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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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Ohanaeze Ndigbo Slams Amaechi’s Call for Power Snatch: “A Threat to Democracy

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The Ohanaeze Ndigbo has condemned the call for the use of force to snatch power from President Bola Tinubu by the former minister of transportation, Rotimi Amaechi.

A statement by the president General of Ohanaeze Ndigbo, Okechukwu Isiguzoro said the Igbo socio-political group is solidly behind the administration of Tinubu and its policies.

Isiguzoro describe Amaechi’s comment asking Nigerians fo snatch power from the president as a threat to democracy.

He said Amarchi’s remark is capable of disrupting the peace and civility enjoyed across Nigeria.

“Amaechi’s equally disconcerting assertion that politicians must be willing to ‘steal, maim, and kill’ to retain power not only diminishes the dignity of our political discourse but also poses a dire threat to the very fabric of our society.

“We condemn in the strongest possible terms the reckless and incendiary comments made by Chibuike Amaechi against President Bola Ahmed Tinubu

“It is essential to declare firmly that the Ndigbo will never endorse any political conspiracy aimed at undermining the legitimacy of an elected President,” Isiguzoro said.

Further stating the President Tinubu has the total backing of Ndigbo, Isiguzoro called on Amaechi to immediately retract his “divisive comments” against Nigeria’s number one man.

“Our resolve is steadfast, as we remain committed to fostering peace, stability, and fruitful governance in Nigeria.

“Let it be said that the aspirations of the Igbo people align with a future predicated upon legitimate leadership, respect for democratic processes, and a shared vision for a prosperous Nigeria,” Isiguzoro concluded.

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Ex-Rep Kawu distributes N100m worth cars, plots, N10m cash grants, 33 motorbikes

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In an effort to cushion the effect of the plaguing economic hardship facing the nation, former member of the House of Representatives, from Tarauni, Kano, Hafizu Kawu, has distributed varieties of cars to party leaders and followers.

He also gave out cash grants to twenty people as the sum of Five Hundred Thousand Naira (N500,000) was given to each. While 33 people went home with brand new motorbikes.

Kawu said he decided to do this at this critical period of global economic transition, when every country in the world is being faced with peculiar economic challenges. Since the exit of COVID-19 pandemic era.

“In our own situation we need to compliment the effort of our President, Bola Ahmed Tinubu who is evolving ways and manners to cushion the effect of post COVID-19 era,” he said.

Leaders and elders of All Progressives Congress (APC), from Tarauni local government benefited from the gesture delivered by Kawu, as many of them were seen exchanging pleasantries assuring that they would do their best to see that Kawu get elected come 2027.

While describing the gestures as dividends of democracy, Kawu assured that he would continue doing that, to assist improve entrepreneurship development in his constituency.

Party leaders were sighted lamenting that, it was just fate that worked against Kawu in 2023 election. When he lost to the then opposition party. As well as in court rulings.

Strong APC members in Tarauni federal constituency, assured that they would support the candidature of Kawu come 2027 general election.

Believing that when he was a member in the last Assembly he delivered goodies to his constituency. That alone, according to them, is a clear testimony that he could perform again when he gets the chance.

 

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Nigeria’s Democracy Survives Threats – General Abubakar

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Former military Head of State, Abdulsalami Abubakar, says Nigeria’s democracy has survived threats from forces seeking to destroy it.

Abubakar stated this at the public presentation of a book, ‘Celebrating 100 Years of Political Party Evolution in Nigeria — The Imperatives of Nigeria’s Political Stability: Issues and Solutions’, by the Inter-Party Advisory Council, IPAC, on Thursday in Abuja.

The ex-Head of State, who was represented by Abdulrasheed Aliyu, a retired general, said democracy has come to stay in Nigeria.

There is no substitute for the government of the people, by the people, and for the people, which democracy represents, as sovereignty resides with the people.

“I am happy that my government, as the then military head of state, ushered in this era of democracy when I handed over power to the elected president on 29th May 1999.

“My government laid this solid foundation for democratic governance. It also shows that when leaders are patriotic, passionate, resolute, and unwavering in building strong democratic structures and institutions, democracy can flourish and yield its dividends to citizens.

We should, therefore, keep watering and nurturing the tree of democracy, as there is no alternative to civil rule. Our democracy has been tested and shaken by reactionary forces and survived. It is a testament to citizens’ belief and resilience in representative governance,” he said.

It can be recalled that Abubakar was sworn in as Head of State after the death of Sani Abacha in June 1998.

He was Nigeria’s last military leader, who handed over power to democratically elected Olusegun Obasanjo in 1999, keeping his promise of returning the country to civilian rule.

He applauded IPAC for the foresight in articulating and writing this historic book on 100 years of political party evolution in Nigeria, saying it is a milestone in the nation’s democratic process.

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