Podcasts about petroleum industry act

This topic considers the Host Community Development Trust (HCDT) framework established by the Petroleum Industry Act for developing communities in Nigeria's oil and gas-producing communities. The PIA introduced the HCDT as a uniform host community benefit management system to replace the old agreement-based systems (Memorandum of Understanding/Global Memorandum of Understanding (MOU/GMOU) implemented in line with each company's Corporate Social Responsibility policies. Under the PIA, the settlors (leaseholders of oil and gas assets) are responsible for incorporating the Trusts to benefit their host communities. Many Trusts have been incorporated and are in the process of commencing operations. The PIA stipulates that the primary purpose of the HCDTs is to “foster sustainable prosperity” in host communities. This phrase was not defined in the Act. However, the establishment of HCDTs in the Nigerian petroleum industry to manage host communities' development expectations is new to Nigeria. This raises some questions about the utility of the framework, operability, effectiveness, etc.

This topic considers the Host Community Development Trust (HCDT) framework established by the Petroleum Industry Act for developing communities in Nigeria's oil and gas-producing communities. The PIA introduced the HCDT as a uniform host community benefit management system to replace the old agreement-based systems (Memorandum of Understanding/Global Memorandum of Understanding (MOU/GMOU) implemented in line with each company's Corporate Social Responsibility policies. Under the PIA, the settlors (leaseholders of oil and gas assets) are responsible for incorporating the Trusts to benefit their host communities. Many Trusts have been incorporated and are in the process of commencing operations. The PIA stipulates that the primary purpose of the HCDTs is to “foster sustainable prosperity” in host communities. This phrase was not defined in the Act. However, the establishment of HCDTs in the Nigerian petroleum industry to manage host communities' development expectations is new to Nigeria. This raises some questions about the utility of the framework, operability, effectiveness, etc.

Charlie discusses the crashing economy under the Biden Administration. Charlie hilariously shuts down Karine Jean-Pierre as she tries to defend Biden. Charlie and T2 discuss how they spend Valentine's Day with their wives. Charlie talks about Biden's attempt to get rid of petroleum in the US.

In our first episode for the new year, we discuss with an oil industry expert, Mr Suraj Oyewale (Senior Manager, PwC Nigeria) about academic excellence, turning disadvantages into assets, what the upstream, midstream and downstream segments of the oil industry is, constraints of the Nigerian downstream sector, the recently passed Petroleum Industry Act and its anticipated impact on the downstream sector. Believe me, this episode with packed full of insights. I found the conversation enlightening. Thanks for listening. Send your feedback to: valuenigeriawithajibola@yahoo.com --- Send in a voice message: https://podcasters.spotify.com/pod/show/value-nigeria/message

Environmental, social and governance (ESG) considerations are trending right across Africa. In this podcast, Africa Legal's Tom Pearson speaks to members of ALN Nigeria and ALN Kenya to explore how mergers and acquisitions and corporate transaction trends are shaping business. A robust legal and regulatory premise for ESG, in addition to businesses taking the initiative more seriously, is fast evolving, explain Ajibola Asolo and Adeolu Idowu from Aluko & Oyebode | ALN Nigeria. Asolo says there are a number of regulations which apply to companies in Nigeria. “The principal legislation that applies to corporates in Nigeria, the Companies and Allied Matters Act, imposes a duty on directors to ensure that they act in the best interest of companies, and that companies have due regard to the environment and communities in which the operations are based.” In addition, Asolo notes that there are guidelines issued by the Securities and Exchange Commission in Nigeria that set out broad principles and recommendations pertaining to sustainable finance. These guidelines essentially mandate all of the Commission's regulatees to report on the progress relating to the implementation of ESG principles in their annual reports, among other things. Asolo also points out that the Petroleum Industry Act, which covers companies in the energy space, sets out regulatory imperatives designed to ensure that companies operating in this space meet the requisite health, safety, and environmental standards. Dominic Rebelo, partner at Anjarwalla & Khanna | ALN Kenya, shares his insights on the regulatory environment in the East African region. He says Kenya should be one of the leaders on the continent – and potentially globally – in terms of environmental protection. “We had a new Constitution in 2010 which was one of its kind in that it entrenched environmental protection in its preamble, where it states specifically that the people of Kenya are determined to sustain the environment for future generations. And then in the body of the Constitution itself, it gives as a fundamental right, the right to a clean and healthy environment for every person in Kenya. So that's a huge right to be given under the Constitution. It applies to everybody living in Kenya and then obligates the government to put in place the protections required to ensure that their right is met,” says Rebelo. Rebelo adds that legislation like the Climate Change Act and the Energy Act has pushed the country to generate power from more green resources. Idowu reckons that there is a global focus on renewable energy, and whether in the environmental, social or governance space, it's just good business to have strong ESG practices and to create a structure that embeds as many of the principles as possible. With Nigeria having the highest volume of M&A in the finance, energy and petroleum sector, particularly in mining and utilities, she explains why major oil and gas companies are divesting of their onshore assets.

