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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.

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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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Bauchi First Lady Reaffirms Commitment to Philanthropic Projects

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The founder of the Al-Muhibbah Foundation, Hajia Aisha Bala Mohammed, expressed her readiness to continue philanthropic programs towards the development of society.

She stated this during a 30-minute live program broadcast on Africa TV3, where she discussed the numerous achievements of the Al-Muhibbah Foundation over the past 15 years. Chief Press Secretary to the First Lady, Murjanatu Musa Mai Dawa, stated in a press release signed and sent to journalists.

The First Lady said, “I initially established the foundation to care for cemeteries, and it has grown into a multifaceted organization serving communities across health, education, agriculture, women’s empowerment, and skill acquisition.”

“Why we began with a focus on cemeteries is that I believed it was important to care for the final resting places of our loved ones. Over time, our mission expanded to address the broader needs of our society,” the founder shared.

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Some of the key achievements of the Al-Muhibbah Foundation include building two hospitals in Jamda and Alkaleri, donating ambulances for emergency response, and providing scholarships from primary school to higher institutions,” she stated.

Furthermore, “The foundation launched the ‘Not Too Late to Learn’ program, giving married women a chance to proceed with their education.”

The Al-Muhibbah Foundation has taken a groundbreaking step with the creation of the Al-Muhibbah Open University, the first of its kind in the North East of Nigeria. The institution aims to provide quality higher education to local communities.

In addition, the foundation has established AMF Passion, a shoe-making factory, and a bottled water company called Khuld Water, creating employment opportunities and contributing to local economic growth.

 

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Group Knocks UniAbuja Over Professor Without Law School Certificate

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A civil society organization, Coalition to Save Education in Nigeria (COSEN), has accused the authorities of the University of Abuja of “deliberate cover-up and inexplicable failure to implement the decision of the university’s Visitor” in respect of a controversial Law professor, who it is alleged does not possess the certificate of the Nigerian Law School, a fundamental prerequisite for practicing as a lawyer and being a bonafide law lecturer.

In a statement signed by its Director of Operations, Kamsi Ezenwa, COSEN claimed that Kassim Musa Waziri, allegedly failed the Call-to-Bar examination on several occasions, hence he is not fit to teach Law, “even based on the time-honoured maxim that one can’t give what one doesn’t have.“

The group cited the report of the 1999 Visitation Panel to the university which picked fault with Waziri’s employment as a lecturer without Law School certificate, a situation that led to his suspension in the year 2000 consequent upon a staff audit arising from the implementation of the Visitation Panel report. The suspension was however lifted following an appeal by the suspended staff who also presented a Master’s degree from the University of Jos. But to date, according to the group, “Waziri has not gone back to the Nigerian Law School to fulfill the obligatory certification as a legal practitioner and law teacher.”

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COSEN called on the Vice-Chancellor of the university, Professor Aisha Maikudi, “not to toe the path of her predecessors, who for inexcusable reasons, which clearly borders on cover-up and gross dereliction of duty, failed to do the right thing. This time around, the Management of the University of Abuja must ensure that the needful is done, namely to revisit and see to a thorough and faithful implementation of the White Paper of the 1999 Presidential Visitation Panel’s Report in respect of this matter.”

Our independent checks reveal that the embattled professor is no stranger to controversy as he fancies himself as a major power broker in the university, oblivious of the huge question surrounding his competence and qualifications as a Law lecturer. According to a fellow Professor, who spoke on condition of anonymity, “This thing you mentioned about this fellow not having a Law School certification is an open secret in this University. Most of the long-serving staff in the system know about it for a very long time. It became obvious recently when he served as acting Dean of Law for two years during which he could not attend a single meeting of the Council of Legal Education. Instead, another Professor had to be representing the university and the faculty then. However, what is surprising about the matter is the long cover-up and silence of the school authorities over the matter.”

It remains to be seen what action the university authorities will take if and when COSEN makes good its threat to submit a formal petition

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Dangote Refinery Crashes Ex-Depot Price Of PMS To 890

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In a bold move to drive economic relief for Nigerians, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday.

 

This price adjustment is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices. Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.

 

A statement from Dangote Petroleum Refinery, issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19th January, when a modest price increase was implemented due to rising crude oil costs. However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.

 

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

 

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.

 

The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

 

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.

 

Dangote Petroleum Refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.

 

 

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