NNPCL seals Deals for Local, International Gas Markets to boost Revenue

The Nigerian National Petroleum Company Limited (NNPCL) has signed two major Agreements to deliver Liquefied Natural Gas (LNG) to the Domestic Gas Market and the International LNG Market.
Held on the sidelines of the UN Climate Change Conference (COP28), NNPC Limited signed a Memorandum of Understanding (MoU) with Wison Heavy Industry Company Limited, a Chinese Company, for the development of Floating LNG Project, targeting the International Market.
Also, NNPC Prime LNG Limited an Arm of NNPC Trading Limited signed a Supply, Installation and Commissioning Agreement with SDP Services, an independent Oil and Gas Company, for a 421 tonnes per day LNG Project targeting the Domestic LNG Market.
The Floating LNG MoU was signed by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye, on behalf of NNPC Limited, and Kai Xu, Managing Director, Wison Limited on behalf of his Company.
A Statement on Wednesday by the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, said the development would further boost Natural Gas utilisation in the Country and enhance Nigeria’s Gas Revenue.
Speaking shortly after the Signing Ceremony, Ogunleye said NNPCL was committed to delivering Gas to Industries Nationwide and accelerating the Company’s Gas Commercialisation efforts through the Floating LNG Project.
“We see both Projects as having enormous impact all over Nigeria because they are central to the commercialisation of Nigeria’s abundant Gas Resources and ensuring that our Country earns much-needed Foreign Revenue from its abundant Gas Assets.
“It is also consistent with NNPC Management’s drive to deliver on Mr President’s Gas and Power aspirations across the Country,” Ogunleye said.
Similarly, the Small-Scale LNG (SSLNG) Project Agreement was signed by the Managing Director, NNPC Trading Limited, Lawal Sade, on behalf of NNPC Prime LNG Limited while Abhinav Modi, Managing Director, SDP Services Limited signed on behalf of his Company.
The SSLNG Project, which will be located at Ajaokuta in Kogi State, will ensure the efficient supply of LNG to the Autogas/Compressed Natural Gas (CNG) and Industrial/Commercial Customers Nationwide.
Also, in his address after the Deal, Sade said the SSLNG Project would boost the domestication of LNG utilisation by supporting the growth of Auto-Gas Initiatives across the Country.
“We are looking at a Timeframe of 12 months from Execution to the Commissioning of the Project.
“The Project will deliver about 420 tonnes of LNG per day into the Domestic Market, which will enhance efficient delivery of Gas to the Auto-Gas/CNG and Industrial Customers in line with Presidential Mandate,” Sade added.
While expressing their delight at signing the Agreements, the Partners pledged to work with NNPC Limited to deliver the Projects within schedule and in the most cost-effective manner.
Both Parties agreed to work together to chart a Roadmap for the Project Development that will lead to an Investment Decision.
The LNG Project is expected to be operational by December 2024.
Credit: NNPCL PR

NNPCL seals Deals for Local, International Gas Markets to boost Revenue

NGX CEO to Stockbrokers: Stick by the 'Rulebook or face the music'

