https://charminarjointings.blogspot.com/2024/12/gasket-sheets-in-oil-and-gas-industry.html

Drilling and well control simulators have become indispensable tools for enhancing safety and efficiency in the oil and gas industry. However, their effectiveness depends largely on how they are implemented within training programs. https://www.esimtech.com/drilling-and-well-control-simulators.html

The GCEO of NNPCL, Mele kyari highlighted that Nigeria currently lacks energy security. He pointed out that half of the population remains without access to electricity, and 70 percent do not have access to clean fuel. He said, “Today, when we say energy security, the thing that comes quickly to people’s mind is the availability of PMS, I think energy security is not about PMS. It’s beyond this. As a country today, we all know that over 50 per cent of our population doesn’t have access to electricity. Over 70 per cent of our population doesn’t have access to clean, good fuel. This is very true, all of us have said it over and over in the last three to five years. “Have we taken any specific steps to close that gap in terms of having access to electricity and also access to clean fuel? I believe that substantial work has been done. And without mincing words, NNPC is left with the cross and we are humbly carrying it, proudly carrying it as NNPC Limited.” Kyari emphasized that the oil and gas sector was never designed with the intention of prioritizing energy supply to the domestic market, stating that this was not its foundational purpose. He added, “Every investor here, and of course the landscape is changing, don’t mind the fact that things are changing, but every investor here is here to produce oil or gas, export and make money. This is the reality. We as NNPC are left with the cross of making sure that this is made domestically available. That speaks to the availability of products for processing in the domestic market, provision of finished products in the domestic market, and also delivering gas into the domestic market.”

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has firmly asserted that President Bola Tinubu’s reforms in the foreign exchange and oil and gas sectors are irreversible. Edun shared this information during a meeting with Doris Uzoka Anite, the newly appointed Minister of State for Finance, at the Ministry’s headquarters on Monday. He said, “Nigeria now have a foreign exchange rate that is market based and also a deregulated oil market pricing which are two reforms that are long overdue over many decades that President Tinubu is currently implementing. “Therefore as co-ordinating minister of economy, we stand on a threshold of a new dawn to implement these reforms and increase productivity, create jobs and reducing poverty and we are glad to have a minister of state that will help in actualizing the President’s reforms.”

The FG has granted approval for the distribution of one million science textbooks intended for secondary schools. On Wednesday, the Federal Executive Council gave the green light for the printing of one million science textbooks to be distributed to every public secondary school across the country. The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, informed reporters that the initiative aims to address gaps in essential subjects including physics, chemistry, biology, mathematics, and computer science. This came after a memo was presented by the Minister of State for Petroleum Resources, Heineken Lokpobiri, on behalf of the Petroleum Technology Development Fund. He clarified that the initiative aims to close the divide, empowering Nigeria to align its engineering and technology advancements with those of the global community. He said, “We brought a memo on behalf of the PTDF that had initiated a program called the PTDF stem fund. “Some time ago, the PTDF, which is the creation of law, you know, with the mandate to build the capacity, of Nigerians in the oil and gas industry came up with a program called PTDF Science, Technology, Engineering and Mathematics Programme. “They sought to obtain presidential approval. And today, we brought a memo to the council to be able to print 1 million science textbooks. “The science courses that were identified that Nigerians have deficiency, physics, chemistry, biology, mathematics, computer science.” Lokpobiri said, “This program is meant to print 1 million science textbooks that will be distributed to all the local government, 74 local government areas in the country, and also to support the 104 unity schools that we have in the country, and then 122 special schools, that we have in the country. “This memo was approved by Council. Essentially, this is a support at the secondary school level. To catch up with the rest of the world in terms of technological and engineering development, we need to lay a very solid foundation. “Some time ago, we found that we are lagging, and so we decided that look, we are going to build both physical and digital libraries.”

