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.
Lagos — The oil and gas industry has pursued energy transition avenues to decarbonize its operations. However, heightened energy security fears amid the Ukraine war have brought back the focus on fossil fuels, which has led companies to scale down their energy transition pursuit. This will likely continue in 2024, but the switch towards low-carbon energy is expected to proceed, albeit at a slower pace, says GlobalData, a leading data and analytics company.
GlobalData’s thematic report, “Energy Transition in Oil and Gas,” highlights the energy transition related developments in the oil and gas industry. Companies are switching towards renewable power and other low-carbon options in their energy transition efforts. Most leading industry companies have adopted 2050 as the long-term goal for net-zero carbon emissions. A lot of promises made by them hinge on the successful implementation of their respective interim targets for 2030.
Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “Energy security has been a concern for most countries following the outbreak of the Russia-Ukraine war. The resultant supply chain disruption drove countries towards the readily available fossil fuels, thereby boosting oil and gas demand. On the other hand, the push for energy self-reliance and high inflation have somewhat derailed the clean energy adoption.”
Leading oil and gas companies have set themselves decarbonization targets for both the medium and long-term, relying on the existing and emerging technologies. Firstly, companies are increasingly investing in renewable power generation, with wind and solar power being a particular area of focus.
Puranik continues: “In 2020, several oil and gas companies announced ambitious energy transition targets. However, the hype around energy transition has somewhat subsided going into 2024. Profitability issues and inflation, along with high interest rates are causing uncertainties in undertaking renewable projects.”
The share of fossil fuels in global power generation mix is dwindling by the year. This space is increasingly being occupied by the renewable energy sources, especially solar and wind energy. Oil and gas companies are venturing in renewable power generation as part of their energy transition endeavor.
Efforts like carbon capture predominantly work to mitigate emissions, while hydrogen production, renewable power, and low-carbon fuels offer end-consumers alternatives to fossil fuels. Energy storage, mostly in the form of batteries, is another transition avenue being explored by the oil and gas industry.
Puranik concludes: “The oil and gas industry’s energy transition requires long-term planning to reduce or eliminate carbon emissions. In the short to medium-term, companies must incorporate transition fuels as well as low-carbon and zero-carbon energy sources in their portfolios. Despite periodic slowdowns, energy transition in oil and gas industry will take place and pave way for new global energy mix in the future.”
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.
The Petroleum Technology Association of Nigeria (PETAN) has launched an ambitious advocacy to promote sustainable local content development in Africa especially in Nigeria where the Association has made great progress in training local engineers.
The Association, an indigenous organization said it has built capacity and have developed the know-how as many of its members come from the industry and highly experienced.
National Chairman of PETAN, Engr. Wole Ogunsanye, said “We raise funds from Nigerian banks. We put those funds to use, and you are seeing what it is here. It is in Nigeria’s interest that this facility, all of the capacity that we have built, is utilized for Nigeria.”
As such he said companies operating in Nigeria must obey the local content law which came into effect in 2010.
Ogunsanya, said adherence to the law will help build capacity, enhance patronage, and improve the national economy.
He made the comment after he led a team on a facility visit and tour of Solewant Group Plant in Eleme local government area of Rivers State.
Solewant Group is an indigenous company that deals in pipe fabrication and coating.
He said, “We cannot afford to outsource these kinds of services that Nigerians have put on the ground to anybody, whether within or outside Nigeria. It is not in our economic interest.”
While referring to the speech made by the Group Managing Director of Solewant Group Ogunsanye said, “ The same factory in China is employing 14, 000 Chinese. We want this factory in the least to employ 5,000 Nigerians.’
While noting that PETAN is going to be advocating for the firm (Solewant) in that regard, he added, “We are going to be advocating for all PETAN members that have built capacity to make sure they we have the patronage.
“1The local content law that was passed in 2010 is a law of Nigeria and it must be obeyed. So, PETAN is at the forefront to make sure that we drive that”.
The PETAN national chairman further said the association will collaborate with Solewant to see to it that their products are exported to other African countries and beyond.
“We are not even stopping in Nigeria alone. We’re looking at the Sub-Sahara Africa countries. This company here, Solewant can produce for this same thing in Angola. They can produce it in Mozambique.
They can supply Ghana. They can supply anywhere there is oil business in the sub Saharan Africa, Senegal.”
Earlier, the Group Managing Director of Solewant, Solomon Ewanehi, assured of the company’s resolve to contribute its quota to the oil and gas industry.
Ewanehi stated, “We want to respond to the Presidential Directive that we must increase the production of oil and gas, and we want to support the regulators.
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe has described the Nigerian Content strides of the Nigeria LNG Limited (NLNG) Train 7 Project as impressive.
While on a visit to the NLNG six-train plant, Train 7 Project construction site, and the NLNG Shipping and Marine Services Limited (NSML) training centre, Maritime Centre for Excellence (MCOE) in Finima, Bonny Island, Rivers State, Engr. Ogbe reiterated the need to expand collaboration and advocacy for Nigerian Content in the oil and gas industry.
Engr. Ogbe was received by Mr. Olakunle Osobu, Deputy Managing Director; Engr. Nnamdi Anowi, General Manager of Production; Engr. Ali Uwais, Train 7 Project Director; Mr. Abdulkadir Ahmed, NSML Managing Director/CEO; and other senior management officials of the company.
