NCDMB boss advocates investment in asset ownership by indigenous companies

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The Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, has called on the indigenous service companies in the Nigerian oil and gas industry to invest in asset ownership as it is the major criterion in the Nigerian Oil and Gas Industry Content Development (NOGICD) Act which is used to evaluate Nigerian companies and confer advantages on them.

Engr. Wabote made the call on recently in Port Harcourt, Rivers State capital while commissioning PIMO Services Limited’s new facilities and equipment.

Facilities Engr. Wabote commissioned include Operational Bases I & II of PIMO Services and their newly acquired Hydro Hammer with the capacity of 200 kiloJoules, Internal Lifting Tools with the capacity of 250 tons, up to 42-inch diameter Conductors and Casing Running Tools, amongst others tools.

The NCDMB boss said that the acquisition of important assets defined genuine Nigerian businesses that are positioned to offer top-notch services in-country and not middlemen or commission agents.

He maintained that investment in assets also proves that Nigerian businesses are taking up the challenge to grow their outfits and contribute to in-country capacities and capabilities.

He however said that the acquisition of the modern tools and equipment afforded the company’s (PIMO Services Limited) engineers and technicians the opportunity to develop requisite skills and competence to handle various jobs thereby enhancing engineering capabilities within the country.

Engr. Wabote commended the management of the company for investing and contributing significantly to the growth of the Nigerian oil and gas sector, adding that the investments also supported the NCDMB’s 10-year strategic roadmap aimed at increasing the level of Nigerian content in the oil and gas sector to 70% by 2027.

According to him, the PIMO Services was the second facility he was commissioning in Port Harcourt since the outbreak of COVID-19 pandemic in 2020. He described it as signs that better days were gradually returning to the Nigerian oil and gas industry.

He advised other oil and gas service providers to emulate PIMO Services in their focus and dedication, insisting that growth of oil and gas facilities needs to be worked on steadily till full rewards are realized.

Also speaking during the occasion, the Managing Director of PIMO Services Limited, Mr. Pius Uwhubetiyi, said that some of the equipment and tools the company acquired were the only ones in Nigeria.

Mr. Uwhubetiyi noted that the company’s investment in Hydro Hammer would save project promoters about 90 days that are normally spent on importing and exporting the equipment for projects in a way another major equipment saved Total Energies about US$600,000 when it was deployed on Ikike Field Development Project.

According to him, the company was working to become the first firm to produce casing accessories in Nigeria as it has the capacity, competence, and character to deliver on areas of expertise.

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