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Shell, Total Energies Advocate Incentives to Boost Investments in Nigeria’s Gas Sector, Seek Review of Petroleum Act
By Derrick Bangura
Shell and Total Energies, two multinational oil and gas companies, have emphasized the need for the Nigerian government to provide some incentives to entice more investors into the country’s gas sector.
The multinational oil corporations (IOCs) particularly requested that the Petroleum Industry Act (PIA) be amended to give more transparency and better fiscal conditions for Deepwater gas investments, arguing that greater clarity on gas marketing terms would help to entice additional investors into the gas field.
The Managing Director, Shell Nigeria Exploration and Production Company (SNEPCO), Mrs. Elohor Alboni and the Deputy Managing Director, Total Energies Deepwater, Mr. Victor Bandele, jointly opined that such incentives were needed now that the country is moving aggressively towards gas, having chosen gas as Nigeria’s transition fuel.
They spoke at a panel at the ongoing sixth edition of the Sub-Saharan African Petroleum Exhibition and Conference (SAIPEC 2022) with the theme: “Fostering Collaboration to Create Cross Border Partnerships across the Oil, Gas, and Energy Spectrum”.
The topic of the panel session was: “IOCs: Dynamics of Sub-Saharan Africa’s Energy, Oil, Gas Industry, as We Strive to Low Carbon Future.”
Responding to a question on how the PIA would impact investment in low carbon economy in Nigeria, Bandele said, “So, there is a drive for gas. We are still asking for the terms of the gas, the terms for the marketing part of the gas, to be such that it would be extremely attractive for the investors.
“But when you look at the Act itself, it has brought a lot of clarity to the fiscal terms. So, all the investors can now come in and look at the terms and decide whether it is comfortable, that they feel good about it, and want to invest in this country.
“I think that the area that is silent in the Act that I want to really point out is the one around, if one has a solution, that you can actually approach government with the solution and get incentives from the government.
“So, this is something that is not so obvious. But I think they tried to as much as possible bring that out. I think in the coming years or coming months, we would see clarity on how we can move forward on new projects that will be attractive to the investor, and that will be very good for the country itself.”
He, however, stated that the PIA brought clarity as to where the government wants to drive the industry to, adding that most of the government’s aspirations and initiatives being pushed on gas were all expressed in the legislation.
Alboni, who was represented before the panel by Mr. Bashir Bello, General Manager, Business Development and Government Relations, Shell Companies in Nigeria, said issues surrounding Deepwater gas provisions in the PIA need to be revised in order to bring in better fiscal terms.
She explained that the PIA review for better fiscal terms for gas investment would help investors to assist the government’s efforts to achieve a low-carbon economy and increase gas production.
President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
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