bank accounts to improve traceability and intelligence gathering.

To address the growing trend of kidnappings, he proposed a nationwide ban on ransom payments and encouraged a gradual transition to a cashless economy, supported by strict enforcement measures against violators.

The elder statesman also expressed concern over alleged political interference in security matters, urging authorities to closely monitor political actors suspected of maintaining links with criminal elements. He called for the prosecution of anyone found aiding or collaborating with bandits and other criminal groups.

Ajiya highlighted the need for stronger coordination among security agencies, recommending the establishment of centralized Command and Control Centres (CCC) in every state. Such centres, he said, should be supported by Rapid Response Squads in all local government areas and vulnerable zones to facilitate swift and coordinated responses to security threats.

He further advocated improved welfare packages for frontline security personnel, insisting that benefits and allowances should be paid directly into the accounts of officers rather than through administrative channels that could delay or distort payments.

On border security, Ajiya urged Nigeria to strengthen collaboration with neighbouring countries through the creation of a regional joint task force equipped with drone technology and air power to monitor and secure porous border regions.

In a recommendation likely to generate public debate, he suggested that responsible citizens should be permitted to own firearms under a carefully regulated licensing framework. He also proposed empowering state forest guards and retired military personnel willing to serve in protecting their local communities.

Addressing infrastructure-related security concerns, Ajiya called for the urgent rehabilitation of major roads by both federal and state governments. He proposed the installation of scanners and security checkpoints at key entry and exit points into towns and cities to improve monitoring and crime detection.

On the issue of cattle rustling, he recommended that the Federal Government establish a comprehensive animal transaction registry requiring detailed records of buyers and sellers, including photographs and contact information, while also taking steps to prevent the sale of stolen livestock in markets across the country.

Ajiya further urged both government authorities and citizens to work collectively to confront the country’s security challenges, stressing that national security should be regarded as a shared responsibility requiring commitment from all stakeholders.

He expressed optimism that with stronger collaboration, accountability, technology-driven solutions, and active citizen participation, Nigeria can overcome its current security challenges and build a safer future for all.

Continue Reading

News

RATTAWU Kano Mourns Veteran Broadcaster Adamu Ibrahim Getso, Condoles Family

Published

on

 

 

 

 

The Kano State Council of the Radio, Television, Theatre and Arts Workers Union of Nigeria (RATTAWU) has expressed deep sorrow over the death of veteran broadcaster and former Director-General of Abubakar Rimi Television (ARTV), Alhaji Adamu Ibrahim Getso.
The Chairman of RATTAWU Kano State Council, Comrade Babangida Mahmouda Biyamusu, on behalf of the State Executive Council and members of the union, led a high-powered delegation on a condolence visit to the family of the late media icon.
In a condolence message signed by the union’s Public Relations Officer, Mustapha Idris Yola, and made available to Pressmen, Comrade Biyamusu described the passing of Alhaji Adamu Ibrahim Getso as a monumental loss not only to the media industry but also to Kano State and the nation at large.
He noted that the late broadcaster devoted more than three decades of his life to public service, information dissemination, mentorship, and the promotion of professional journalism and broadcasting.
According to him, the legacy of professionalism, integrity, dedication, and excellence left behind by the deceased will continue to inspire present and future generations of journalists and broadcasters.
“On behalf of RATTAWU Kano State Council, we extend our heartfelt condolences to the immediate family of the late Alhaji Adamu Ibrahim Getso, the Kano State Government, the management and staff of ARTV and Radio Kano, his friends, associates, and the entire people of Kano State over this irreparable loss,” Biyamusu stated.
He added that RATTAWU would continue to cherish and remember the immense contributions of the late media veteran to the growth and development of the broadcasting industry in Kano State and Nigeria as a whole.
The union prayed to Almighty Allah (SWT) to forgive the shortcomings of the deceased, grant him Aljannatul Firdaus, and give his family, friends, and loved ones the strength and fortitude to bear the loss.

Advert

Continue Reading

News

Senate Leader Proposes Single Six-Year Term for President, Governors After 2027

Published

on

 

By Yusuf Danjuma Yunusa

Senate Leader Opeyemi Bamidele has announced plans to sponsor a bill introducing a single six-year tenure for Nigeria’s president and state governors, to take effect after the 2027 general elections.

Speaking with reporters in his office on Tuesday, Bamidele said the proposed legislation would be among the first he presents when the next Senate is inaugurated. He argued that a single, longer term would allow elected leaders to focus entirely on governance, rather than on re-election campaigns.

“One of the first set of bills that I look forward to moving, by God’s grace, when we come back for the 11th Senate, is a bill that will make it possible for anyone who wants to be president of this country, or governor in any part of this country, to spend only one term of six years,” Bamidele said.

Advert

He criticized the current two-term arrangement, noting that it forces officeholders to spend a significant portion of their first term on political calculations and preparations for re-election.

“So that you don’t even have to worry about wasting almost one and a half years of your first term thinking and struggling and looking forward to how you’ll be re-elected,” he explained. “If you know you are there for six years, only one tenure, you put in your best from day one. You know this is the only chance that you have.”

Acknowledging that the proposal may not attract universal support, Bamidele maintained that lawmakers have a duty to pursue reforms they believe will strengthen governance.

“That’s my opinion. It doesn’t mean everybody will agree with me. But it also does not mean that I am prevented from doing that because that has not been the law,” he said. “The essence of law, the essence of parliament, is that laws are like human beings; they grow.”

If formally introduced and passed by the National Assembly, the proposal would require constitutional amendments before it can take effect.

Continue Reading

Trending