Saturday, January 23

Tag: Petroleum Industry Bill

We Need To Produce Largest Oil Volumes Possible At Cheaper Costs – Osinbajo
Politics

We Need To Produce Largest Oil Volumes Possible At Cheaper Costs – Osinbajo

WE NEED TO PRODUCE LARGEST OIL VOLUMES POSSIBLE AT CHEAPER COSTS, OSINBAJO TELLS OIL & GAS STAKEHOLDERS *VP adds: “Gas should be an enabler for quick development” Stakeholders in the oil industry need to find and agree on cheaper means of producing oil while also ensuring a more competitive environment that meets the needs and purposes of the Nigerian nation including the largest production volumes possible. This was the view of Vice President Yemi Osinbajo, SAN, at a virtual meeting on the Petroleum Industry Bill (PIB) with stakeholders in the industry under the auspices of the Oil Producers Trade Section (OPTS) in Nigeria, and Independent Petroleum Producers Group (IPPG). According to Prof. Osinbajo “we need to agree on terms that will give us a more competitive envir...
Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts
Politics

Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts

Senate President Ahmad Lawan has said that amendment to the Deep Offshore and Inland Basin Production Sharing Contracts Act has increased remittances from the sharing contracts into the federation account from $260 million to $2billion annually. He also vowed that “demons” frustrating the passage of Petroleum Industry Bill (PIB) within the last fourteen years will be defeated this year by the 9th National Assembly. Lawan stated this on Tuesday while speaking with journalists on his 62nd birthday celebration in Abuja. He said the patriotic zeal used by the National Assembly in October 2019 to pass an amendment to the Deep Offshore and Inland Basin Production Sharing Contracts Act would be deployed for expeditious consideration and passage of the PIB already before it, latest by...
Petroleum Industry Bill Ready For National Assembly – Timipre Sylva
Politics

Petroleum Industry Bill Ready For National Assembly – Timipre Sylva

The Minister of State, Petroleum Resources, Chief Timipre Sylva, on Thursday assured that the Petroleum Industry Bill (PIB) will be presented to the National Assembly in the next few weeks. Sylva said the executive arm would be requesting the lawmakers to specially reconvene to receive and begin deliberations on the bill. According to him, the bill is key to repositioning of Nigeria’s oil and gas industry under its post COVID-19 agenda. The News Agency of Nigeria (NAN) reports that the minister spoke during a webinar organised by the Nigerian Association of Petroleum Explorationists (NAPE) with the theme: “Fiscal Regime Design, Government Revenues and Investors’ Interest in Nigeria Oil and Gas Sector. “In the coming few days, we will be requesting the National Assembly to spe...
Over 1 Billion Barrels Of Crude Oil Discovered In The North – Minister, Timipre Silva
Politics

Over 1 Billion Barrels Of Crude Oil Discovered In The North – Minister, Timipre Silva

The Minister of State for Petroleum Resources, Timipre Sylva, said that about one billion barrels of crude oil have been discovered in Northeastern part of Nigeria. Mr Sylva made the disclosure at a news Conference to end the 2020 Nigeria International Petroleum Summit, NIPS, in Abuja on Wednesday. “The figure we are getting, the jury is not totally out yet but from the evaluation results we are getting the reserve that has been discovered in the northeast is about a billion barrels. “Those are the kind of figures we are seeing and we are beginning to understand the geological structure of the region,” he said. According to him, a lot of oil is yet to be found in the country. He added that there was need for more exploration in the country as more oil would be discovered...
Senate Probes NNPC Over $396 Million Refineries’ Maintenance
Politics

Senate Probes NNPC Over $396 Million Refineries’ Maintenance

The Senate resolved to investigate the Nigerian National Petroleum Corporation over the $396m spent on Turn-Around Maintenance of refineries between 2013 and 2015. This followed the adoption of a motion titled “The Moribund Refineries in the Country” by Senator Yusuf A. Yusuf (APC, Taraba Central). The Senate mandated its Committees on Petroleum Downstream, Upstream and Gas to investigate the expenditures. It also asked the committees to probe the current state of the refineries as well as convoke a stakeholders’ conference with the aim of finding ways to revamp them. Senator Yusuf recalled that Nigeria, through NNPC, had in the past 25 years spent billions of dollars in Turn-Around Maintenance of the refineries, the latest being over $396m spent between 2013 and 2015 without meanin...
FG Opts For Gas Alternative To Petrol In 2020
Politics

