‘I’LL TURN OFF THE MIC’ — REMI TINUBU REINS IN ADELEKE’S SINGING AT OONI’S ANNIVERSARY. (VIDEO/PHOTO).

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 ‘I’ll turn off the mic’ — Remi Tinubu reins in Adeleke’s singing at Ooni’s anniversary First Lady Oluremi Tinubu cautioned Ademola Adeleke, the Osun state governor, for prolonged singing during his remarks at the 10th coronation anniversary celebration of Adeyeye Ogunwusi, the Ooni of Ife. The moment, captured in a now-viral video, occurred as the governor mounted the podium on Sunday to pay tribute to the monarch and to congratulate the Remi on her newly bestowed chieftaincy title, Yeye Asiwaju Gbogbo Ile Oodua. Rather than proceed immediately with his formal message, Adeleke, popularly known as the “Dancing Governor” for his spirited public appearances, burst into a short musical chant, drawing laughter from parts of the audience. Remi, who had moments earlier received her traditional title from the Ooni, walked towards the podium, gestured lightly to the governor, and whispered to him to proceed with his statement. “Go ahead,” she was heard saying, in an attempt to steer the ev...
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NNPC LTD/CHEVRON JV CONCLUDES CONVERSATION OF ASSETS INTO PIA TERMS. (PHOTOS). #PRESS RELEASE.

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PRESS RELEASE


NNPC Ltd/Chevron JV Concludes Conversion of Assets into PIA Terms

…As Partners Eye JV’s 165,000 bopd Oil Production Target by Dec 2024


In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd. and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets into the PIA terms.


Under the new PIA regime, all existing Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) would be automatically converted to Petroleum Prospecting Licenses (PPLs) and Petroleum Mining Leases (PMLs) upon their expiration. 


Nonetheless, an option of voluntary conversion is provided for holders of OPLs and OMLs (Operator, Licensees or Lessees) under the erstwhile Petroleum Profit Tax (PPT) regime. The PIA terms are generally perceived as more investor-friendly, compared to the erstwhile PPTA terms.


During a brief ceremony held at the NNPC Towers on Monday, the two partners signed documents on the conversion of five (5) OMLs into four (4) PPLs and twenty-six (26) PMLs, in line with the new PIA terms, marking a significant step towards increasing domestic gas supply and expanding global market presence.


Speaking at the occasion, Group CEO NNPC Ltd., Mr. Mele Kyari, described CNL as one of the most reliable partners for NNPC Ltd. “Over the years, Chevron has been a partner of choice that has not contemplated completely divesting/exiting (oil production in) the shallow water and we are proud of them,” he added.


Kyari assured CNL that NNPC Ltd would sustain its partnership with the JV partner to create more value for both parties and expand Nigeria’s footprints in the domestic and export gas markets.


He commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its exemplary role in midwifing the conversion.


The Director, Deepwater and Production Sharing Contract (PSC) of CNL, Mrs. Michelle Pflueger who stressed the significance of the conversion for both companies, affirmed CNL’s long-standing commitment to the assets.


Also speaking, NNPC Ltd.’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, highlighted the advantages of the PIA terms over the previous PPT terms, noting that the conversion was a strategic move towards the successful implementation of the PIA.


In his remarks, NNPC Ltd.’s Chief Upstream Investment Officer, Mr. Bala Wunti, noted that the assets conversion is expected to significantly boost crude oil production, with the two partners focusing on attaining the 165,000 barrels of oil per day (bopd) production target by year-end, 2024. 


He emphasized the continued importance of CNL's operational philosophy in maintaining network stability and facilitating gas supply especially to the domestic market.


Olufemi Soneye

Chief Corporate Communications Officer

NNPC Ltd.

Abuja


9th September, 2024

One more photo below. 


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