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Petroleum Producers Call For Quick Conclusion Of Pending IOCs Divestment Transactions

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The Independent Petroleum Producers Group (IPPG) has called for a quick conclusion of all the pending International Oil Companies (IOCs) divestment transactions in the country.
Mr Abdulrazaq Isa, IPPG Chairman, made the call at the ongoing 2024 Nigerian Oil and Gas (NOG) Energy Week in Abuja, yesterday.
The 2024 NOG conference, scheduled to hold from June 30 to July 4, has the theme: “Showcasing Opportunities, Driving Investment, Meeting Energy Demand.”
Isa said the IPPG believed the timely approval of these IOCs divestment transactions would be a clear signal capable of restoring global investor confidence in Nigeria.
“IPPG strongly advocates that our member companies – Seplat, the Renaissance Consortium and Oando – have the proven track record to successfully take over and manage these onshore and shallow water assets.
“The assets will realise incremental production in the region of 100,000 – 200,000 barrels of oil and over 1.5 billion cubic feet (bcf) of gas per day within 24 months and well over 500,000 barrels of oil per day in the long term.
“IPPG believes the timely approval of these IOCs divestment transactions will restoring global investor confidence in Nigeria in an era of competing global investment destinations in Africa and very limited access to capital,” he said.
He also underscored the need to address deepwater development and production.
According to him, untangling issues around deepwater development, particularly in terms of competitive fiscal regime being negotiated with Shell, Total Energies, ExxonMobil and Chevron, will unlock incremental production of 700,000bpd in the short to medium term.
He said that enabling deepwater development would attract significant economic benefits as Nigeria has one of the world’s largest untapped deepwater resource base.
The IPPG boss also called for the adoption of a national value-retention strategy, adding that Nigeria’s domestic crude oil refining and petrochemical capacity must be sustained primarily from our domestic crude production.
This, he said, would transform the country into a net exporter of refined petroleum and petrochemical products that would lay a strong foundation for the rapid industrialisation of the Nigerian economy.
“It is, therefore, imperative to grow our daily production to 2.5 million barrels of oil and 10 bcf of gas in the near to long term.
“This will ensure that we are able to meet our domestic refinery, petrochemical demands and export commitments to generate the much needed foreign exchange earnings for macro-economic stability.
“Nigeria’s vast gas resources must be exploited with immediate focus placed on restoring production to existing installed Liquefied Natural Gas (LNG) capacity and expanding production (FLNG).
“In addition, we must expand domestic gas utilisation (Gas-to-Power; Gas-Based Industries) by investing heavily to address the gas infrastructure deficit facing us today.
The IOCs will lead the charge on export gas while IPPG members will drive the domestic gas agenda led by the Nigerian National Petroleum Company Limited (NNPC Ltd.),” he said.
He said these priority areas would provide the most realistic and sustainable pathway towards meeting the national long term production aspiration of four million bpd and 13 bcf of gas per day.
“Consequently, as a matter of national importance, Nigeria must act fast and hasten the pace of recovery across the entire industry, even if it means Mr President declaring a state of emergency in the sector!,” he said.

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Nigeria Partners UK, Germany, Others On Green Industrial Dev’t

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Nigeria is partnering with the United Kingdom(UK), Germany and the World Economic Forum towards the realisation of President Bola Tinubu’s plans for a green industrial development of the country.
Chief Ajuri Ngelale, Special Presidential Envoy on Climate Action, Wednesday in Abuja, said that the meeting with the leadership of the UK-Nigeria Infrastructure Advisory Facility (UKNAIF) centred on enabling a private sector-led, public sector-enabled programme.
“We (also) hosted a virtual discussion with the Managing Director of the World Economic Forum (WEF) Center for Nature and Climate, Ms Gim Huay.
“We agreed to actionable next steps that will ensure greater collaboration with international investors and DFIs in accordance with our green industrial roadmap.
“On Wednesday evening, we hosted a fruitful session with a delegation from the German Embassy led by its Head of Climate Negotiations, Ambassador Johannes Lehne.
“Specific steps toward deepening collaboration on hydrogen and wind energy development were agreed upon with a follow-up next week,” he said.
The Tide’s source reports that in May, President Tinubu approved the establishment of a committee to oversee the Green Economic Initiative, known as the Presidential Committee on Climate Action and Green Economic Solutions.
Tinubu also approved the appointment of Chief Ajuri Ngelale as Special Envoy on Climate Action and will retain his role as the Special Adviser to the President on Media & Publicity.
The committee was part of a strategic move of the President to ensure the advancement of his administration’s climate and green economic initiatives.
The committee is to coordinate and oversee all the policies and programmes on climate action and green economic development.
The UKNIAF is a technical assistance programme (2019 – 2025) that aims to transform Nigeria’s capacity to plan, finance, deliver and maintain climate-smart. critical infrastructure.
It aims to achieve transformation through technical support in two component areas: Power and Infrastructure Finance.
The key counterparts are the Federal Government of Nigeria and its agencies; selected state governments; the Foreign, Commonwealth and Development Office in Nigeria (FCDO); the wider development and development finance institution groups.

