Oil & Gas

Tinubu signs three executive orders to incentivize nation’s oil and gas projects

1.1k

President Bola Tinubu has signed three new executive orders in the oil and gas sector to introduce fiscal incentives for related projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.

In a statement on Wednesday, the Special Adviser on Media and Publicity, Ajuri Ngelale, said the latest initiative by the President followed extensive engagements, analyses, and benchmarking with other jurisdictions.

According to the statement titled “President Tinubu signs executive orders on oil and gas reforms,” Tinubu approved: “The introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments.

“Streamlining of the contracting process to compress the contracting cycle to six months.

“The application of the local content requirements without hindering investments or the cost competitiveness.”

Wednesday’s directive is in keeping with his efforts to remove obstacles to investments in Nigeria, harness the nation’s resources, and diversify the economy for the benefit of Nigerians, said the Presidency.

It is also expected to improve the investment climate and position Nigeria as the preferred investment destination for the oil and gas sector in Africa, as the statement further explained.

Ngelale noted “that these incentives were developed in collaboration with the Federal Ministries of Justice, Finance, Petroleum, Budget, and Economic Planning, the Federal Inland Revenue Service, the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Commission, and the Nigerian Content Development and Monitoring Board.

“The details of these policy directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.”

He added that the Special Adviser to the President on Energy, Mrs. Olu Verhijen, has been directed to continue coordinating the aforementioned stakeholders to ensure the implementation of these directives within a stipulated timeframe.

Leave a comment

Related Articles

Nigeria’s Adekeye emerges chairperson, APPO Nigeria’s directors training institute

Mrs. Folashade Adekeye has emerged as the Chairperson, Forum of the Directors...

NNPC Ltd. partners Nasarawa govt on oil, gas development

The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it is...

NNPC E&P Ltd, NOSL Hit First Oil in OML 13, Akwa Ibom State

NNPC Exploration and Production Limited (NNPC E&P Ltd), NNPC Ltd’s flagship upstream...

Shell Nigeria paid $1.09bn in taxes, royalties in 2023 to Nigerian government – SPDC MD Okunbor

Shell says it paid $1.09 billion in corporate taxes and royalties to...

Shell signs agreement to build gas pipelines in Oyo State

The Oyo State Government has partnered with Shell Nigeria Gas (SNG) to...

Pres. Tinubu to inaugurate NNPC Ltd’s three critical gas infrastructure projects

In line with his commitment to significantly leverage gas to grow the...

NNPC Ltd signs agreement with African Refinery to build 100,000-bpd facility at Port Harcourt Refinery

In a bid to further boost local refining capacity, the Nigerian National...

Cause of Tightness in Fuel Supply Resolved – NNPC Ltd.

The Nigerian National Petroleum Company Limited (NNPC Ltd) said on Thursday that...

Just in: Again, Dangote further crashes diesel, aviation fuel to N940, N980

Dangote Petroleum Refinery has announced another reduction in diesel and aviation fuel...

NNPC Ltd., joint venture partner, unlock 12,000bpd production from Awoba Unit Field

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its joint venture...

Oil prices jump on escalating crises in Middle East

Oil prices jumped on Friday while Asian markets tumbled, with global investors...

MAN, marketers, other stakeholders laud Dangote’s slashing of diesel price to N1,000/litre

The decision by Dangote Petroleum Refinery to reduce the price of diesel...

Gas critical to driving economic growth, industrial development — NNPCL GCEO, Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited...

War against oil theft: Tug boat conveying illegal diesel arrested, 115 oil thefts in one week – NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) says a tugboat conveying suspected...

Reduction of petrol pump price: It’s bush telegraph, says NNPCL’s spokesman, Soneye

The Nigerian National Petroleum Company Limited (NNPCL) has denied reports making the...

Transparency, Research, Innovation Driving NNPC Ltd.’s Transformation – EVP Gas, Power, & New Energy

The Executive Vice President, Gas, Power, and New Energy of the Nigerian...

NNPC Ltd. will use gas to trigger Nigeria’s industrialization, economic development – EVP Upstream, Eyesan

The Nigerian National Petroleum Company (NNPC) Ltd. has reiterated its commitment to...

Kyari calls for differentiated energy transition for Africa

As global calls for transition to cleaner energy fuels continue to grow,...