President Tinubu signs executive orders on oil and gas reforms, directs his Special Adviser on Energy, Olu Verheijen, to coordinate stakeholders to ensure the implementation of the directives within a stipulated timeframe.
The executive orders are
– Introduction of fiscal incentives for non-associated gas, midstream and deepwater developments.
– Streamlining of contracting process to compress the contracting cycle to six months.
– 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.
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 timeframe.