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REMOVING BARRIERS to INFLOW of INVESTMENTS INTO NIGERIA’S OIL INDUSTRY Energy JULY 2021

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REMOVING BARRIERS to INFLOW of INVESTMENTS INTO NIGERIA’S OIL INDUSTRY Energy JULY 2021 LOCAL CONTENT KEY TO JOB SHELL’S NIGER DELTA OIL-SPILL DANGOTE BAGS MORE AWARDS CREATION AND DEVELOPMENT, CASE TO BE HEARD IN UK COURTS FOR CHAMPIONING AFRICA’S SAYS SANGSTER INDUSTRIAL GROWTH www.tbiafrica.com JULY 2021 VOL.4 NO.3 N1000, $25, £10 ISSN: 2736-0210 REMOVING BARRIERS TO INFLOW OF INVESTMENTS INTO NIGERIA’S OIL INDUSTRY Energy JULY 2021 2 JULY 2021 Editor’s Note According to the Managing Direc- In the finance sector, the TBI Africa tor, Shell Petroleum Development talks about the hope for the Nigerian Company of Nigeria and Country economy in the second half of 2021, Chair, Shell Companies in Nigeria, as it addressed issues such as CBN Osagie Okunbor, the passage of the monetary policy amongst others. PIB will address the uncertainties Moreover, the real sector exposes the that shroud investment decisions in ill treatment of Republic of Benin to the sector. Nigerian manufacturers, who export Okunbor said: “Just by removing this and import goods through the uncertainty that has been hanging land border, as over 4500 Nigerian over this industry for the past decade owned trucks are trapped due to DR. NJIDEKA KELLEY and half, it is a major milestone. I 100 percent duties charged. You think all of us in this sector believe will also see why the richest man the government deserves commen- in Africa, Alhaji Aliko Dangote midst various economic dations.” deserves to be honored across challenges facing the Nigerian It is also heartening that Senator the continent, how the Standards Acountry, ranging from double Albert Bassey, the Senate Committee Organisation of Nigeria, SON has digit inflation to multiplicity of taxes Chairman on Petroleum Resources demystified it product registration (frequently lamented by manu- and also member of the PIB com- processes. facturers), massive infrastructural mittee, said the host communities The transport sector spoke in de- deficit and most recently one foreign will take charge of the Host Com- tails the plans of the Federal Gov- exchange (FOREX) scarcity and ever munity Fund, secure oil assets and ernment to boost the economy rising exchange rate. operations in their areas. This is via airport processing zones, while However, the fragile economy seems expected to end the hostilities in the important role of the Navy in to have defiled every economic the host communities where offices, deep blue project is also packaged strategy that has been applied suc- assets and operations of oil com- in this edition. cessfully in developed economies as panies are often blocked for one The agri-biz speaks about various recovery plan, especially in face of demand or the other. challenges causing food insecuri- the 4th wave of Covid-19. A detailed assessment of Mallam ty, as well as the story on herders TBI Africa will continue to push Mele Kyari second year scorecard lament, farmers excited as govern- the Nigerian government and her as Group Managing Director, GMD ment completes irrigation project, economic planners to adopt policies of the Nigerian National Petroleum amongst others. that are practicable in the country Corporation (NNPC) is loaded in this These and many more are richly given its peculiar economic exi- edition. He was officially inaugu- parked for your consumption in this gencies that are not necessarily in rated as the 19th Group Managing edition and we are pleased you are tandem with the western world. Director of the Nigerian National glued to us. This edition is packaged with the Petroleum Corporation (NNPC), on cover dwelling on the attraction of July 8, 2019, though, his appoint- foreign direct investments (FDIs) into ment was announced much earlier the oil and gas sector, as the industry in June. operators agreed that the passage of When he took over, the astute geolo- the Petroleum Industry Bill (PIB) will gist, transparency and accountability boost the inflow of investments into campaigner of the industry never left the industry. To them, the PIB, which anyone in doubt as to the direction Dr. Njideka Kelley is also the owner has been in the National assembly he has chosen in order to pilot the and Principal Consultant of for the past decade and half, put in- corporation and the industry to an New Generation Consulting LLc, vestments on hold as investors were enviable position, both locally and 10101 Fondren Road not certain about the safety of their internationally. Suite 353, Houston Texas 77076 funds and investments. 3 CONTENTS JULY 2021 DESPITE PASSAGE, CONTROVERSY TRAILS PIB LOCAL CONTENT KEY TO JOB SHELL’S NIGER DELTA OIL-SPILL DANGOTE BAGS MORE AWARDS CREATION AND DEVELOPMENT, CASE TO BE HEARD IN UK COURTS FOR CHAMPIONING AFRICA’S SAYS SANGSTER INDUSTRIAL GROWTH 11 LOCAL CONTENT KEY TO JOB CREATION AND DEVELOPMENT, SAYS SANGSTER www.tbiafrica.com 19 JULY 2021 VOL.4 NO.3 N1000, $25, £10 ISSN: 2736-0210 REMOVING BARRIERS TO INFLOW OF INVESTMENTS INTO NIGERIA’S OIL INDUSTRY SHELL’S NIGER DELTA OIL-SPILL CASE TO BE HEARD IN UK COURTS 25 ANY HOPE FOR ECONOMY IN SECOND HALF OF 2021? 