FG Opts For Gas Alternative To Petrol In 2020

Among other things, the Federal Government is working towards the production of Compressed Natural Gas (CNG) as an alternative fuel to the Premium Motor Spirit (PMS) petrol this year. The Minister of State for Petroleum Resources, Chief Timipre Sylva that revealed this in an interview with the Nigeria Television Authority (NTA), said that although the Petroleum Industry Bill (PIB) had made several trips to the National Assembly without translating into law, this year shall be its last trip to the federal lawmakers. He based his hope in the passage of the bill on the renewed relationship between the legislature and the executive. The video clip of his interview which The Nation obtained on Wednesday, noted that the rehabilitation of the Port Harcourt Refinery will commence in the...
FG Plans N97 Per Litre Fuel For Common Man
Politics

FG Plans N97 Per Litre Fuel For Common Man

The Federal Government has revealed plans are underway to provide alternative petrol -Compressed Natural Gas (CNG) – for the common man that will cost between N95 to N97 per litre. It also promised to pass the Petroleum Industry Bill(PIB) before May 29, 2020. The Minister of State for Petroleum Resources, Chief Timipre Sylva, stated these to reporters in Abuja on Thursday. Asked whether government was going to reduce the pump prices of the Premium Motor Spirit (PMS) to make it more affordable, the minister said that there were plans to provide an alternative fuel that is cheaper. He disclosed the fuel CNG has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it. With CNG, Sylva said that the cost of fuel will reduce to about N95 pe...
Senate To Pass 2020 Budget Before Christmas
Politics

Senate To Pass 2020 Budget Before Christmas

The Senate President Ahmad Lawan on Friday in Katsina assured Nigerians that the 2020 national budget will be passed before this year’s Christmas Lawan who made the disclosure in an interview with newsmen shortly after visiting Katsina State governor, Aminu Bello Masari, at Government House, said the National Assembly is expecting the budget from the executive by September and hoped to deliberate and pass it within two months. He said: “The process would return Nigeria to the annual budget of between January and December and guarantee fiscal discipline.” He assured that the Ninth Assembly would also pass the Petroleum Industry Bill, PIB, to ensure the oil and Gas sector are given the desired reform. Alhaji Lawan further expressed the resolve of the two wings of the National...
PIB Will Address Fuel Crises In Nigeria – Rep Akinlaja
News

PIB Will Address Fuel Crises In Nigeria – Rep Akinlaja

Rep. Joseph Akinlaja, the Chairman, House of Representatives Committee on Petroleum Resources (Downstream), said on Tuesday the passage of the Petroleum Industry Bill (PIB) would solve the current fuel crises in the country. Akinlaja told newsmen in Abuja that the committee was working assiduously to ensure that the bill was passed before the end of the tenure of the current 8th National Assembly. The lawmaker said that three out of the four segments of the bill were currently before the committee on Petroleum Resources and would soon be presented to the house for debate. “The assurance given to us as directives by the Speaker, Mr Yakubu Dogara, is that the PIB must be passed before end of his tenure. “And this year by the grace of God, we not only hoping; we believe that the b...
House Of Reps Aims To Pass Oil Bill By Mid-2018 – Akinlaja Joseph
News

House Of Reps Aims To Pass Oil Bill By Mid-2018 – Akinlaja Joseph

Nigeria’s lower chamber aims to pass the long-awaited Petroleum Industry Bill (PIB), which seeks to overhaul the West African nation’s energy sector, in the second quarter of 2018, a lawmaker said on Monday. The sprawling bill, discussed for over 10 years following several redrafts and covering issues ranging from the state oil company’s breakup to taxation, seeks to address problems that have beset the OPEC member for decades. Oil sales provide 70 percent of government revenue in Africa’s biggest economy. It was broken into separate parts to help quicken debate. The governance bill was passed by the upper house in May and needs approval from the House of Representatives before being passed to the president, who would sign it into law. Akinlaja Joseph, chairman of the Petroleum Re...
PIB Can’t Address All Oil Sector Challenges – Ex-FIRS Chief Ifueko Omoigui-Okauru
News

