FG hopeful PIA will improve oil industry’s concerns, outlook | The Guardian Nigeria News - GIST NOWNOW
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FG hopeful PIA will improve oil industry’s concerns, outlook | The Guardian Nigeria News

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The Group General Manager, National Petroleum Investment Management Services (NAPIMS), Bala Wunti, has said that the operationalisation of the Petroleum Industry Act will revolutionise the oil and gas industry.

The PIA, which was signed into law by President Muhammadu Buhari, seeks to reform the oil and gas industry in Nigeria, by promoting transparency and attracting capital flows into the oil and gas industry.

Speaking as a Lead Presenter at the Society for Petroleum Engineers Lagos Section yearly technical symposium, Wunti said the operationalisation of the PIA will bring about certainty, competitiveness and cost optimization in Nigeria’s oil and gas industry.

He spoke on the theme, “Operationalising the Petroleum Industry Act – An opportunity for revolutionising Nigeria’s oil and gas industry.”

During the symposium, Wunti gave an overview of the major issues impacting the oil and gas industry, stating that some level of progress had been made in tackling the issue of security and cost.

He added that the implementation of the Nigeria Upstream Cost Optimization Program (NUCOP) and an industry wide tripartite security framework would address cost and security issues respectively thereby brightening the oil and gas outlook for the country.

Highlighting the thematic areas of the PIA, he stated that the Act delineates clearly, the roles and responsibilities of all stakeholders.

This, he stated, would catalyse the growth of the industry in line with the aspirations of the government for the sector as encapsulated in the PIA.

On the PIA implementation plan, Wunti stated that the incorporation of NNPC Limited and the inauguration of the NNPC Board had been completed and all hands are on deck to implement other requirements of the PIA within the set timelines.

He further stated that the 3E’s – Energy Transition, Energy Investment and Energy Crisis are key game changers in revolutionising the oil and gas industry.

Specifically, Wunti explained that the recent energy crisis evidenced by the high gas price was as a result of the global drive to achieve a net zero emission future buoyed by stringent Environmental, Social & Governance (ESG) requirements and activist investors.

He then urged stakeholders in the industry to adopt the 3C’s – Critical Thinking, Collaboration and Compliance, as they are key to maximizing the benefits of the PIA for all stakeholders – Regulators, Investors, Operators, Contractors, Host Communities and Nigeria.





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PASGR, Mastercard explore policy options for youth resilience in country — Business — The Guardian Nigeria News – Nigeria and World News

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The Partnership for African Social and Governance Research (PASGR) in collaboration with Mastercard Foundation will assist Nigeria to develop innovative evidence-informed research approaches that will ensure and enhance policy outcomes for youths.

The inception workshop for Nigeria, which will take place on December 14, 2021, at Carlton Gate Exclusive Hotel, Ibadan, Oyo State, will have the Minister of Youth and Sports Development, Sunday Dare, lead relevant stakeholders in government, development partners, scholars, the media and civil society organisations on the discourse.

The theme is “Young Women and Men’s Aspirations and Resilience: Prospects for Livelihoods, Employment and Accountability before, during and beyond COVID – 19.”

According to the Programme Officer, PASGR, Jim Kaketch, the workshop is the first of a series of research activities, which is being implemented in seven African countries that include Ethiopia, Ghana, Kenya, Nigeria, Rwanda, Senegal and Uganda.

Kaketch said the aim is to carry out a multi-country study that will explore young men and women aspirations, adaptability and resilience in Africa before, during and post COVID-19.

He said this project contributes to Mastercard Foundation’s goal to help 30 million young people to secure dignified and fulfilling work by 2030.

He disclosed that during the workshop, an Utafiti Sera house (Kiswahili for research-policy) would be established.

Kaketch said Utafiti Sera is PASGR’s innovative evidence-informed policymaking approach that ensures and enhances policy outcomes.

“It is a process, place, forum, platform or vehicle for transforming research evidence-based knowledge for policy uptake. It will be a platform for interested participants to have continuous conversations on Youth Aspirations and Resilience in Nigeria post the study,” he said.

He added that the Nigeria research team led by Dr. Babatunde Ojebuyi of the University of Ibadan would use the workshop to explain the research project to stakeholders, obtain their views on the research approach as well as identify and select stakeholders that will be critical for the project’s success.