Human rights lawyer, Femi Falana, says the Federal Government is empowered by law to fix the prices of kerosene and other petroleum prices. The Senior Advocate of Nigeria says the government is backed by Section 4 of the Price Control Act and section 316 of the Petroleum Industry Act to determine and fix the prices of petroleum products Including petrol motor spirit, kerosene and cooking gas. He countered a claim made by the Minister of State Petroleum Resources, Timipre Sylva, that the government could not intervene in the rising price of kerosene. Falana however accused the Buhari government of illegally pushing out the deregulation of kerosene on Nigerians.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4090160/advertisement

The House of Representatives has begun moves to transfer assets belonging to the defunct Nigerian National Petroleum Corporation to the newly established Nigerian National Petroleum Company Limited, in line with the Petroleum Industry Act. The lawmakers set up an ad-hoc committee to ascertain the total inventory, assets, interests and liabilities of the NNPC before transferring it to NNPC Limited, to ensure a glossary accounting system. Chairman of the committee, Hon. Kingsley Uju Chima, says there were plans to meet with the Chief Executive Officer of NNPC Limited, Mele Kyari.

The Minister of Finance, Budget and Economic Planning, Zainab Ahmed, says that the Federal Government had postponed the planned removal of subsidies on petroleum products till further notice. The finance minister says the Federal Government initially had plans to remove subsidies on petroleum products from July this year. She says that was the reason adequate provision was made in the 2022 national budget for subsidy payment till June. She says the provision was made sequel to the passage of the Petroleum Industry Act which indicated that all petroleum products would be deregulated.

The Minister of Finance, Budget and Economic Planning, Zainab Ahmed, says that the Federal Government had postponed the planned removal of subsidies on petroleum products till further notice. The finance minister says the Federal Government initially had plans to remove subsidies on petroleum products from July this year. She says that was the reason adequate provision was made in the 2022 national budget for subsidy payment till June. She says the provision was made sequel to the passage of the Petroleum Industry Act which indicated that all petroleum products would be deregulated.

The Minister of Finance, Budget and Economic Planning, Zainab Ahmed, says that the Federal Government had postponed the planned removal of subsidies on petroleum products till further notice. The finance minister says the Federal Government initially had plans to remove subsidies on petroleum products from July this year. She says that was the reason adequate provision was made in the 2022 national budget for subsidy payment till June. She says the provision was made sequel to the passage of the Petroleum Industry Act which indicated that all petroleum products would be deregulated.

What Were The Biggest Policy Stories Of 2021? NIN-SIM Integration. Southern States Banning Open Grazing. Senate Public Hearings On Restructuring. The Petroleum Industry Act. The dispute between the FG and State Governments over VAT. JAMB scrapping the Central Cutoff. The Federal Government proposed a N5,000 allowance to replace Fuel Subsidy. The Electronic Call-Up System at the Apapa Port. Governor El-Rufai's attempt to shrink the Civil Service. President Buhari sacking 2 Ministers. FG instituting Paternity Leave for Civil Servants. FG proposing a N75,000 for Education Students. The Supreme Court telling Seyi Makinde he cannot sack Local Government Councils. FG concessioning major highways. The FG-Microsoft Digital Transformation Program. The plan to revive the Eastern Corridor. The NBC Act Amendment Bill. The Press Council Act Amendment Bill. Presidential Transition Bill (30 Days). Gender Equality Bill. We had more drama in the 774K Workers Program. #NigeriainfoHF | Sandra Ezekwesili #NigeriaInfoFM993

The Nigerian Upstream Petroleum Regulatory Commission pledged to support the Nigerian Gas Expansion programme of the federal government to improve domestic utilisation of gas for power, industrialisation in order to deepen Liquefied Petroleum Gas penetration in the country. The federal government had said that the programme was envisioned to lift millions of Nigerians out of poverty through the establishment of gas-related outlets that would serve the public when fully realised. The Minister of State for Petroleum Resources, Mr Timipre Sylva, explained that natural gas presents an opportunity for the nation to use gas as a catalyst for its socio-economic renaissance. The Commission's Chief Executive Officer, Mr Gbenga Komolafe, stressed that the NUPRC being a product of the Petroleum Industry Act 2021 responsible for technical and commercial regulation of upstream petroleum business was fully prepared to ensure that Nigeria's gas resources are fully harnessed.