The Chief Executive Officer of the Nigerian Exchange Limited (NGX), Temi Popoola, on Wednesday, said that the transition to Virtual Trading, following the incursion of the COVID-19 Pandemic, remained a game changer in the Capital Market.
Popoola stated this while delivering an Address at the Induction for newly qualified 58 Authorised Dealing Clerks at the Exchange in Lagos.
He noted that Brokers could now trade, remotely, from the comfort of their Offices and from different Locations around the Globe.
“Rather than adversely affecting the Business of the Exchange, we have witnessed a significant leap in Transactions.
“We also witnessed Admission of new Retail Investors into the Market either by new Listings or IPOs, which attests to the impact of our Technology Investments and improved capabilities,” he said.
The NGX Boss congratulated the Inductees, adding that the accomplishment is a testament to their unwavering dedication, resilience, and commitment to excellence.
He said that the Induction is the first fully Physical Induction Ceremony since the Demutualisation of The Nigerian Stock Exchange, now Nigerian Exchange Group.
“We celebrate the successful Dealing Clerks who have passed through The Exchange’s Automated Trading System (ATS) Brokers’ Certification Training Faculty.
“The 15-day rigorous Training is organised to select Seasoned Professionals of integrity who have shown a clear understanding of the intricacies of the Capital Market Operations and the Exchange.
“Today’s Inductees have secured the required Regulatory Approval of Fit and Proper Persons to practice as Authorised Clerks of the Exchange,” he said.
According to him, the successful completion of the rigorous Qualification Process affirms the Inductees readiness to embark on a fulfilling Career as Authorised Dealing Clerks, poised to navigate the dynamic World of NGX.
Popoola affirmed that the Inducted Clerks possess the Qualifications and Merit to operate as Practicing Stockbrokers eligible to engage in Trading on the NGX Platform.
According to him, their Induction marks the commencement of an enriching professional journey, filled with opportunities to contribute meaningfully to the growth and development of the Nigerian Capital Market and beyond.
The NGX CEO said: ” the Robes you will be adorned with today symbolise a commitment to uphold the Ethical Standards of the Chartered Institute of Stockbrokers and Rulebook of The Exchange.
“It represents a Pledge to be an Advocate of Integrity and Impeccable Character, signifying a total commitment to place the interest of the Market first.
“We, sincerely, hope that every one of you will abide by the Rules and Regulations of the Exchange, as well as the Ethics of the Capital Market that build the trust upon which the entire Global Financial Industry rests,” he said.
According to him, the NGX has clear and enforceable Rules, with a Zero-Tolerance Policy on all Infractions.
Popoola said, to bolster this, the Exchange had a signed Memorandum of Understanding(MoU) with the Economic and Financial Crimes Commission (EFCC).
He noted that the MoU is to increase Cooperation and Communication in the fight against Financial Crimes across the Capital Market.
The NGX CEO said: ” We will provide the support you need to develop your Capacity and Businesses through our numerous Platforms.
“However, the Exchange will not hesitate to throw the Book at any Dealing Clerk, who fails to live up to its Rules.
“With today’s Induction, you are part of the NGX Family, and we encourage you to play your part in developing our Market to achieve our aspiration to become Africa’s preferred Exchange Hub.
In his remark, the Doyen of Capital Market, Rasheed Yusuf, advised the newly Inducted Brokers to re-package Instruments to sell and raise raise Capital for the Market for Long Term Financing.
Yusuf stated that the Country was transiting into new challenging ways of doing things, as President Bola Tinubu’s led Government  opened up all Sectors in the Country.
He said that the Capital Market must respond to the trend by adopting Creative Instruments to turn around the Economy to what the World expect it to be.
“You can achieve this having being equipped with the help and support from the Stock Broking Community, NGX, CIS and ASHON,” he said.
Commenting, an Inducted Clerk, Nwachukwu Chase of ATLAS Portfolio Limited, commended the NGX for conducting a Professional Training to certify them as Authorised Brokers.
Chase expressed optimism that the new Clerks would put the Training they had received to use and become some of the best hands in the Market. 

NGX CEO to Stockbrokers: Stick by the 'Rulebook or face the music'

NNPCL: We'll work with Partners on reduction of Methane Emissions

NNPC Limited has expressed its commitment to work with Global Partners in the march towards reducing Methane Emissions in Oil and Gas Operations.

On the sidelines of the ongoing United Nations Climate Change Conference, also known as COP28, taking place in Dubai, the United Arab Emirates, the Oil and Gas Decarbonisation Charter was released.

The Charter calls on the Oil and Gas Sector to achieve the goal of reaching Net-Zero Emissions for their own Operations by 2050. It also includes commitments to achieve Near-Zero Methane Emissions and no routine Flaring by 2030.

Speaking on the development during a Panel Session titled “Accelerating the Elimination of Methane Emissions and the Decarbonisation of Oil and Gas,” NNPC Limited's Executive Vice President, Upstream, Oritsemeyiwa Eyesan said the Charter was a major opportunity not just for the NNPC Limited, but for the African Sub-Region.

“Africa contributes three percent to Emissions, but that does not exclude us from the consequences of the Emissions. I think the Decarbonisation drive and the Charter are not just ethical but also a strategic imperative for a major African National Oil Company (NOC) like ours.

We believe this Charter is an important one. We are committed to working with all Stakeholders to deliver on that,” Eyesan stated.

She said to achieve its Near-Zero Methane Emissions, Nigeria has since declared this decade as Decade of Gas, which is not only geared towards producing more Gas for Export, but also towards producing Gas for Local Economy and that of the entire African Sub-Region.

“I assure you that we are open to working with our Partners towards achieving Zero-Flare and Methane Emission reduction by 2030. This fits perfectly with our dreams, and we consider it achievable,” Eyesan stated

She described Finance and Technology as the two major challenges in delivering on the provisions of the Charter, noting that for the two problems to be solved, African Countries need to work with Partners who have the Technology and Finance.

She said NNPC Limited remains committed to expanding its Alternative Energy Sources through Investment in Solar, Wind, and other Renewable Sources.


NNPCL: We'll work with Partners on reduction of Methane Emissions