In his address, the Executive Secretary highlighted how the Train 7 Project has significantly impacted local capacity via the production of ancillary components and accessories within Nigeria, thereby contributing directly to the project’s successful execution. He affirmed that the recent Presidential Directives on Local Content implementation, which mandates that contracts in the oil and gas sector be awarded exclusively to local companies with proven in-country capabilities, was also instrumental to these achievements.
While harping on the progress made, Engr. Ogbe stated, “The accomplishments we are witnessing today at the NLNG Train 7 Project are a testament to the NLNG’s unwavering commitment to Nigerian Content. This project stands as a beacon of what we can achieve when we prioritise our local industries and talents.”
The NCDMB boss further lauded NLNG’s management for achieving a 52 million man-hours on the Train 7 project with zero lost time injury (LTI). He assured that “we will support you to achieve everything you desire to accomplish for the overall development of Nigeria.”
Engr. Ogbe also commended his immediate predecessor, Engr. Simbi Kesiye Wabote, for his immense contributions to the approval, take-off and success of the Train 7 project.
On the Maritime Centre for Excellence (MCOE), the NCDMB boss expressed delight that it is the first training centre in Africa to receive accreditation from the UK Maritime and Coastguard Agency (UK MCA) to deliver and issue certificates for the STCW 2010 Electronic Chart Display and Information System (ECDIS) and Basic Liquefied Gas Tanker Cargo Operations courses.
The MCOE, a maritime training and research facility, was established to enhance maritime expertise in Nigeria and the West African region. It currently hosts a specialised training programme for marine service providers in the upstream oil and gas sector, with support from NCDMB.
In response, the NLNG Deputy Managing Director, Mr. Olakunle Osobu, who represented Dr. Philip Mshelbila, NLNG’s MD/CEO, lauded NCDMB’s unwavering support for the Train 7 Project. He described the partnership as a shining example of the public-private collaboration that can drive Nigeria’s industrial growth. He emphasised that NLNG’s Nigerian Content deliverables showcase the power of strategic collaboration and capacity building, aligning with the NCDMB’s broader objectives and contributing to national development goals.
Mr. Osobu further reiterated that Nigerian Content was not just a regulatory requirement for NLNG but a core business strategy. “We are committed to going beyond compliance, embracing Nigerian Content as a fundamental part of our vision of helping to build a better Nigeria,” he added.
He also highlighted the economic impact of the Train 7 Project, stating that the addition of Train 7 will expand Nigeria’s LNG production capacity from 22 Metric Tons (MT) to 30MT per annum, which will not only boost the nation’s economy by creating jobs and driving sustainable development but also reinforce Nigeria’s position as a formidable player in the global energy market.
Engr. Ogbe’s visit comes on the heels of a recent tour of BEAMCO Limited, where pumps and valves are locally assembled for the Train 7 Project, and the commissioning of the Daewoo Galvanising Plant at Abam-ama, Okrika, Rivers State.
The Nigerian Content Development and Monitoring Board, NCDMB, has donated a total of 52 wheelchairs to the Joint National Association of Persons with Disabilities in Bayelsa State.
The donation was presented to the Association by the NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe on Wednesday at the Board’s headquarters in Yenagoa. In his address at the brief presentation ceremony, Engr. Ogbe said the wheelchair donation was in fulfilment of a pledge by NCDMB at a meeting with the Association. “We are not turning our eyes away from your needs,” he assured the Association, adding, “We have to aid your mobility.”
He urged members of the Association to eschew any tendency toward antagonism when seeking the attention of public agencies on any issue, stating that the Board would readily engage with them in exploring ways to be supportive.
The NCDMB boss said entitlement mentality has not been helpful to youths of the Niger Delta, pointing out that resources under the management of Federal Government agencies are for all Nigerians.
He enjoined youths to acquire useful skills so they could be productive and employable. He promised that the Board would provide training opportunities for vocational skills for members of the Association of Persons with Disabilities in the near future.
In response to a request by the Association for consideration for employment, Engr. Ogbe promised that any time vacancies exist, members with appropriate educational qualifications and skills would be employed.
Receiving the wheelchairs on behalf of members, the Association Chairman, Hon. Ekpomukumor Mayor, expressed profound appreciation to the Management for its prompt action on requests made in March. “This is a good sign – you are a listening leader,” he declared.
He and other members of the Association Executive also thanked the Management for the training programmes being planned by the Board.
The event was witnessed by Directors of the Board, namely, Alhaji Abdulmalik Halilu, Monitoring and Evaluation, Engr. Abayomi Bamidele, Project Certification and Authorisation Directorate, Barr. Naboth Onyesoh, Legal Services, Ifeanyi Ukoha, Finance and Personnel Management, and the General Manager, Corporate Corporations and Zonal Coordination, Esueme Dan Kikile, Esq.
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Lagos, NG
3:49 pm,
October 14, 2024
27°C
light rain
78 %
1012 mb
5 mph
Wind Gust:
8 mph
Visibility:
10 km
Sunrise:
6:31 am
Sunset:
6:30 pm
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