The Nigerian Upstream Petroleum Regulatory Commission pledged to support the Nigerian Gas Expansion programme of the federal government to improve domestic utilisation of gas for power, industrialisation in order to deepen Liquefied Petroleum Gas penetration in the country. The federal government had said that the programme was envisioned to lift millions of Nigerians out of poverty through the establishment of gas-related outlets that would serve the public when fully realised. The Minister of State for Petroleum Resources, Mr Timipre Sylva, explained that natural gas presents an opportunity for the nation to use gas as a catalyst for its socio-economic renaissance. The Commission's Chief Executive Officer, Mr Gbenga Komolafe, stressed that the NUPRC being a product of the Petroleum Industry Act 2021 responsible for technical and commercial regulation of upstream petroleum business was fully prepared to ensure that Nigeria's gas resources are fully harnessed.

The Nigerian Upstream Petroleum Regulatory Commission pledged to support the Nigerian Gas Expansion programme of the federal government to improve domestic utilisation of gas for power, industrialisation in order to deepen Liquefied Petroleum Gas penetration in the country. The federal government had said that the programme was envisioned to lift millions of Nigerians out of poverty through the establishment of gas-related outlets that would serve the public when fully realised. The Minister of State for Petroleum Resources, Mr Timipre Sylva, explained that natural gas presents an opportunity for the nation to use gas as a catalyst for its socio-economic renaissance. The Commission's Chief Executive Officer, Mr Gbenga Komolafe, stressed that the NUPRC being a product of the Petroleum Industry Act 2021 responsible for technical and commercial regulation of upstream petroleum business was fully prepared to ensure that Nigeria's gas resources are fully harnessed.

President Muhammadu Buhari has asked the Senate to amend the Petroleum Industry Act 2021.President Buhari explained that his proposal became necessary having carefully reviewed the administrative structure of both the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Nigerian Upstream Regulatory Commission.He listed the three areas of the Act he sought to be amended to include the appointment of non-executive board members, removal of the Ministries of Petroleum Resources and Finance from the boards of the two institutions, as well as the appointment of executive directors.

President Muhammadu Buhari has asked the Senate to amend the Petroleum Industry Act 2021.President Buhari explained that his proposal became necessary having carefully reviewed the administrative structure of both the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Nigerian Upstream Regulatory Commission.He listed the three areas of the Act he sought to be amended to include the appointment of non-executive board members, removal of the Ministries of Petroleum Resources and Finance from the boards of the two institutions, as well as the appointment of executive directors.

President Muhammadu Buhari has asked the Senate to amend the Petroleum Industry Act 2021.President Buhari explained that his proposal became necessary having carefully reviewed the administrative structure of both the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Nigerian Upstream Regulatory Commission.He listed the three areas of the Act he sought to be amended to include the appointment of non-executive board members, removal of the Ministries of Petroleum Resources and Finance from the boards of the two institutions, as well as the appointment of executive directors.

President Muhammadu Buhari has approved the appointment of the Board and Management of the Nigerian National Petroleum Company Limited with Senator Ifeanyi Ararume as Chairman.The Special Adviser to the President on Media and Publicity in a statement says the President appointed the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, as the Chief Executive Officer, adding that his principal acted in accordance with the Petroleum Industry Act 2021.

President Muhammadu Buhari has approved the appointment of the Board and Management of the Nigerian National Petroleum Company Limited with Senator Ifeanyi Ararume as Chairman.The Special Adviser to the President on Media and Publicity in a statement says the President appointed the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, as the Chief Executive Officer, adding that his principal acted in accordance with the Petroleum Industry Act 2021.

President Muhammadu Buhari has approved the appointment of the Board and Management of the Nigerian National Petroleum Company Limited with Senator Ifeanyi Ararume as Chairman.The Special Adviser to the President on Media and Publicity in a statement says the President appointed the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, as the Chief Executive Officer, adding that his principal acted in accordance with the Petroleum Industry Act 2021.

Managing Director, Financial Derivatives Company Limited and a member of President Muhammadu Buhari's Economic Advisory Council, Mr. Bismarck Rewane has stated that Nigeria has maintained the infamous position as the poverty capital of the world, with 93.9 people in Africa's most populous country currently living below the poverty lineRewane stated that seven million Nigerians fell into extreme poverty in 2020.The report had then stated that the number of Nigerians in extreme poverty increases by six people every minute.Rewane pointed out in the latest report that the Petroleum Industry Act, which is in the process of being implemented, would have minimal impact on new investments in the downstream sector of the Nigerian oil and gas industry.

