The report that the Federal Government, on Tuesday, offered 12 oil blocks and five deep offshore assets for sale as it marketed the assets to global oil sector investors at the ongoing 2024 Offshore Technology Conference in Houston, United States is one of the trending stories in Nigerian newspapers on Wednesday.
The Punch reports that the Federal Government, on Tuesday, offered 12 oil blocks and five deep offshore assets for sale as it marketed the assets to global oil sector investors at the ongoing 2024 Offshore Technology Conference in Houston, United States.
Speaking at the African Oil Industry Opportunities Session, a side event at the 2024 Offshore Technology Conference, the Chief Executive, Nigerian Upstream Regulatory Commission, Gbenga Komolafe, told investors at the gathering that Nigeria has 37.5 billion barrels of crude oil and condensate reserves and 209.26 trillion cubic feet of natural gas reserves.
This, he said, represents above 30 per cent and 33 per cent respectively of the entire oil and gas reserves in Africa aside from an abundant mix of other renewable energy resources.
He said, “It is towards the exploitation and optimisation of these abundant hydrocarbon resources that Section 7(t) of the Petroleum Industry Act empowers the NUPRC as the industry regulator to conduct bidding rounds for the award of PPLs (Petroleum Prospecting Licences) and PMLs (Petroleum Mining Licences) according to the Act and applicable regulations.
“It is on this premise that the Federal Government through the Nigerian Upstream Petroleum Regulatory Commission is pleased to announce the commencement of the 2024 Licensing Round at this global event for participation by international investors with financial and technical capacity.
“The exercise, initially announced on April 29, 2024, is a significant leap in our strategic hydrocarbons development initiative. This round introduces 12 meticulously selected blocks across diverse geological spectra — from the fertile onshore basins to the promising continental shelves and the untapped depths of our deep offshore territories.”
The newspaper says that Shell Nigeria says it exclusively paid a total of $1.09bn in corporate taxes and royalties to the Nigerian government in 2023, through the operations of the Shell Petroleum Development Company of Nigeria Limited and Shell Nigeria Exploration and Production Company of Nigeria Limited.
The figures, announced in the just published 2023 Shell Briefing Notes, showed that the SPDC paid $442m, while SNEPCo remitted $649m.
A statement by the company’s Media Relations Manager, Abimbola Essien-Nelson, said similar payments made by the two companies in 2022 amounted to $1.36bn.
“These payments are Shell exclusive and do not include those made by our partners,” said SPDC Managing Director and Country Chair, Shell Companies in Nigeria, Osagie Okunbor.
Okunbor explained, “Shell companies in Nigeria will continue to contribute to the country’s economic growth through the revenue we generate and the employment opportunities we create by supporting the development of local businesses”.
He added that Shell has invested in Nigeria for more than 60 years, adding that the Briefing Notes report on the progress of the businesses of Shell Companies in Nigeria – SPDC, SNEPCo, Shell Nigeria Gas and Daystar Power for 2023.
The reports, he said, showed that the companies continued to power progress, working closely with stakeholders and communities to promote socio-economic development and providing cost-effective and cleaner energy solutions.
The Vanguard newspaper reports that Controversy has trailed the introduction of the 0.5 per cent cybercrime levy on all electronic transactions with Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and financial sector operators expressing concerns, calling on the Federal Government to clarify grey aspects of the law authorizing the levy.
While describing the levy as another stealth tax on the private sector, NACCIMA called for a suspension of the levy for a few weeks pending a comprehensive review and consultation with key stakeholders.
The Cybercrimes (Prohibition, Prevention, Etc) (Amendment) Act 2024, Section 44 (2)(a), mandates a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act.
The businesses include are GSM Providers and all telcos, internet service providers, banks and other financial institutions, insurance companies and Nigeria Stock Exchange.
Consequently, the Central Bank of Nigeria, on Monday issued a circular directing all banks, other financial institutions and payments service providers to implement the levy.
Stakeholders, however, expressed concerns over what they described as ‘grey aspect’ of the Act especially the exact amount of the levy as well as the intended target.
The event, which is scheduled to last for five days from 30th June to 4th of July, 2024, will be held at the International Conference Centre, ICC, Abuja with the theme, “Showcasing Opportunities, Driving Investment,Meeting Energy Demand”.
Stakeholders in the energy sector, including regulators and key industry players are set to convene and proffer solutions aimed to drive progress in Sub-Saharan Africa’s energy market at the NOG Energy week 2024.
The event, which is scheduled to last for five days from 30th June to 4th of July, 2024, will be held at the International Conference Centre, ICC, Abuja with the theme, “Showcasing Opportunities, Driving Investment, Meeting Energy Demand”.
In a press statement, the Country Director and Portfolio Director, Africa for the events, Mr. Wemimo Oyelana, who also doubles as the event organizer, stated: “Many African countries are harnessing gas and other cleaner and greener energies to drive their industrialisation journey.
“African countries including Ghana and Nigeria are investing in gas infrastructure and promoting its utilisation, and by extension are addressing energy poverty and environmental challenges.”
He further noted that the Minister of Energy for Ghana, Dr. Matthew Opoku Prempeh, has confirmed his participation in the NOG Energy Week, adding that this will amplify the need for competitive financing to propel natural gas projects.
He added: “Nigeria, boasting gas reserves of over 200TCF, recently announced plans to execute a gas strategy that will trigger the nation’s industrialisation and economic growth”.
Nigerian National Petroleum Company Limited, NNPCL, Executive Vice President for Upstream, Mr. Oritsemeyiwa Eyesan, shared the organization’s plan to deepen domestic gas utilisation for power generation in a bid to support the manufacturing sector.
“To transform the energy sector in West Africa, leveraging natural gas to drive economic growth and development is key. Gas for industrialisation contributes to increasing energy transition progress across the region.”
Speaking on what stakeholders should expect at the NOG Energy week 2024, Oyelana, said: “Our commitment for almost 25 years has been to provide a platform where industry leaders can have frank conversations that proffer solutions to the different challenges the industry is facing.
“NOG Energy Week has contributed significantly to key policy development & implementation over the years.
“We look forward to having industry stakeholders discuss pertinent issues including: attracting international and regional funding into Nigeria’s energy sector, optimising the significance of natural gas as the fuel of choice, and driving industrialisation as a catalyst for economic growth,” he added.
GIK/APA