fbpx
Connect with us

News

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

Published

on

 

 

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.

#

News

Kano Government Reverts Sa’adatu Rimi University to College of Education

Published

on

Abba Kabir Yusuf,2019 Gubernatorial Candidate

In a move aimed at improving the quality of education and ensuring effective management in the state’s higher education sector, the Kano State Executive Council has approved the conversion of Sa’adatu Rimi University of Education back to Sa’adatu Rimi College of Education, Kumbotso. The institution will remain a degree-awarding body despite the reversion.

The decision was made during the council’s 18th sitting, following extensive consultations with key stakeholders and the recommendations of a high-level committee appointed by the state government. The committee was tasked with assessing the university’s status and proposing ways to enhance its academic quality.

In a statement signed by the states commissioner for information Baba Halilu Dantiye said the following

The committee’s findings reflected concerns from both the academic and non-academic communities, as well as other stakeholders, about the challenges associated with the transition from a college to university status. One key issue was the institution’s strategic location, which serves students from non-metropolitan areas. Stakeholders feared that the transition could have a negative impact, including the potential loss of experienced lecturers, salary-related disputes, and administrative challenges that could compromise the institution’s operational efficiency.

The Council highlighted that similar institutions across the country have operated successfully as colleges of education while offering a range of degree programs without converting to university status. The “Dual Mode” system, introduced by the National Commission for Colleges of Education (NCCE), allows colleges to offer both certificate and degree programs, providing a flexible academic structure.

#

The Kano State Government reassured students that the conversion will not affect their current academic pursuits. Existing undergraduates will continue their studies without disruption, and the university’s certification will be preserved for future use. Additionally, the institution will maintain its traditional courses and continue to offer degree programs under its new expanded mandate as a college of education.

As part of the restructuring, Governor Abba Kabir Yusuf has approved the immediate dissolution of the university’s management. The Vice Chancellor has been directed to hand over the institution’s affairs to the most senior deputy, pending further announcements.

This decision underscores the Kano State Government’s commitment to stabilizing and enhancing the performance of its higher education institutions, while addressing stakeholder concerns to maintain academic excellence and operational efficiency.

Continue Reading

News

Breaking:Government Declares Monday As Another Public Holiday

Published

on

 

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.

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

#
Continue Reading

News

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

Published

on

 

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.

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.

 

#

Continue Reading

Trending