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NNPC Ltd/Chevron JV Concludes Conversion of Assets into PIA Terms

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In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets into the PIA terms.

Under the new PIA regime, all existing Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) would be automatically converted to Petroleum Prospecting Licenses (PPLs) and Petroleum Mining Leases (PMLs) upon their expiration.

Nonetheless, an option of voluntary conversion is provided for holders of OPLs and OMLs (Operator, Licensees or Lessees) under the erstwhile Petroleum Profit Tax (PPT) regime. The PIA terms are generally perceived as more investor-friendly, compared to the erstwhile PPTA terms.

During a brief ceremony held at the NNPC Towers on Monday, the two partners signed documents on the conversion of five (5) OMLs into four (4) PPLs and twenty-six (26) PMLs, in line with the new PIA terms, marking a significant step towards increasing domestic gas supply and expanding global market presence.

Speaking at the occasion, Group CEO NNPC Ltd, Mr. Mele Kyari, described CNL as one of the most reliable partners for the NNPC Ltd. “Over the years, Chevron has been a partner of choice that has not contemplated completely divesting/exiting (oil production in) the shallow water and we are proud of them,” he added.

Kyari assured CNL that NNPC Ltd would sustain its partnership with the JV partner so as to create more value for both parties and expand Nigeria’s footprints in the domestic and export gas markets.

He commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its exemplary role in midwifing the conversion.

The Director, Deepwater and Production Sharing Contract (PSC) of CNL, Mrs. Michelle Pflueger who stressed the significance of the conversion for both companies, affirmed CNL’s long-standing commitment to the assets.

Also speaking, NNPC Ltd’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, highlighted the advantages of the PIA terms over the previous PPT terms, noting that the conversion was a strategic move towards the successful implementation of the PIA.

In his remarks, NNPC Ltd’s Chief Upstream Investment Officer, Mr. Bala Wunti, noted that the assets conversion is expected to significantly boost crude oil production, with the two partners focusing on attaining the 165,000 barrels of oil per day (bopd) production target by year-end 2024.

In a statement by Olufemi Soneye Chief Corporate communications manager of NNPCL emphasized the continued importance of CNL’s operational philosophy in maintaining network stability and facilitating gas supply especially to the domestic market.

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Breaking:Government Declares Monday As Another Public Holiday

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Kano state Government North Western Nigeria has declared Monday 23rd September as public Holiday .

The signing of the Holiday was contained in a statement from the office of the Head of civil service.

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In a statement signed by Abba Danguguwa Permanent secretary Human resources office of the Head of civil service Abba A Danguguwa said its in commemoration of the 7th day of the birth of the holy prophet .

Kano people celebrate it as Ranar Takutaha

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Shettima To Lead Nigeria’s Delegation To 79Th UN General Assembly

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President Bola Tinubu will not attend the 79th United Nations General Assembly session in New York this year.

The President has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.

President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

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At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.

In a statement by Special Adviser to the President on information and strategy Bayo Onanuga The high-level General Debate, with the theme “Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations,” will run from Tuesday, September 24, through Saturday, September 28, 2024.

 

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Hon. Bichi Sponsors 200 Postgraduate Scholarships in Constituency

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The Kabir Abubakar Bichi Foundation led by Hon. Abubakar Kabir Abubakar Bichi, the member of the House of Representatives for Bichi Federal Constituency from Kano State and Chairman of the House Committee on Appropriation, has sponsored 200 constituents for postgraduate studies in various Nigerian universities.

The secretary General of the Foundation Zahraddeen Bello stated this to newsmen in Kano

He said among the beneficiaries of the scholarship program are 37 PhD candidates and 163 students pursuing master’s degrees.

According to him ,the lawmaker has allocated over N46 million (N46,171,792.50) to fund the scholarships. His sponsorship initiative also includes providing support for students from Bichi Local Government Area studying in various Nigerian universities. Additionally, he sponsors all science and technical boarding students from Bichi and the distribution of educational and instructional materials to all SS 1 students of the constituency.

The distribution of beneficiaries spans several institutions, including:

1.Abubakar Tafawa Balewa University, Bauchi (ATBU) – 3

2.Ahmadu Bello University, Zaria – 19

3.Aliko Dangote University of Science and Technology, Wudil – 26

4.Al-Qalam University, Katsina – 3

5.Bayero University, Kano – 95

6.Federal University Dutse, Jigawa – 3

7.Federal University Dutsin-Ma, Katsina – 22

8.Federal University of Technology, Minna – 5

9.Modibbo Adama University of Technology, Yola – 3

10National Open University of Nigeria – 1

11.Sa’adu Zungur State University, Gadau – 1

12.Umaru Musa Yar’adua University, Katsina – 2

13.University of Benin – 1

14.University of Ibadan – 1

15.University of Jos – 1

16.Usmanu Danfodiyo University, Sokoto – 1

17.Yusuf Maitama Sule University, Kano – 13

He pointed out that the initiative is part of Honourable Bichi’s broader commitment to enhancing educational opportunities in his constituency.

Accordingly ,the distribution of the postgraduate scholarship by Rep. Bichi through his foundation is a yearly gesture since his election as member of the House of representatives in 2019 and 2023 respectively .

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