Financial Energy Review
PHOTO : From left: Corporate Relations’ Policy & Advocacy Manager, Shell Nigeria, Abubakar Ahmed; Managing Director, Shell Nigeria Gas, Ralph Gbobo; Executive Secretary, Nigerian Content Development and Monitoring Board, Simbi Wabote; Permanent Secretary, Ministry of Petroleum, Ambassador Gabriel Aduda; Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo); Mrs. Elohor Aiboni; Minister of Planning and Economic Diversification, Republic of Equatorial Guinea, Gabriel Mbaga Obiang Lima; Group Chief Executive Officer of Nigeria National Petroleum Company (NNPC) Limited, Mele Kyari and Executive Vice President Upstream, NNPC Limited, Adokiye Tombomieye… at the recent tour of exhibition stands at the 2023 Nigerian Oil and Gas Conference and Exhibition in Abuja…recently.
……… by Ben Ndubuwa…..
Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), Mrs. Elohor Aiboni, has call for more attractive fiscal framework to encourage more offshore projects. The Shell boss who frowned at the situation where the Petroleum Industry Acts (PIA) had given investors opportunity to invest more only for the finance Act to erode the value of what PIA had created.
“We talked about tax. PIA reduced the tax on the onshore. Shortly after the PA was passed Fnance Act eroded the vslue from what the PIA had created” she said.
Aiboni who spoke at a panel session at the just concluded 2023 Nigeria Oil and Gas conference (NOG) and exhibition held in Abuja said in providing an attractive fiscal the cost of projects will reduce.
“The PIA has provided better terms for onshore oil reducing tax and royalties, but action was still required to enact terms for gas that is not associated with oil drilling,” she said.
Aiboni said: “It is critical to put in place fiscal terms that will attract investments in Nigeria’s oil and gas industry.
“Capital has no emotions at all; it will flow to where it will get the highest returns. It will then begin to bear fruits, lots of fruits and that’s certainly what any investor is looking for.
“Favourable fiscal terms will also boost investors’ confidence, encouraging them to implement projects in the industry. There are factors that will drive oil and gas projects and first is around the fiscals which is very critical; so there must be right and clear fiscal terms to support the execution of projects.”
