Oil & Gas - NOGSpeed - Energy-Affair

The Nigeria Liquified Natural Gas Limited, Nigeria oil and gas, has stated its determination to leverage cutting-edge technologies to reduce emissions towards climate action and enhance sustainable energy development.
The Deputy Managing Director of Nigeria LNG, Olakunle Osobu gave this assurance while speaking at a panel session on ‘Stimulating early-stage investment into climate technologies to meet net zero goals’, at Gastech Climatetech & AI strategic and Technical Agenda held at George R Brown Convention Center, Houston, Texas, USA, with the theme ‘Transforming Energy Through Vision, Innovation, and Action.’
Speaking on Audience insight to explore investment solutions needed for startups to reach commercial viability and maturity, Osobu joined other stakeholders to call on governments to provide financial guarantees for climate tech investments.
“Also, government initiatives should offer tax credits or deductions for climate tech investments, provide early-stage funding for climate tech startups, streamline regulations, provide clear policies and standards,” he stated.
Like in Norway, where the government makes the technology work, Osobu pointed out that the Nigerian government must take the lead in creating an enabling environment that would make venture capital funds to focus on climate tech investments.
He stressed the need to establish carbon markets to incentivize emissions reduction.
Highlighting what NLNG is doing so far, he noted that NLNG potentials are great. ‘’we are looking at Carbon capture and storages”.
According to him, NLNG was looking at the prospect of biofuel, noting that the company is also committed to addressing climate change challenges through the implementation of its GreenHouse Gas (GHG) and Energy Management Plan.
He said that NLNG takes Climate Change seriously and various actions have been proposed and taken to mitigate the impact of its operations on the environment adding that the company continues to assess possible impact as well as mitigation actions needed for its port and facilities.
He noted that Nigeria LNG is a significant player in global energy industry, contributing to Nigeria’s energy transition and global efforts, which include Cleaner fossil fuel; efficient LNG production process; minimising energy consumption and emissions; Carbon Capture and Storage; exploring solar power for electricity generation and Greenhouse Gas (GHG) Emissions Reduction; targeting 20 per cent reduction by 2030.
Other members of the panel include were Patricia Melcher , Co-founder and MD EIV Capital; Bruece Niven, Head Strategic venturing Aramco Ventures; Marc Guilbert, Managing Partner BX Ventures; Bobby Tudor, CEO and founder Artemis Energy Partners; and Moderator , Timmeko Moore Love , Gm & SVP Greentown Labs.

Derivation Revenue amounting to N99.474 billion has been disbursed to Nigeria’s oil producing states as the 13% derivation fund as prescribed by law for August.
The oil producing states are Akwa Ibom, Delta, Rivers, Bayelsa, Imo, Abia, Ondo, Anambra, Edo and Lagos.
The amount received by them is part of the total N1.203 trillion disbursed by the Federation Account Allocation Committee, FAAC, to the three tiers of government as federal allocation for the month of August 2024 from a gross total of N2.278 trillion.
A communique issued by the FAAC at the end of its meeting in Abuja, said the total amount shared by the three tiers of government and disbursed to the minerals producing states is inclusive of gross statutory revenue, value added tax, electronic money transfer levy and exchange difference.
The Federal Government received N374.925 billion, the states, N422.861 billion and the local government councils, N306.533 billion, while the oil producing states received N99.474 billion as derivation – 13% of mineral revenue.
The sum of N81.975 billion was given for the cost of collection, while N992.617 billion was allocated for Transfers Intervention and Refunds.
The communique by FAAC indicated that the Gross Revenue available from the Value Added Tax for the month of August 2024 was N573.341 billion as against N625.329 billion distributed in the preceding month, resulting in a decrease of N51.988 billion.
From that amount, the sum of N22.934 billion was allocated for the cost of collection and the sum of N16.512 billion given for Transfers, Intervention and Refunds.
The remaining sum of N533.895 billion was distributed to the three tiers of government, of which the Federal Government got N80.084 billion, the States received N266.948 billion and Local Government Councils got N186.863 billion.
Accordingly, the gross statutory revenue of N1.221Trillion received for the month was lower than the sum of N1.387 received in the previous month by N165.994. From the stated amount, the sum of N58.415 Billion was allocated for the cost of collection and a total sum of N976.105 billion for transfers, intervention and refunds.
The remaining balance of N186.636 billion was distributed as follows to the three tiers of government: Federal Government got the sum of N71.624 billion, States received N36.329 billion, the sum of N28.008 billion was allocated to LGCs and N50.675 billion was given to Derivation Revenue (13% mineral producing states).
Also, the sum of N15.643 billion from electronic money transfer levy was distributed to the three tiers of government as follows: the Federal Government received N2.252 billion, states got N7.509 billion, Local Government Councils received N5.256 billion, while N0.626 billion was allocated for cost of collection.