Nigeria has granted approval for Exxon Mobil Corp. to sell its oil and gas assets to the local energy company Seplat Energy Plc, bringing to a close a prolonged two-year delay in finalizing the $1.3 billion deal. President Bola Tinubu, granted ministerial approval for this agreement along with three others, according to Gbenga Komolafe, the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission. On Monday, during an event in the capital city of Abuja, Gbenga Komolafe, the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced that the ministerial approval has been secured. Under the agreement, Seplat will acquire a 40% interest in four oil mining leases and the related infrastructure, which includes the Qua Iboe export terminal. Additionally, Seplat will hold a 51% stake in the Bonny River natural gas liquids recovery plant that was formerly operated by Mobil Producing Nigeria Unlimited, the local division of Exxon.

FG Unveils Fresh Fiscal Incentives to Enhance Nigeria's Oil and Gas Industry. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced two significant fiscal incentives designed to rejuvenate Nigeria's oil and gas industry: - Value Added Tax (VAT) Modification Order 2024 - Notice of Tax Incentives for Deep Offshore Oil & Gas Production, in accordance with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024. The VAT Modification Order 2024 introduces exemptions for several essential energy products and infrastructure, such as Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment. These initiatives aim to reduce living costs, enhance energy security, and expedite Nigeria's shift towards cleaner energy alternatives. Furthermore, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production introduces fresh tax relief options for projects in deep offshore exploration. This initiative is designed to establish Nigeria's deep offshore basin as a top-tier choice for international oil and gas investments. These reforms are components of a larger set of policy initiatives focused on investment, advocated by President Bola Ahmed Tinubu, as outlined in Policy Directives 40-42. They demonstrate the administration's unwavering dedication to promoting sustainable development within the energy sector and boosting Nigeria's competitive standing in global oil and gas production.