Managing Director, Financial Derivatives Company Limited and a member of President Muhammadu Buhari's Economic Advisory Council, Mr. Bismarck Rewane has stated that Nigeria has maintained the infamous position as the poverty capital of the world, with 93.9 people in Africa's most populous country currently living below the poverty lineRewane stated that seven million Nigerians fell into extreme poverty in 2020.The report had then stated that the number of Nigerians in extreme poverty increases by six people every minute.Rewane pointed out in the latest report that the Petroleum Industry Act, which is in the process of being implemented, would have minimal impact on new investments in the downstream sector of the Nigerian oil and gas industry.

Managing Director, Financial Derivatives Company Limited and a member of President Muhammadu Buhari's Economic Advisory Council, Mr. Bismarck Rewane has stated that Nigeria has maintained the infamous position as the poverty capital of the world, with 93.9 people in Africa's most populous country currently living below the poverty lineRewane stated that seven million Nigerians fell into extreme poverty in 2020.The report had then stated that the number of Nigerians in extreme poverty increases by six people every minute.Rewane pointed out in the latest report that the Petroleum Industry Act, which is in the process of being implemented, would have minimal impact on new investments in the downstream sector of the Nigerian oil and gas industry.

A historic new law is set to reshape Nigeria's oil and gas industry. But critics say the Petroleum Industry Act fails to adequately reward the communities and regions where Nigeria's oil is sourced from. Do they have a point? Hosted by Alan Kasujja (@Kasujja on Twitter) Guests: Dr Isaac Osuoka, community activist with Social Action International; Rolake Akinkugbe-Filani, advisory Board Member for the African Energy Chamber. #AfricaDaily

President of the Senate Ahmed Lawan has debunked reports suggesting that members of the National Assembly were bribed to the tune of $10 million to pass the three per cent allocation to host communities as stipulated in the Petroleum Industry Act.Lawan told State House correspondents that he took exception to the spread of falsehood propagated to mislead the public.He says he wants to take this opportunity to accept those kinds of unwarranted, unprovable, false and fake information being fed to the Nigerian public.

Vice President Yemi Osinbajo says that the passage of the Petroleum Industry Bill, and Nigeria's gas initiatives, will transform the nation into a gas-based industrialized country. He explained that they will create a better-managed petroleum industry with more value addition for both investors and Nigerians alike.Prof. Osinbajo says the main goal of the passage of the Petroleum Industry Bill and the gas initiatives aforementioned are to transform Nigeria not only into a gas-based industrialized nation through enhanced accelerated gas revolution. He says locally, they launch into the brave new world for the oil and gas industry with the Petroleum Industry Act 2021.

@nigeriasbest and @phoenix_agenda were joined by @DavidHundeyin and @Mr_Nosegbe . New stories discussed were: 1. The new VAT law in Rivers State. 2. The Central Bank's freezing of Fintechs' accounts. 3. The new Petroleum Industry Act.

Senator Godswill Akpabio says oil firms operating in the Niger Delta have defaulted in their statutory remittances to the Niger Delta Development Commission to the tune of $4 billion.Akpabio noted that oil firms operating in the area are expected to provide three per cent of their annual budgets to the commission, but none has complied with this.Akpabio stressed that the Ministry of Niger Delta will take a keen interest in the implementation of the three per cent Petroleum Industry Act compensation to host communities.He stated that the NDDC owes contractors three ₦3 trillion however, explained that not all awarded contracts with costs can be regarded as debt.

President Muhammadu Buhari will unveil an implementation committee for the Petroleum Industry Act.THISDAY reports that the committee may be chaired by the Minister of State for Petroleum Resources, Mr Timipre Sylva.The committee which has 12 months to carry out its tasks, would be saddled with the responsibility of establishment of Nigeria Upstream Regulatory Commission, Nigeria Midstream and Downstream Regulatory Authority as well as the corporatisation of the Nigerian National Petroleum Corporation to a Limited Liability Company, which will now be called Nigerian National Petroleum Company Limited.The committee would also be tasked with the responsibility of determining the assets and liabilities of the NNPC, which would be transferred to NNPC Limited.

President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.A statement signed by presidential spokesperson Femi Adesina says President Buhari signed the bill into law while in quarantine, after his arrival from the United Kingdom. The statement says the ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled.The Petroleum Industry Act provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.