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President Buhari Approves Steering Committee on Petroleum Industry Act.

President Buhari Approves Steering Committee on Petroleum Industry Act.

This was contained in statement by the Special Adviser to the President on Media and Publicity Mr Femi Adesina. 

According to the statement, President Muhammadu Buhari has commenced implementation of the newly signed Petroleum Industry Act (PIA) by approving a steering committee to oversee the process.

The steering committee is headed by the Honourable Minister of State, Petroleum Resources, Timipre Sylva.

Other members are: Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative of the Ministry of Justice, Representative of the Ministry of Finance, Budget and National Planning, Senior Special Assistant to the President on Natural Resources, Barrister Olufemi Lijadu as External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund, will serve as Head of the Coordinating Secretariat and the Implementation Working Group.

The primary responsibility of the steering committee shall be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform program, and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.

The committee has 12 months duration for the assignment, and periodic updates will be given to Mr President.

How modular refineries can create over 100,000 indirect jobs – Wabote, NCDMB

*Adds: Modular refineries should refine at least 10% of Nigeria’s oil production

At least 10 per cent of Nigeria’s oil production should be refined through modular refineries as it has the capacity to create about 3,000 direct jobs and 100,000 indirect jobs, according to the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote.

Wabote stated this on Tuesday during the commissioning of the 5,000 barrels per day (bpd) Waltersmith Modular Refinery, developed with 30 percent equity investment by the NCDMB.

President Muhammadu Buhari had on Tuesday performed the virtual commissioning of the Waltersmith Modular Refinery, describing the role played by the Board as novel in concept and superb in delivery.

The President also performed the ground-breaking of the refinery expansion at the Ibigwe field, Ochia Community, Ohaji-Egbema Local Government of Imo State. The new phase will first add 25,000 barrels per day processing capacity, before the final phase of new 20,000 bpd, bringing total capacity to 50,000 bpd.

Delivering his address virtually, President Buhari stated that the deployment of modular refineries was one of the four elements of the Refinery Roadmap introduced the Federal Government in 2018 to meet local needs for petroleum products and eliminate importation.

According to a statement from the NCDMB, Wabote canvassed that at least 10 percent of Nigeria’s oil production should be refined through modular refineries, noting that an average of 10 direct jobs are created for every 1,000barrels/day capacity of modular refinery.

He said, “We believe that about 3,000 direct jobs and over 100,000 indirect and induced jobs can be created if 10 percent of Nigeria’s oil production is refined using modular refineries.”

The NCDMB boss also provided the basis of the Board’s equity investment in the 5,000bpd Waltersmith Modular Refinery. He hinted that Section 70(h) of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act mandates the Board to assist local contractors and Nigerian companies to develop their capabilities and capacities to further the attainment of Nigerian Content in the oil and gas sector of the economy.

According to him, “This refinery creates job opportunities and business prospects, enhances availability of petroleum products, and provides ready market for some of our crude cargo within our shores. At current capacity, this refinery will utilize about 1.8million barrels of crude oil. At the completion of the expansion works, this will increase to more than 16million barrels of crude and condensates every year.”

The Executive Secretary confirmed that NCDMB was also in partnership with other investors for the construction of a 2,500bpd modular refinery in Edo State, which will later be expanded to 10,000bpd and another 12,000bpd hydroskimming refinery in Bayelsa State, that will produce a full slate of petroleum products to serve immediate and nearby markets.

In the same vein, President Buhari assured that Government was making good progress in the Rehabilitation of existing refineries, Co-location of new refineries, and Construction of greenfield refineries, with the firm goal of making Nigeria a net exporter of petroleum products in a few years’ time.

He also commended the expansion plans of Waltersmith Refining & Petrochemical Company and directed the Ministry of Petroleum Resources and other relevant Government Agencies to provide the company all the necessary support with regards to access to crude oil and condensate feedstock for the timely delivery of the additional capacity.

In his speech, Minister of State for Petroleum Resources, Chief Timipre Sylva applauded Waltersmith and NCDMB for embarking on the project in 2018, considering the immaturity and uncertainty in the downstream sector as at that time. ”It is only investors who have faith and believe in Nigeria, with clear delivery strategy that would have had such boldness,” he emphasised.

He clarified that efforts to achieve sufficiency of locally refined petroleum products “has to be a combination of large-scale processing plants as well as small to medium modular processors which will be enabled by our progressive policies and regulations.”

He challenged other investors to take a cue from Waltersmith and speed up action on similar development efforts to jointly grow the nation’s economy.

The Governor of Imo State, Senator Hope Uzodinma while delivering a goodwill message lauded President Buhari for providing purposeful leadership and conducive investment climate that enabled the establishment of the Waltersmith Modular Refinery within two years of conception. He recalled that successive administrations had awarded licenses for similar projects, with none of them coming to fruition.

He assured that the Imo State Government will partner with the host communities to protect the investment, while charging the company to discharge its statutory obligations to government and perform its corporate social responsibility to the communities.

Peace in Niger Delta, increase in oil production, achievements under Buhari – Kachikwu

The prevailing peace in the Niger Delta, which has led to the increase in oil production and revenue to the country, is one of the many achievements of the Buhari-led administration.

This was stated recently by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who added that President Muhammadu Buhari’s integrity and sterling performance would speak for him, even as Nigerians prepare to vote in Saturday’s presidential elections.

Speaking further, Kachikwu said the administration of Muhammadu Buhari has facilitated development in the Niger Delta region, which has led to the increase of oil production and revenue to the country, assuring that the federal government will continue to maintain the Amnesty Programme in the Niger Delta.

He further said that the Federal Government has made impressive mark on the economy, agriculture, security, transportation and roads infrastructure among other commendable projects nationwide.

According to Daily Trust, the minister said this at the unveiling of the Buhari Support Organisations (BSO) on Wednesday in Asaba, Delta State. He stated that President Buhari would never support anybody to rig elections.