OniFOTO ๐ธ| โ๏ธ๐ง๐ฝโโ๏ธEsq (In View)| Writer | iTweet what I feel like ๐๐ฝ| Associate, Institute of Chartered Mediators and Conciliators (AICMC)
Are you in Ekiti State and looking for a place to relax, unwind, and experience luxury like never before?
Welcome to The Castlers Premium Experience! โจ๐พ
When will the NANS President @iambabtee bring his โstructureโ to Eda Oniyo in Ekiti where church worshippers were kidnapped over a month plus ago. Or did he take his structure to Oyo State to intimidate Seyi Makinde cos heโs not an APC member?
I am honoured to succeed Senator Udoma as Chairman in January 2027 and to lead the Board through @SeplatEnergy โs next phase of growth.
I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplatโs culture of execution and governance aligns strongly with my own values.
I thank Senator Udoma and Roger for their stewardship and look forward to delivering further value for shareholders.
I also congratulate Mr. Okon on his appointment as Chief Executive Officer.
His deep industry experience gives me great confidence that @SeplatEnergy is well positioned for its next chapter of growth.
#TOEWay
From Oloibiri to Energy Transition: Nigeriaโs Oil and Gas Journey
Nigeriaโs oil and gas industry began with the discovery of crude oil at Oloibiri in 1956. Since then, petroleum has become a major driver of government revenue, foreign exchange earnings, and national development.
The industry has evolved through three principal regimes. Under the concession regime, foreign oil companies exercised extensive control over exploration and production while paying royalties and taxes to the government. This was followed by the joint venture regime, which increased state participation through the Nigerian National Petroleum Corporation (NNPC). Subsequently, Production Sharing Contracts (PSCs) emerged, particularly for offshore operations, allowing investors to bear exploration risks while sharing production with the government.
A major turning point came with the enactment of the Petroleum Industry Act (PIA) 2021, which restructured the sector, commercialised NNPC, introduced new regulatory institutions, and sought to improve transparency, investment, and host community development.
Despite its significance, the industry continues to face challenges including oil theft, pipeline vandalism, environmental degradation, inadequate refining capacity, and regulatory concerns. In addition, the global shift towards cleaner energy sources presents both risks and opportunities for Nigeria.
The way forward lies in strengthening regulatory certainty, securing petroleum infrastructure, promoting environmental sustainability, expanding gas utilisation, encouraging local content development, and investing oil revenues in economic diversification.
As the world gradually transitions to cleaner energy, Nigeriaโs success will depend not merely on the resources beneath its soil, but on how effectively those resources are governed and transformed into sustainable national prosperity.
From Oloibiri to Energy Transition: Nigeriaโs Oil and Gas Journey
Nigeriaโs oil and gas industry began with the discovery of crude oil at Oloibiri in 1956. Since then, petroleum has become a major driver of government revenue, foreign exchange earnings, and national development.
The industry has evolved through three principal regimes. Under the concession regime, foreign oil companies exercised extensive control over exploration and production while paying royalties and taxes to the government. This was followed by the joint venture regime, which increased state participation through the Nigerian National Petroleum Corporation (NNPC). Subsequently, Production Sharing Contracts (PSCs) emerged, particularly for offshore operations, allowing investors to bear exploration risks while sharing production with the government.
A major turning point came with the enactment of the Petroleum Industry Act (PIA) 2021, which restructured the sector, commercialised NNPC, introduced new regulatory institutions, and sought to improve transparency, investment, and host community development.
Despite its significance, the industry continues to face challenges including oil theft, pipeline vandalism, environmental degradation, inadequate refining capacity, and regulatory concerns. In addition, the global shift towards cleaner energy sources presents both risks and opportunities for Nigeria.
The way forward lies in strengthening regulatory certainty, securing petroleum infrastructure, promoting environmental sustainability, expanding gas utilisation, encouraging local content development, and investing oil revenues in economic diversification.
As the world gradually transitions to cleaner energy, Nigeriaโs success will depend not merely on the resources beneath its soil, but on how effectively those resources are governed and transformed into sustainable national prosperity.