FULL TEXT OF NATIONAL BROADCAST BY PRESIDENT BOLA AHMED TINUBU ON THE 64TH INDEPENDENCE ANNIVERSARY OF THE FEDERAL REPUBLIC OF NIGERIA OCTOBER 1, 2024 Fellow Nigerians, as I address you today, I am deeply aware of the struggles many of you face in these challenging times. Our administration knows that many of you struggle with rising living costs and the search for meaningful employment. I want to assure you that your voices are heard. As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel. Exactly 64 years ago, our founding fathers chose democracy as a form of government and launched the dream of a great country that would lead the rest of Africa out of poverty, ignorance, and underdevelopment, a beacon of hope to the rest of Africa and the world. Over six decades later, we can look back, and Nigerians worldwide can see how well we have succeeded in realising the lofty dreams of our founding fathers. The world is witnessing and benefiting from the can-do spirit of the Nigerian people, our massive intellectual capacity, and our enterprise and industry in all vocations, from arts to science, technology to infrastructure. The dreams that our founding fathers envisaged are still a work in progress. Every day, we put our hands on the plough, determined to do a better job of it. While it is tempting to focus on what has been left undone and where we have stumbled as a nation, we must never lose sight of how far we have come in forging and holding our country together. Since independence, our nation has survived many crises and upheavals that led to the dissolution and disintegration of many other nations worldwide. Six years after independence, our country descended into a political crisis that led to a bitter and avoidable civil war. Since returning from the brink of that darkest moment, we have learned to embrace our diversity and manage our differences better as we continue to work towards engendering a more perfect union. Despite the many challenges that buffeted our country, we remain a strong, united, and viable sovereign nation. Dear compatriots, our independence anniversary gives us another chance to reflect on how far we have gone in our journey to nation-building and to renew our commitment to building a better nation that will serve present and future generations of Nigerians. While we celebrate the progress we have made as a people in the last sixty-four years, we must also recognise some of our missed opportunities and mistakes of the past. If we are to become one of the greatest nations on earth, as God has destined us to be, our mistakes must not be allowed to follow us into the future. My administration took over the leadership of our country 16 months ago at a critical juncture. The economy faced many headwinds, and our physical security was highly impaired. We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse. We decided to reform our political economy and defence architecture. On the security front, I am happy to announce to you, my compatriots, that our administration is winning the war on terror and banditry. Our target is to eliminate all the threats of Boko Haram, banditry, kidnapping for ransom, and the scourge of all forms of violent extremism. Within one year, our government has eliminated Boko Haram and bandit commanders faster than ever. As of the last count, over 300 Boko Haram and bandit commanders have been eliminated by our gallant troops in the Northeast, Northwest, and some other parts of the country. We have restored peace to hundreds of communities in the North, and thousands of our people have been able to return home. It is an unfinished business, which our security agencies are committed to ending as quickly as possible. As soon as we can restore peace to many communities in the troubled parts of the North, our farmers can return to their farms. We expect to see a leap in food production and a downward spiral in food costs. I promise you, we shall not falter on this. Our government has been responding to the recent natural disasters, particularly the flooding in parts of the country. After Vice President Kashim Shettima visited Maiduguri, I also visited to assure our people that this federal government will always stand with our people in their times of trouble. At the last meeting of the Federal Executive Council, we approved a Disaster Relief Fund to mobilise private and public sector funds to help us respond faster to emergencies. Our government has also ordered integrity tests of all our dams in the country to avert future disasters. The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably. If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences. Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year. Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector. The move will create vibrancy and increase oil and gas production, positively impacting our economy. The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market. We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion. We have cleared the ways and means debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent. Despite all these, we have managed to keep our foreign reserve at $37 billion. We continue to meet all our obligations and pay our bills. We are moving ahead with our fiscal policy reforms. To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly. These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law. As part of our efforts to re-engineer our political economy, we are resolute in our determination to implement the Supreme Court judgment on the financial autonomy of local governments. The central concern of our people today is the high cost of living, especially food costs. This concern is shared by many around the globe as prices and the cost of living continue to rise worldwide. My fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home. I commend the Governors particularly, in Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest Governors that have embraced our agricultural production programme. I urge other states to join the Federal Government in investing in mechanised farming. We are playing our part by supplying fertilizer and making tractors and other farm equipment available. Last week, the Federal Executive Council approved establishing a local assembly plant for 2000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment. The plant has a completion time of six months. Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation. Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace. As we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanize their creative energy towards a better future. We lead today with the future we wish to bequeath to our children in focus, recognizing that we cannot design a future that belongs to them without making them its architects. Considering this, I am pleased to announce the gathering of a National Youth Conference. This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 per cent of our population. It will provoke meaningful dialogue and empower our young people to participate actively in nation-building. By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow. The 30-day Confab will unite young people nationwide to collaboratively develop solutions to issues such as education, employment, innovation, security, and social justice. The modalities of this Confab and selection of delegates will be designed in close consultation with our young people through their representatives. Through this confab, it will be our job as leaders to ensure that their aspirations are at the heart of the conference’s deliberations. The government will thoroughly consider and implement the recommendations and outcomes from this forum as we remain resolute in our mission to build a more inclusive, prosperous, and united Nigeria. Our government is implementing several other youth-centric programmes to give our young people an advantage in the rapidly changing world. We are implementing, amongst others, the 3 million Technical Talents programme (3MTT) of the Ministry of Communications, Innovation and Digital Economy, aimed at building Nigeria's technical talent backbone. We have also enthusiastically implemented the Nigerian Education Loan Fund (NELFUND), which provides cheap loans to our students to pursue their tertiary educational dreams. In addition, later this month, we shall launch The Renewed Hope Labour Employment and Empowerment Programme (LEEP). It is conceived as a comprehensive suite of interventions at job creation by the Federal Ministry of Labour and Employment that is aimed at facilitating the creation of 2.5 million jobs, directly and indirectly, on an annual incremental basis whilst simultaneously ensuring the welfare and safety of workers across the country. As is the tradition, the government will soon announce all the beneficiaries of our national honours for 2024. The Senate President and the Chief Justice of the Federation have been conferred with the honour of the Grand Commander of the Order of the Niger (GCON). The deputy Senate President and Speaker of the House of Representatives have the honour of Commander of the Order of the Federal Republic (CFR), while the deputy speaker of the House has been awarded Commander of the Order of Niger (CON) . Fellow Nigerians, better days are ahead of us. The challenges of the moment must always make us believe in ourselves. We are Nigerians—resilient and tenacious. We always prevail and rise above our circumstances. I urge you to believe in our nation's promise. The road ahead may be challenging, but we will forge a path toward a brighter future with your support. Together, we will cultivate a Nigeria that reflects the aspirations of all its citizens, a nation that resonates with pride, dignity, and shared success. As agents of change, we can shape our destiny and build a brighter future by ourselves, for ourselves and for future generations. Please join our administration in this journey towards a brighter future. Let us work together to build a greater Nigeria where every citizen can access opportunities and every child can grow up with hope and promise. May God continue to bless our nation and keep members of our armed forces safe. Happy Independence anniversary, my fellow Nigerians!

