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JUST IN: President Tinubu Signs Executive Orders On Petroleum Sector Reform

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President Bola Ahmed Tinubu on Wednesday signed three executive orders, targeted at positioning Nigeria as a preferred oil and gas investment destination in Africa.

In a statement obtained by Vanguard, Special Adviser to the President on Media & Publicity, Ajuri Ngelale, stated: “Following extensive engagements, analyses, and benchmarking with other jurisdictions, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.

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“Recognizing the urgency to accelerate investments, the President has directed as follows, Introduction of fiscal incentives for non-associated gas, midstream and deepwater developments, streamlining of contracting process to compress the contracting cycle to six months and ⁠the application of the local content requirements without hindering investments or the cost competitiveness.

“The details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.

READ ALSO: SERAP Sues Tinubu ‘Over Failure To Probe Missing $3.4 Billion IMF Loan’

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“These incentives were developed in collaboration with the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum, Federal Ministry of Budget and Economic Planning, Federal Inland Revenue Service, the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Commission, and the Nigerian Content Development and Monitoring Board.

“The Special Adviser to the President on Energy has been directed to continue coordinating the aforementioned stakeholders to ensure the implementation of these directives within a stipulated time frame.”

Meanwhile, Nigeria’s oil production grew by 8.7 percent in January 2024 to 1.64 million barrels per day when compared to the 1.51 million barrels per day produced over corresponding period last year, latest data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has indicated.

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The Commission in its crude oil and condensate production report for the month of January 2024 showed that average daily liquid production was 1.42 million barrels while average daily condensate production was 217,097 barrels.

READ ALSO: NIN-SIM: How To Retrieve Your Barred Mobile Phone Numbers

A closer look at the report showed that in total, oil production for the month of January was 50.95 million barrels, made up of 44.44 million liquid production and 6.7 million barrels of condensate oil.

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The Commission disclosed that Forcados with 8.7 million barrels and Bonny with 6.9 million barrels, were the highest reporting terminals.

The Commission Chief Executive, Engr. Gbenga Komolafe had recently said that NUPRC has adopted measures that would tackle challenges facing the oil and gas sector and boost production in the country.

In a presentation in Lagos, Komolafe said Nigeria’s oil production currently averages 1.586 million barrels per day, made up of 1.33mbpd liquid production and 256,000 condensate oil production.

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He explained that measures adopted by the Commission include improved transparency in hydrocarbon measurement and accounting, collaborative work programme administration with the exploration & production companies, and close monitoring to ensure that they meet their work programme obligations.

Others are acceleration of field developments through timely approvals and ensuring speedy execution, production optimisation by ensuring wells are tested periodically and produced at optimal rates, identifying candidate wells for work-over and interventions as well as the adoption of Enhanced Oil Recovery processes and technologies.
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Russia Hits Ukraine With 85 Drones, One Missile

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Russia launched 85 attack drones and a ballistic missile at Ukraine overnight, Kyiv said Saturday, hours after Russian leader Vladimir Putin and US President Donald Trump held their Alaska talks.

The highly anticipated meeting in the remote US state ended with no breakthrough in halting Russia’s more than three-year-long Ukraine invasion.

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Ukraine’s air force said Moscow had “attacked with an Iskander-M ballistic missile and 85 Shahed-type” drones, while also attacking “frontline areas” in four regions.

READ ALSO:Russia, Ukraine War: Trump Rules Out Immediate Ceasefire, Pushes For Peace Deal

In its daily report, the air force said the attacks took place “on the night of August 16” and started in the evening of August 15 — when Putin and Trump held their negotiations.

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Kyiv said its air defences shot down 61 of the drones.

The Trump-Putin summit ended with no ceasefire announcement, despite the West pressing the Kremlin for months to commit to a halt in fighting.

Ukraine’s leader, Volodymyr Zelensky, has not yet publicly reacted to the talks.

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Russia’s invasion of Ukraine, launched by Putin in February 2022, has killed thousands.

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Trump, Putin Make No Breakthrough On Ukraine Deal, End Summit

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Donald Trump and Vladimir Putin made no breakthrough on Ukraine at their high-stakes summit on Friday, pointing to areas of agreement and rekindling a friendship but offering no news on a ceasefire.

After an abrupt ending to three hours of talks with aides, Trump and Putin offered warm words but took no questions from reporters, highly unusual for the media-savvy US president.

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We’re not there yet, but we’ve made progress. There’s no deal until there’s a deal,” Trump said.

He called the meeting “extremely productive” with “many points” agreed, although he did not offer specifics.

There are just a very few that are left; some are not that significant, one is probably the most significant,” Trump said without elaborating.

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READ ALSO:France’s Top Court Annuls Arrest Warrant Against Syria’s Ex-president al-Assad

Putin also spoke in general terms of cooperation in a joint press appearance that lasted just 12 minutes.

“We hope that the understanding we have reached will… pave the way for peace in Ukraine,” Putin said.

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As Trump mused about a second meeting, Putin smiled and said in English: “Next time in Moscow.”

