Posted by News Express | 5 April 2019 | 1,376 times
The Nigeria Content Development and Monitoring Board (NCDMB) has urged indigenous companies to position themselves to take advantage of new projects valued at about $100 billion in the oil sector.
Mr. Simbi Wabote, Executive Secretary of NCDMB, said that the rebound of the oil prices as well as policies of the agency was responsible for the inflow of investment to the oil and gas sector adding that the projection was for the next three years.
Wabote, who spoke on Thursday at the panel session of the ongoing Nigeria Oil and Gas Opportunities Fair (NOGOF) in Yenagoa, noted that although Nigerian content has risen to 30 per cent, the board was poised to achieving 70 percent in the next nine years.
He said that the NCDMB has made it compulsory for oil firms to give priority to indigenous firms to boost the participation of Nigerians and reduce the dominance of foreigners in the Nigerian energy sector.
He said that NOGOF was conceived by the board to showcase available opportunities in the oil and gas sector for Nigerian companies and investors to take advantage of.
Wabote said that the inaugural edition of the fair took place in Uyo in 2017, adding that the second edition in 2019 commenced on Thursday at the Yenagoa Headquarters of NCDMB.
Representatives of international oil companies operating in Nigeria took turns to showcase their project opportunities in the next three years and their commitment to Nigerian Content.
Mr. Osagie Okubo, Chairman of Shell Companies in Nigeria, in his presentation noted that Shell would invest at least $15bn in 24 projects across the offshore and onshore portfolios held by the oil firm.
He said the funds will be deployed to ensure gas supply for trains 1 to 6 of the Nigerian Liquified Natural Gas and Train 7 when it comes on stream.
He applauded the Federal Government for clearing the outstanding cash call obligations and reviewing the funding model in the oil and gas sector, adding that the development has given a new lease of life to the industry.
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