President Bola Tinubu has enacted five new executive orders targeted at attracting $2.5 billion in investments. These directives are designed to offer fiscal incentives to enhance investment in Nigeria's oil and gas industry. This announcement coincides with the Federal Government's launch of the $550 million Ubeta gas project, which is expected to produce 350 million standard cubic feet of gas daily once it becomes operational. In June of this year, a signing ceremony was held in Abuja to mark the $550 million Final Investment Decision between NNPC Ltd and TotalEnergies regarding the development of the Ubeta Field Project. Discovered in 1964, the Ubeta field is situated northwest of Port Harcourt in Rivers State. The five Executive Orders issued by Tinubu are anticipated to lower both the expenses and duration associated with finalizing and implementing contracts aimed at developing and expanding gas infrastructure. The Special Adviser to the President on Energy, Olu Verheijen, announced in Washington DC that the “The directives aim to immediately unlock up to $2.5bn in new oil and gas investments in the country,” This information was shared in a statement released on Tuesday by Morenike Adewunmi, the Stakeholder Manager in the Office of the Special Adviser to the President on Energy. She said, “I cannot overstate the importance of our longstanding relationship with the US and this inaugural dialogue. The goal of this dialogue is for us to jointly proffer solutions that will close the energy access gap for close to 100 million Nigerians who still lack reliable power. “We want existing and potential partners to better understand our areas of priority so that our collaboration can be better targeted, and with tangible outcomes.” “To support the reform efforts, President Bola Tinubu has issued five new executive orders aimed at providing fiscal incentives for investment and reducing the cost and time of finalising and implementing contracts to develop and expand gas infrastructure.”

President Tinubu and Xi Jinping are set to sign five Memorandums of Understanding today. President Tinubu would Participate in strategic discussions with 10 chief executives from leading Chinese companies, whose combined assets under management exceed $3 trillion. These executives represent diverse industries, including information and communication technology, oil and gas, aluminum manufacturing, port development, financial services, and satellite technology innovation. President Tinubu will receive the distinguished honor of a 21-gun salute and will review the honor guard at the Great Hall. Following detailed briefings from several of his ministers and other important government officials, President Bola Tinubu is set to meet with Chinese President Xi Jinping today at various events, where they are expected to sign approximately five Memoranda of Understanding (MOUs). This will signify the official start of Tinubu's visit to the People’s Republic of China, beginning with a trip to the Great Hall of the People in Beijing, where he will be welcomed by Jinping. The President Tinubu will arrive at the Great Hall of the People, where he will be greeted with a guard of honour. He will also pay tribute to fallen heroes by laying a wreath and will receive a ceremonial 21-gun salute. The robust bilateral agreements between the two countries aim to concentrate on crucial sectors, such as the green economy, agricultural advancement, satellite technology innovation, development and promotion of media enterprises, blue economic growth, and collaborative national planning efforts. The meeting will serve as an important opportunity for the two leaders to engage in discussions on various shared interests, including economic collaboration, security at national, regional, and international levels, and other pressing global issues. Today, President Tinubu is anticipated to host a roundtable dinner with a select group of chief executive officers from Chinese companies at the China World Hotel in Beijing. As the Chairman of the ECOWAS Authority of Heads of State and Government, President Tinubu will participate alongside fellow African leaders at the FOCAC summit. On Thursday, he is set to deliver significant remarks representing the region, focusing on issues of shared importance between China and Africa. On the same Thursday, the president is scheduled to present an eight-minute address focusing on peace and security. He will also engage in a high-level plenary session dedicated to these issues, where he will provide insights on Nigeria’s viewpoint regarding the security challenges faced both regionally and across the continent.