The former KGB agent quickly tried to flatter Trump, who has voiced admiration for the Russian leader in the past.

Putin told Trump he agreed with him that the Ukraine war, which Putin ordered, would not have happened if Trump were president instead of Joe Biden.

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READ ALSO:Anxiety As Trump Deploys US Nuclear Submarines Near Russia After ex-President’s Comment

Trump, for his part, again complained of a “hoax” that Russia intervened to help him in the 2016 election, a finding backed by US intelligence.

Before the summit, Trump had warned of “severe consequences” if Russia did not accept a ceasefire.

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But when asked about those consequences during a Fox News interview with Sean Hannity after the talks, Trump said that “because of what happened today, I think I don’t have to think about that now.”

The friendly reception contrasted with Trump’s berating of Ukrainian President Volodymyr Zelensky when he met him at the White House in February.

Trump earlier said he sought a three-way meeting with Zelensky but did not announce one at the summit.

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READ ALSO:Iran Dismisses Trump’s Allegation Of Influencing Gaza Truce Talks

Trump said he would now consult Zelensky as well as NATO leaders, who have voiced unease about the US leader’s outreach to Putin.

Now it’s really up to President Zelensky to get it done,” Trump said in the Fox News interview after the summit.

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Putin warned Ukraine and European countries to “not create any obstacles” and not “make attempts to disrupt this emerging progress through provocation or behind-the-scenes intrigues.”

Trump invited Putin just a week ago and ensured there was some carefully choreographed drama for their first in-person meeting since 2019.

The two leaders arrived in their respective presidential jets and descended on the tarmac of an air base, with Trump clapping as Putin appeared.

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READ ALSO:Trump Says Hamas Doesn’t Want A Deal, ‘Want To Die’

US military might was on display with a B-2 stealth bomber flying overhead, as a reporter shouted audibly to Putin, “Will you stop killing civilians?”

Putin, undaunted, grinned widely as Trump took the unusual step of escorting him into “The Beast,” the secure US presidential limousine, before a meeting in a room before a screen that said, in English only, “Pursuing Peace.”

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Putin smiled and joked with Russian reporters on the visit, a landmark for a leader who is facing an arrest warrant by the International Criminal Court related to the Ukraine war, which has killed tens of thousands of people.

Russia, in recent days, has made battlefield gains that could strengthen Putin’s hand in any ceasefire negotiations, although Ukraine announced, as Putin was flying in, that it had retaken several villages.

READ ALSO:US Appeal Court Rules Against Trump Birthright Citizenship Order

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Trump had insisted he would be firm with Putin, after coming under heated criticism for appearing cowed during a 2018 summit in Helsinki.

While he was travelling to Alaska, the White House announced that Trump had scrapped a plan to see Putin alone, and he instead held the talks alongside Secretary of State Marco Rubio and his roving envoy Steve Witkoff.

Zelensky was not included and has refused pressure from Trump to surrender territory seized by Russia.

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It is time to end the war, and the necessary steps must be taken by Russia. We are counting on America,” Zelensky said in a social media post.

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Russia, Ukraine War: Trump Rules Out Immediate Ceasefire, Pushes For Peace Deal

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US President Donald Trump early Saturday ruled out an immediate ceasefire between Russia and Ukraine after his inconclusive summit with Russian counterpart Vladimir Putin, saying a direct peace agreement would end the war.

The White House and Kremlin leaders pointed to areas of agreement during their three hours of talks in Alaska, but offered no breakthrough on a ceasefire in the conflict that has left tens of thousands dead and caused widespread destruction in Ukraine.

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A great and very successful day in Alaska!” Trump proclaimed on his Truth Social platform hours after touching down in Washington.

The meeting with President Vladimir Putin of Russia went very well, as did a late-night phone call with President Zelenskyy of Ukraine, and various European Leaders, including the highly respected Secretary General of NATO.”

READ ALSO:Trump Threatens 250% Tariffs On Foreign Pharmaceuticals

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He said it was determined by all that the best way to end the “horrific war… is to go directly to a Peace Agreement, which would end the war, and not a mere Ceasefire Agreement, which often do not hold up.”

Ukraine’s President Volodymyr Zelensky said earlier he will go to Washington for a meeting with the US leader on Monday, which Trump confirmed would be held in the Oval Office.

If all works out, we will then schedule a meeting with President Putin,” Trump added, without specifying whether it would be a three-way meet.

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Potentially, millions of people’s lives will be saved.”

READ ALSO:Trump Birthright Citizenship Order Halted In Class-action Suit

The war went on meanwhile with Ukraine announcing that Russia had launched 85 attack drones and a ballistic missile during the night. Russia said it had taken two more villages in Ukraine.

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Zelensky voiced support for Trump’s proposals in an earlier social media post.

We support President Trump’s proposal for a trilateral meeting between Ukraine, the USA, and Russia. Ukraine emphasises that key issues can be discussed at the level of leaders, and a trilateral format is suitable for this,” he wrote.

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