PH Mundial – Port Harcourt Online Newspaper News Across The Region
Related Articles
By Godwin Chukwumaechi
Niger Delta Intelligentsia Team, a network of “intellectual crusaders and enlightenment practitioners” in oil and gas producing areas of the Niger Delta, has hailed President Bola Tinubu, for championing the ‘Renewed Hope Agenda,’ “which is propelling positive indicators in the oil and gas sector of the nation’s economy.”
The group also commended the management of the Nigeria National Petroluem Company Ltd (NNPCL) for “driving dynamic, pragmatic, innovative, resourceful and professional vehicle of administration that has fired up increased Joint Venture partnerships and opening of foreign investment windows in the oil and gas sector.”
In a release signed by Japhet Ogbueri, President and Nse Victor Udoh, General Secretary of the NDIT, and made available to our correspondent in Port Harcourt, the organization noted that the Tinubu administration has deployed pragmatic operational policies and holistic frameworks that have sustained business activities in the sector, notwithstanding the very high foreign exchange rate on which oil and gas ventures breath.
It identified as worthy of special commendation recent announcement that the nations crude oil production output, which jumped from 1.35 mbpd to 1.8 mbpd, and natural gas production, which peaked at 7.4 billion standard cubic feet per day from 5.5 bscfpd, representing the highest production quota in the last 15 years.
“Just recently, NNPCL secured $550 million Final Investment Decision (FID) on the Ubeta Development Project, discovered in 1964 but abandoned by previous administrations, which is located in Rivers State”, the NDIT noted.
It added that the NNPCL has also shown commitment to monetization of Nigeria’s vast natural gas resources through execution of multimillion dollar Project Development Agreement (PDA) with Golar LNG for the deployment of Floating Liquefied Natural Gas Offshore in Niger Delta Region, among many others.
The group asserted; “These commendable strides have continued to evolve positively, despite global oil challenges necessitated by the ongoing war between Russia and Ukraine, and between Isreal and some Arab Nations. This is at the instance of higher foreign revenue generation, Direct Foreign Investment (DFI) portfolio inflows and associated profitable ventures thereof which are all in favour of Nigeria and Nigerians at large.”
NDIT also recognized and applauded the huge roles played by other industry stakeholders like Pipline Infrastructure Nigeria Ltd (PINL) in achieving this important feat.
It said; “Stakeholders and the leadership of Niger Delta Intelligentsia Team (NDIT) wish to in a special way applaud Pipeline Infrastructure Nig Ltd (PINL), for playing major and active role in deploying state-of-art surveillance equipments necessary for advanced security of oil and gas facilities, taming pipeline vandalism and crude oil theft in its Area of Responsibility (AoR), which were the main challenges that hampered profitable, safe and crisis free oil and gas exploration in Niger Delta Region.
“PINL is one of the reasons why the nation’s crude oil and natural gas production are on the increase, accompanied by safe and secured operational environment that saw near inexistent incidences of oil theft and facilities sabotage.
“The commitment of management of PINL to fulfill her contact agreement is also the backbone for further anticipated increase in crude oil projection to peak at 2-mbpd by December 2024”.
NDIT further commended the company for swift and quick response in providing necessary relief materials to displaced and suffering flood victims across Rivers and Bayelsa states, and other of such empowerment, job creation and economic engagement of youths among its Cooperate Social Responsibility (CSR) packages to host communities.