27 BOOSTING ECONOMY VIA AIRPORT NIGERIAN MINING SECTOR UNDER SIEGE BY FOREIGNERS PROCESSING ZONES 51 44 DANGOTE BAGS MORE AWARDS LAGOS PORTS CONGESTION: ETO HERDERS LAMENT, FARMERS FOR CHAMPIONING AFRICA’S EXCITED AS GOVT COMPLETES INDUSTRIAL GROWTH CALL-UP SYSTEM AS BEST SOLUTION 38 47 IRRIGATION PROJECT 54 PRINTED AND PUBLISHED BY: Syndicate Publications Limited (RC: 1368510) #1, Alhaji Shomade Alley Street, Obanikoro, Lagos Website: www.tbiafrica.com. Email: [email protected] Office Tel: 07089620095 EDITOR: Dr. Njideka Kelley, +17182194957, 07086167905. GRAPHIC ARTIST: Imekan Augustus 4 COVER JULY 2021 From left: Chairman, Senate Committee on Petroleum Resources (Upstream) and member of the PIB committee, Senator Albert Bassey Akpan; Managing Director and Chief Executive of Total Upstream Companies in Nigeria, Mr. Mike Sangster; Principal Consultant, Reservoirs and Facilities, Solutions Limited, Mrs. Oluseyi Afolabi (the moderator); Chairman and Managing Director, Chevron Nigeria/Mid-Africa Business Unit, Richard Kennedy; Executive Director, Business Development, ExxonMobil Nigeria, Mr. Oladotun Isiaka; and Managing Director, The Shell Petroleum Development Company of Nigeria Limited and Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, at the Industry Leaders Panel at Nigeria Oil and Gas Conference in Abuja. REMOVING BARRIERS TO INFLOW OF INVESTMENTS INTO NIGERIA’S OIL INDUSTRY For over a decade, the Nigerian oil and gas industry has suffered dearth of inflow of investment especially in the upstream arm of the industry. The amendment of the deepwater offshore and inland basin Act in 2019 further worsened a bad situation. But with the passage of the Petroleum Industry Bill (PIB) by both chambers of the National Assembly, which currently is awaiting harmonization, is there hope for inflow of the required investments in the industry? EMEKA UGWUANYI examines the issue and reports. 5 COVER STORY JULY 2021 or over a decade, no major If the right PIB is passed, it will and the stakeholders in the oil and gas investment has taken place in the largely address the problems industry. in the sector but noted that the upstream sector of the Nigerian issues of security especially at the F host communities, infrastructure He said: “This is also the first time oil and gas industry apart from Egina deficit, high cost of oil production, the executive, legislature as well as project. Investment in Egina was debilitating long contract cycle, among others stakeholders have come to terms and possible because it had been in the reached consensus, I think that simple works for over two decades since the understanding and partnership has field was discovered in 2003 though brought about the passage of the PIB the basic engineering studies began in by both chambers at the same time and 2008. the same day. It is was really heartening At the industry leaders panel during and now I start to wonder what the the Nigerian Oil and Gas conference industry will say again for not attracting and exhibition in Abuja in July, where the required investments into the the managing directors of oil majors to be addressed to ensure inflow of the country’s oil and gas industry. in Nigeria and the National Assembly desired investment into the sector. They “I believe that different versions of discussed the future outlook for also highlighted the need for regular this Bill, like expected, is flying all over investment in Nigeria’s energy sector, collaboration, stakeholder engagement the place but we don’t have to talk it was revealed that the passage of the and involvement in industry matters about that as members of the National Petroleum Industry Bill (PIB) will not between the government, National Assembly until the harmonization of totally remove the barriers preventing Assembly and the industry operators. the two versions of the Bill that have the inflow of investments into the been passed by the National Assembly. industry. Speaking on the passage of the PIB was Senator Albert Bassey Akpan who The two versions of the Bill, it would be To the industry leaders, if the right PIB is the Chairman, Senate Committee recalled, were worked on by the Joint is passed, it will largely address the on Petroleum Resources (Upstream) committee of the National Assembly, problems in the sector but noted that and member of the PIB committee. To therefore, the harmonisation will not the issues of security especially at the him, the feat attained by the National take long. To the investor, what he host communities, infrastructure deficit, Assembly in the passage of the PIB wants to see is how your law - the high cost of oil production, debilitating is as a result of the collaboration and clarity and fiscal incentives will drive long contract cycle, among others, need cooperation” between the executive the investments.
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