The Nigerian Gas Association (NGA) has called on the Nigerian government to implement a transportation policy mandating the use of gas-powered vehicles for public transportation which can also be extended to government activities.
It is also a policy that can be adopted at state and local government levels.
The formal adoption of such a policy will at the same time promote cleaner energy sources, align with the sustainability goals of the Nigerian Government, help reduce the nation’s reliance on traditional fuels and attract the necessary investment in downstream infrastructure that will create jobs and domesticate technology while facilitating successful implementation.
The NGA commended the government’s incremental adoption of Compressed Natural Gas (CNG) for transportation and emphasised the importance of sustaining the momentum.
The Association acknowledged the efforts of the Presidential Compressed Natural Gas Initiative (PiCNG) in deploying CNG conversion kits and urged the organisation to improve its gains in advancing CNG as a viable alternative energy source.
Mr. Akachukwu Nwokedi, President of the NGA, highlighted the broader implications of this shift toward natural gas-powered transportation for public transportation which can be extended to heavy-duty vehicles and trucks to make the movement of goods and products more affordable with positive benefits to end users.
“The transition to gas is not just an environmental imperative but an economic one. With potential operational cost savings of up to 70 per cent natural gas represents a tremendous opportunity for Nigeria’s economy to become more efficient and eco-friendlier,” he stated, instilling a sense of optimism about the potential positive impact on economic growth.
The NGA also congratulated Greenville LNG on completing its second test drive of LNG-powered trains, marking another pivotal milestone in Nigeria’s transition to more sustainable energy solutions. It reinforces the NGA’s advocacy for natural gas as the preferred energy source for driving economic growth and reducing the nation’s carbon footprint by effectively employing its abundant gas reserves.
Fueling Nigeria’s rail transportation system with natural gas is part of a larger initiative to transform the country’s transportation sector by reducing carbon emissions and promoting energy efficiency. “We are excited to see projects like Greenville LNG contributing to Nigeria’s Gas Initiative. It’s a shining example of how sustainable energy can drive positive change in the economy and the environment,” Mr Nwokedi added.
The NGA continues to champion eco-friendly practices and the transition to gas-powered solutions, encouraging both public and private sectors to embrace natural gas as a cleaner, more sustainable fuel option. This commitment inspires and motivates the audience to join the NGA in their advocacy for natural gas.

The Nigerian Institution of Petroleum Engineers (NIPetE) has stressed the importance of domesticating codes and standards to ensure world-class operations within Nigeria’s petroleum sector.
The National Chairman of the Institution, Engineer Prisca Kanebi, while outlining NIPetE’s goals, called for stronger collaboration between industry and academia in petroleum engineering so as to promote activities in the sector.
She spoke when she led her management team to Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources, in Abuja.
She said the Institution acts as a watchdog for educational and professional practices, and encouraging major industry operators to sponsor training equipment and laboratories at universities.
Additionally, she highlighted NIPetE’s initiative to facilitate sabbaticals for academic petroleum engineers with leading Nigerian exploration and production companies, enabling them to provide fresh insights into operational challenges
Lokpobiri, in response reaffirmed the ministry’s commitment to a strong partnership with the NIPetE to advance the oil and gas industry.
The Minister reiterated the ministry’s commitment to collaborating with NIPetE in key areas, including capacity building in universities and enhancing professional practices to boost and sustain oil production in Nigeria.
He expressed concern over current low production levels and emphasized the need to leverage the expertise of NIPetE members to tackle the challenges of increasing oil output, crucial for the nation’s economic growth.
The Minister acknowledged significant investments in industry capacity but noted a lack of tangible results, calling for a new approach to ensure Nigeria’s success.
He committed to attending the upcoming NIPetE conference and proposed establishing a collaborative agenda, to be reviewed quarterly, to guide their partnership moving forward.
At the meeting, Kanebi, formally invited the Minister to the Institution’s 3rd annual conference holding at the Abuja Continental Hotel on October 31 and November 1.

Nigeria is tinkering two key points to deliver gas to countries in Europe as the country advances towards export of gas under its gas export target.
Two options are open to deliver Nigerian gas to Europe.
The first route is through Algeria, and this is a very likely route as the pipeline proposal is in a very advanced stage.
The other option is through series of Western African countries following the western African coast and reaching Spain through Morocco.
This option seems to have passed the feasibility stage and has possibly become a viable project.
Just recently Libya and Nigeria agreed to prepare an Memorandum of Understanding (MoU) to conduct technical and economic feasibility studies on Nigeria’s plan to implement a pipeline project to transport gas produced from its fields to export gas to Europe via Libya.
The news was revealed by the Tripoli based Libyan Ministry of Oil and Gas last Friday (20 September) after Acting Oil and Gas Minister Khalifa Abdel Sadeg held a consultative meeting with Ekperikpe Ekpo, Minister of State for Petroleum Resources (GAS) of Nigeria.
The meeting was held on the sidelines of GASTECH 2024 which held in Houston, Texas, from 17-20 September.
The Libyan Ministry of Oil and Gas said this project is expected to have a tremendous economic return on the Libyan state.
Background
It will be recalled that in September last year, the then Oil and Gas Minister Mohamed Aoun, had revealed at a press conference that his ministry had presented a study to the Libyan government for the proposed Nigeria gas pipeline to Europe, planned to run through Algeria, to run through Libya instead.
Libya and Nigeria have discussed the idea previously at APPO meeting
Speaking on the margins of the press conference, Minister Aoun’s Advisor, Ahmed Elghaber, had told Libya Herald that Libya and Nigeria’s Ministers of Oil and Gas had compared preliminary notes on the matter in a recent oil ministerial meeting of African Petroleum Producers Organisation (APPO). Elghaber said they explored possible plans to extend a desert-crossing pipeline from Nigeria to Europe crossing Libya and Niger.
Consequently, Libya’s Cabinet had authorised the Oil and Gas Ministry to conduct a grass-root study of such a potential pipeline in coordination with Nigeria. However, Libya’s political stability is a prime factor in deciding the fate of this optional pipeline, Elghaber had stressed.
On the back of the Ukraine war, any additional gas to European markets in the current gas supply market would be highly appreciated. Hence, if this pipeline is realized, it would be highly valued by the world’s gas supply market, he had added.