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Nigeria To Host Africa’s $5bn Energy Bank– Minister

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Nigeria has been granted the hosting right for the African Energy Bank (AEB) after beating Ghana, Benin Republic, Algeria, South Africa and Cote D’Ivoire in a keenly contested bidding.
Sen. Heineken Lokpobiri, the Minister of State, Petroleum Resources (Oil), told newsmen in Abuja yesterday, that the award of hosting right for the bank highlighted Nigeria’s robust energy sector.
He said “the award of the hosting right also highlights the country ‘s strategic vision for Africa’s energy future.”
Lokpobiri expressed gratitude to President Bola Tinubu for the support extended during the course of the bidding.
He also thanked the Council of Ministers of the African Petroleum Producers Organisation (APPO) for the confidence in Nigeria’s capability.
The minister highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa.
He emphasised that “this decision reflects our collective ambition to create African solutions to Africa’s energy challenges.
“The African Energy Bank will be instrumental to providing the necessary financial backbone for energy projects that will drive growth and development across the continent.
“The decision is a significant step for the continent’s energy sector and underscores Nigeria’s pivotal role in Africa’s energy landscape.”
The minister assured Nigerians and Africans at large that the establishment of the African Energy Bank would mark a transformative era in meeting energy needs.
He said that the initiative aligned with the broader objectives of African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.
“We are committed to ensuring that the bank did not only move Nigeria forward, but becomes a beacon of progress for the entire continent.
“Our goal is to foster sustainable energy solutions that are both innovative and inclusive.”
The Tide’s source reports that the bank is expected to facilitate access to funding for energy projects, thereby catalysing economic growth and enhancing energy security.

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Your Prayer Is Sustaining Us, Fubara Tells PFN

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The Rivers State Governor, Sir Siminalayi Fubara, has commended the PFN for the prayers of Christians across the State, which has sustained his administration.
Governor Fubara made the commendation while speaking as Special Guest of Honour during the dedication of the Pentecostal Fellowship of Nigeria (PFN), Secretariat Complex in Port Harcout, yesterday.
Sir Fubara, who was represented by the Secretary to the State Government, Dr. Tammy Wenike Danagogo, applauded the brethren and PFN for upholding the State in prayers and for constructing the PFN State Secretariat for use to the glory of God.
“I appreciate the leadership of PFN for toeing the path of wisdom, vigour and strength. I thank the General Overseer of the Salvation Ministries, Pastor David Ibiyeomie, for taking up the responsibility and all Christians, we are indebted to you for leading and ensuring the work of God is done.
“Rivers State is termed a Christian State because of your laudable activities. Be assured of Rivers State Government’s support in your activities because we know that your prayers over the years have been sustaining us. And we need your prayers today more than ever before. This government will never betray the trust you have reposed on us, “ he stated.
Anchoring his words from Exodus 20, Isaiah 6:1 and later Mark 11: 24-25, the National President of PFN, Bishop Francis Wale Oke, admonished Christians to be courageous and finish their God given tasks as they toe the paths of Jesus Christ. He prayed God’s peace upon the Government and people of Rivers State as he encouraged all to chase peace with all men.
“Let us follow peace with all men, without peace, we can’t see the Lord and when we stand praying, forgive. There is greater glory ahead for Rivers State,” Bishop Oke stressed.
The General Overseer of Salvation Ministries, Pastor David Ibiyeomie, and Chairman of the Project Committee thanked God for the grace to embark on the project, and thereafter handed it over to the State PFN.
The dedication service was attended by renowned men of God, including the National Deputy Secretary, PFN, Bishop Bakare, The National Vice President, South-South, Apostle Zilley Aggrey, Rivers State Chairman of PFN, Rev. Dr. Minaibi Dagogo Jack, the Rivers State Chairman of CAN Archbishop Boma Kaladokubo, President of Ministers Prayer Network, Rev. Mosy Madugba, amongst others.

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