PIB Can’t Address All Oil Sector Challenges – Ex-FIRS Chief Ifueko Omoigui-Okauru

Former Chairman of the Federal Inland Revenue Service (FIRS), Mrs Ifueko Omoigui-Okauru, has said that the Petroleum Industry Bill (PIB) cannot address all the challenges in the oil sector. Speaking in an interview with newsmen in Nairobi, Okauru said passing the PIB would not mean an end to all issues in the oil sector. Omoigui-Okauru who was a panellist at sessions of the just concluded Pan African Conference on curbing Illicit Financial Flows from Africa (IFFs), however acknowledged that the bill would go a long way in addressing the problem. At the conference, it was established that Africa loses over $50 billion from activities of multinationals companies who engage in illicit activities especially in the extractive industry. Speaking on the PIB, the former FIRS boss said ...
Petroleum Industry Bill Will Open Up Oil And Gas Sector – Ibe Kachikwu
News

Petroleum Industry Bill Will Open Up Oil And Gas Sector – Ibe Kachikwu

Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu, on Saturday said that the passage of the modified Petroleum Industry Bill (PIB) will open up the oil and gas sector to new local and international Investors for competitive growth and development in line with international best practices. Kachikwu revealed this during the 20th Convocation ceremony of the Petroleum Training Institute (PTI), Effurun, Delta State. He noted that the PIB, which is being considered in phases by the National Assembly, is set to overhaul the entire industry governance framework to fiscals and regulatory form of the oil and gas sector. According to him, “I therefore want to state firmly that the PTI would benefit immensely from the passage of the bill because I am optimistic that the impl...
Judge Us By Facts, Not Sentiments – Senate Tells Nigerians
News

Judge Us By Facts, Not Sentiments – Senate Tells Nigerians

The Chairman, Senate Committee on Media and Public Affairs, Senator Sabi Abdullahi, has called on Nigerians to base their judgment of the eighth Senate by the facts of its achievements, rather than sentiments or propaganda. In a statement yesterday, Abdullahi described the current Senate as the highest performing ever, despite the distractions. “The facts speak for themselves, this eighth Senate has already passed 128 Bills in 26 months. This is weighed against the fifth Senate that passed 129 bills in four years; the sixth Senate that passed 72 bills in four years and the seventh Senate that passed 128 bills in four years. When it comes to public petitions, in just 26 months, again, we have cleared 82 petitions. This is juxtaposed against the sixth and seventh Senate that cleared on...
Senate Passes Host Community Tranche Of PIB Through Second Reading
News

Senate Passes Host Community Tranche Of PIB Through Second Reading

The bill, which passed second reading following a unanimous adoption by the lawmakers through a voice vote at plenary on Thursday, was sponsored by Senator Kabiru Marafa and members of the Joint Committee on Petroleum Resources. A Bill for Act to provide for Framework relating to Petroleum Producing Host Community’s participation, cost and benefit sharing among Government, Petroleum Exploration Companies and Petroleum Host Communities, 2017 has passed second reading in Senate. The bill, which passed second reading following a unanimous adoption by the lawmakers through a voice vote at plenary on Thursday, was sponsored by Senator Kabiru Marafa and members of the Joint Committee on Petroleum Resources. The bill, which is one of the tranches of the Petroleum Industry Bill, scaled fi...
Reasons To Prove Goodluck Jonathan’s Administration Was A Waste – APC
News

Reasons To Prove Goodluck Jonathan’s Administration Was A Waste – APC

The All Progressive Congress, APC, Rivers State Chapter has stated that the era of the former president of the country, Goodluck Jonathan, was a total waste. The admission was contained in a statement issued on Tuesday by the state’s APC in which it listed the various reasons why “Jonathan’s Presidency was similarly a total disaster for Rivers State and her people.” The statement credited to the Bayelsa state governor, Seriake Dickson and signed by the State Chairman of the party, Chief (Dr.) Davies Ibiamu Ikanya reads in part: “Rivers APC aligned itself also with the historical statement credited to Governor Seriake Dickson of Bayelsa – the home State of former President Jonathan – that his six years in Aso Rock was a waste for the Ijaw Nation. “The party declared that Jonathan’s...