“This event is timely as it comes at a time that the Nigerian youth are grappling with unemployment challenges. This project seeks to provide youth with the opportunity to have their voices heard and understand the challenges and opportunities presented to youth by the recent outbreak of COVID-19 as far as fulfilling their aspirations is concerned,” he added.





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GAC Motor sponsors ICAN at 51st year anniversary | The Guardian Nigeria News

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In renewing its efforts at fostering sustainable development in the country, GAC Motor has announced that it would be sponsoring the Institute of Chartered Accountants of Nigeria (ICAN) as the organization marks its 51st year anniversary.

Themed “Building Trust in Governance”, the five-day event, which started from November 29 till December 3, 2021 aims to bring Accounting professionals.

The purpose of this event is to highlight a clear roadmap on strategies and policies that can create a more transparent and trustworthy system in the country. These efforts will serve towards economic prosperity in Nigeria.

GAC Motor seeks to demonstrate the true tenets of the event by making a headline showcase of the GS3 on the popular GAC Motor Pavilion – the platform from which car lovers get to experience any GAC model of their choice first-hand. In addition to displaying the GAC Motor at the event, the GAC team is also using the moment to inspire Nigeria’s accounting professionals to do more as they will be battling for the GS3 in a Raffle Draw.

The Chairman of GAC Motor, Chief Diana Chen will be at the event to highlight the company’s history of pioneering and transforming Nigeria’s automobile development through its industrialization efforts. She will also be discussing some steps the automobile company is taking to influence Nigeria’s commercial landscape for global relevance.

Over the years, GAC Motor has been involved in strategic projects that have reinforced the company’s position as not only a leading force in Nigeria’s automobile industry, but also a brand passionate in enhancing the Nation’s economy.

In the month of October, 2021, the company sponsored the Manufacturer’s Association of Nigeria (MAN) 50th anniversary celebration where it met with key manufacturing stakeholders in the country to chart a course into the prosperous future of its manufacturing sector.

In similar efforts, GAC Motor in November 2021, sponsored the Super Eagles of Nigeria to qualify for the FIFA Qatar 2022 World Cup Playoffs as part of its measures to improve the country’s sports and social development.

Members of the public are encouraged to stay in touch with our live updates via GAC Motor’s social media channels to participate as events unfold at ICAN’s 51st anniversary.





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New survey shows Nigeria’s oil production rebounds in November | The Guardian Nigeria News

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The latest monthly Reuters survey has shown that the Organisation of Petroleum Exporting Countries (OPEC) continued to raise its oil production in November under the OPEC+ deal, but the cartel continued to pump less crude than its share of the monthly increase, just as Nigeria witnessed an increased production.

Nigeria’s production had been challenged until last month when Shell Petroleum Development Company of Nigeria (SPDC) lifted force majeure on crude exports from Bonny Light terminal following repairs to a leaking pipeline.

Operational issues have hampered Nigeria’s crude production throughout the second half of this year, with disruption at several other terminals including Qua Iboe, Forcados, Erha and Brass River.

Nigeria’s production in the last few months has been below budgetary benchmark dropping to 1.37 million barrels a day in October, 261,000 bpd below its OPEC+ quota.

Under the OPEC+ deal, the 10 OPEC members bound by the OPEC+ pact should be raising their combined production by 254,000 barrels per day (bpd) each month out of the total OPEC+ monthly supply addition of 400,000 bpd.

In November, OPEC’s crude oil production increased by 220,000 bpd to 27.74 million bpd, according to the Reuters survey.

The rise, once again, fell short of the 254,000-bpd increase that OPEC should be implementing.

The Reuters survey confirms a trend that began a few months ago—not all OPEC members have the capacity to pump to their full quotas.

Saudi Arabia, OPEC’s top producer and de facto leader, saw the largest increase in production in November, in line with its target. So did Iraq, OPEC’s second-largest producer, according to the survey.

Nigerian production managed to recover in November from a force majeure in October, but other African producers continued to struggle to produce to their targets. Oil production in Angola, Gabon, and Equatorial Guinea either fell or remained flat.

The steepest drop came from Angola, whose output dropped by 50,000 bpd in November from October due to a lack of capacity, the Reuters survey found. Angola’s exports have dipped to a record low this month, per tanker schedules seen by Reuters.

OPEC+ meets on Thursday to decide production levels for January, and a growing number of analysts believe that the group could pause the monthly supply additions amid an expected surplus early next year and the still high uncertainty about the impact of the Omicron Covid variant on oil demand.





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